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(the “Company” or “Banzai”) was incorporated in Delaware on <span id="xdx_906_edei--EntityIncorporationDateOfIncorporation_dd_c20260101__20260331_zdDNL2Tdsd2i" title="Entity incorporation date">September 30, 2015</span>. Banzai is a leading enterprise SaaS Video Engagement platform used by marketers to power webinars, trainings, virtual events, and on-demand video content.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2015-09-30 <p id="xdx_80A_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zgn3zOQZLYV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i>2. <span id="xdx_82E_zG1oOJoaPWfi">Going Concern</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2026 the Company had cash of approximately $<span id="xdx_90D_eus-gaap--Cash_iI_pn5n6_c20260331_zGE1UUDxUE4k" title="Cash">0.1</span> million. 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Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or debt financing to continue operations, and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s plans include obtaining future debt financings (see <i>Note 11 – Debt</i>) and equity financings associated with the Yorkville SEPA and the ATM (as defined in <i>Note 14 – Equity</i>)<i>.</i> If the Company is unsuccessful in completing these planned transactions, it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions. It may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 100000 -5500000 -109200000 <p id="xdx_801_eus-gaap--SignificantAccountingPoliciesTextBlock_zsuQ9xdmUh52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span id="xdx_828_zi2K0BHsHZb7">Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_84A_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zBafNEuFapA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations of the SEC relating to interim financial statements. The December 31, 2025 balance sheet information was derived from the audited financial statements as of that date. Except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 31, 2026. The interim unaudited condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair statement of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_zULulub5FLrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounts Receivable and Allowance for Credit Losses</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consist of balances due from customers as well as from payment service providers. Payment terms range from due upon receipt, to net 30 days. Accounts receivable are stated net of an allowance for credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allowance for expected credit losses is based on the probability of future collection under the current expected credited loss (“CECL”) impairment model. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to credit losses in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zYFUsyfQWLTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes in the allowance for credit losses for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zY9ByqBqV8D" style="display: none">Summary of Changes in Allowance for Credit Losses</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20260101__20260331_zjvQ3CiJTnG6" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_pn3n3_zWMmWCw9cPil" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">41</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_pn3n3_zi5HUZLEDmV" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in provision for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(15</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_pn3n3_zPeIzD51XYjb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zZ9a176bA7A7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--WarrantLiabilitiesPolicyTextBlock_zLjSxaJ1Cod5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liabilities</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant Liability – related party</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants originally issued in 7GC’s initial public offering (the “Public Warrants”) are recognized as derivative liabilities in accordance with FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise or expiration, and any change in fair value is recognized in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the condensed consolidated balance sheets. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities – related party” in the accompanying unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>GEM Warrant Liability</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with subsequent changes in fair value recognized in earnings each reporting period. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities” in the accompanying unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--EarningsPerSharePolicyTextBlock_zs5sUOzuJCWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loss Per Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding and pre-funded warrants outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_z2EGkdgoQ37a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation of basic and diluted net loss per share attributable to common stock was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zyGQnJXAgBe1" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--NumeratorAbstract_iB_zJd59vRCHjwe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net loss attributable to common shareholders—basic and diluted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_i01_pn3n3_c20260101__20260331_zkqlhOZtkUx9" title="Net loss attributable to common shareholders - basic"><span id="xdx_902_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01_pn3n3_c20260101__20260331_zgPFMNFqfyhc" title="Net loss attributable to common shareholders - diluted">(8,417</span></span></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_i01_pn3n3_c20250101__20250331_zcJQWUKPvrfi" title="Net loss attributable to common shareholders - basic"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01_pn3n3_c20250101__20250331_zVidNJxyUHwa" title="Net loss attributable to common shareholders - diluted">(3,644</span></span></td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DenominatorAbstract_iB_zT0AWfoObzba" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average shares—basic and diluted (in thousands)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pn3n3_c20260101__20260331_zCfeJdocePHc" title="Weighted average shares - basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pn3n3_c20260101__20260331_zAa8ZPUDKgFe" title="Weighted average shares - diluted">720</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pn3n3_c20250101__20250331_zaZC5wA9COX5" title="Weighted average shares - basic"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pn3n3_c20250101__20250331_z62jiKnHQeBe" title="Weighted average shares - diluted">120</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss per share attributable to common shareholders—basic and diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_i01_pid_c20260101__20260331_zY8hfMgTggHj" title="Net loss per share attributable to common shareholders - basic"><span id="xdx_907_eus-gaap--EarningsPerShareDiluted_i01_pid_c20260101__20260331_zksaIf4c2JS8" title="Net loss per share attributable to common shareholders - diluted">(11.69</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_i01_pid_c20250101__20250331_zkc2NXye81c6" title="Net loss per share attributable to common shareholders - basic"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_i01_pid_c20250101__20250331_zt7kYfzsWEk9" title="Net loss per share attributable to common shareholders - diluted">(30.37</span></span></td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AB_zqJnBZqGavb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zbcUvsgRH4ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities that were excluded from loss per share as their effect would be anti-dilutive due to the net loss that could potentially be dilutive in future periods are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zGs40NkAAWJ2" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zuYJu5kUzwec" style="width: 16%; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">628</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zWoWlGEAuVLk" style="width: 16%; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">128</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>RSUs</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zxGz15KEVWFg" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">26,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_z6EQDnDoUnAh" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">13,039</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Public warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zDIJybm9iKZ3" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">1,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zYgqbMa4GFn5" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">1,150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>GEM warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zG6j68m6quyh" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zG9hvPhbchwg" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Common warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zfOStwFqLpKd" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">100,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zLn96FRtica7" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">22,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement agent warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_z61PYnoep4i3" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">14,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_zhTjwKcjq4r1" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">525</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Pre-funded warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreFundedWarrantsMember_zs8SEEhlXpVk" style="border-bottom: Black 1pt solid; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount"><span style="-sec-ix-hidden: xdx2ixbrl0983">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreFundedWarrantsMember_zSNV1GKw81S9" style="border-bottom: Black 1pt solid; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount"><span style="-sec-ix-hidden: xdx2ixbrl0985">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331_zFxR95WJqIAb" style="border-bottom: Black 2.5pt double; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">144,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331_zSfEzj6AZaqi" style="border-bottom: Black 2.5pt double; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">37,563</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zoZXUYtrREh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zHAbgSvvHCR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Derivative Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the unaudited condensed consolidated statements of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the condensed consolidated balance sheets. Refer to <i>Note 7 – Fair Value Measurements</i> and <i>Note 11 – Debt</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zj59ohUmV2y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value of Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 820, <i>Fair Value Measurement</i>, the Company uses a three-level hierarchy for fair value measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy is divided into three levels based on the source of inputs as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Quoted prices in active markets for identical assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management during the three months ended March 31, 2026 and 2025. The carrying amount of cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values as of March 31, 2026 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--FairValueOptionElectionPolicyTextBlock_zGuRawyWwe91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value Option Election</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined the January 2025 Yorkville Note, the September 2025 Yorkville Note, the Agile Notes, the 1800 Diagonal Notes, the Private Placement Convertible Notes, and the Boot Capital Convertible Notes (each as defined in <i>Note 11 – Debt</i>, and together the “FVO Notes”) were eligible for the fair value option, in accordance with FASB ASC 825-10-50-28, and made such election to account for these instruments at fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. Additional term or other notes may be issued in subsequent periods where the Company would be able to make a fair value option election upon issuance provided eligibility criteria are met. The fair value option election was made to align the accounting for the FVO Notes with the Company’s financial reporting objectives and reduce operational effort to account for embedded features that otherwise would require bifurcation as a separate unit of account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the fair value option election, direct and incremental debt issuance costs and consideration paid to the respective lender were expensed as incurred and recorded in other income (expense), net in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Losses recognized upon issuance of debt represent the difference between issuance date fair value and the proceeds received net of discount or premium, which are recorded in loss on debt issuance in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records the portion of the FVO Notes that are issued and outstanding for accounting purposes at fair value with changes in fair value recorded in change in fair value in the unaudited condensed consolidated statements of operations, except for the portion of the total change in fair value that results from a change in the instrument-specific credit risk of FVO Notes, which is recorded in other comprehensive income (loss), if applicable. Measurement of the change in fair value of the FVO Notes includes accrued interest, whether paid-in-kind or cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest on the FVO Notes is included in the respective debt instrument’s balance on the condensed consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z0Oc5Vhe8bAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements not yet effective</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the <span style="background-color: white">FASB</span> issued <span style="background-color: white">Accounting Standards Update (“</span>ASU”) ASU No. 2024-03, <i>Disaggregation of Income Statement Expenses (Subtopic 220-40)</i>. The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption of the amendment is permitted. The Company is currently evaluating the guidance and its impact to its condensed consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recently adopted accounting pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In July 2025, the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB <span style="background-color: white">issued </span>ASU 2025-05<span style="background-color: white">, <i>Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,</i> which provides a practical expedient to measure credit losses on accounts receivable and contract assets. This guidance is effective for periods beginning after December 15, 2025 and will be adopted prospectively. Early adoption is permitted.</span> The adoption of this guidance did not have a material impact on our condensed consolidated financial statements and related disclosures.</span></p> <p id="xdx_857_zNhAoRU6EVTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_84A_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zBafNEuFapA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations of the SEC relating to interim financial statements. The December 31, 2025 balance sheet information was derived from the audited financial statements as of that date. Except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 31, 2026. The interim unaudited condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair statement of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_zULulub5FLrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounts Receivable and Allowance for Credit Losses</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consist of balances due from customers as well as from payment service providers. Payment terms range from due upon receipt, to net 30 days. Accounts receivable are stated net of an allowance for credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allowance for expected credit losses is based on the probability of future collection under the current expected credited loss (“CECL”) impairment model. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to credit losses in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zYFUsyfQWLTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes in the allowance for credit losses for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zY9ByqBqV8D" style="display: none">Summary of Changes in Allowance for Credit Losses</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20260101__20260331_zjvQ3CiJTnG6" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_pn3n3_zWMmWCw9cPil" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">41</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_pn3n3_zi5HUZLEDmV" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in provision for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(15</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_pn3n3_zPeIzD51XYjb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zZ9a176bA7A7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zYFUsyfQWLTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes in the allowance for credit losses for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zY9ByqBqV8D" style="display: none">Summary of Changes in Allowance for Credit Losses</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20260101__20260331_zjvQ3CiJTnG6" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_pn3n3_zWMmWCw9cPil" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">41</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_pn3n3_zi5HUZLEDmV" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in provision for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(15</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_pn3n3_zPeIzD51XYjb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 41000 -15000 26000 <p id="xdx_84A_ecustom--WarrantLiabilitiesPolicyTextBlock_zLjSxaJ1Cod5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liabilities</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant Liability – related party</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants originally issued in 7GC’s initial public offering (the “Public Warrants”) are recognized as derivative liabilities in accordance with FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise or expiration, and any change in fair value is recognized in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the condensed consolidated balance sheets. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities – related party” in the accompanying unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>GEM Warrant Liability</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with subsequent changes in fair value recognized in earnings each reporting period. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities” in the accompanying unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--EarningsPerSharePolicyTextBlock_zs5sUOzuJCWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loss Per Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding and pre-funded warrants outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_z2EGkdgoQ37a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation of basic and diluted net loss per share attributable to common stock was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zyGQnJXAgBe1" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--NumeratorAbstract_iB_zJd59vRCHjwe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net loss attributable to common shareholders—basic and diluted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_i01_pn3n3_c20260101__20260331_zkqlhOZtkUx9" title="Net loss attributable to common shareholders - basic"><span id="xdx_902_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01_pn3n3_c20260101__20260331_zgPFMNFqfyhc" title="Net loss attributable to common shareholders - diluted">(8,417</span></span></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_i01_pn3n3_c20250101__20250331_zcJQWUKPvrfi" title="Net loss attributable to common shareholders - basic"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01_pn3n3_c20250101__20250331_zVidNJxyUHwa" title="Net loss attributable to common shareholders - diluted">(3,644</span></span></td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DenominatorAbstract_iB_zT0AWfoObzba" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average shares—basic and diluted (in thousands)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pn3n3_c20260101__20260331_zCfeJdocePHc" title="Weighted average shares - basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pn3n3_c20260101__20260331_zAa8ZPUDKgFe" title="Weighted average shares - diluted">720</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pn3n3_c20250101__20250331_zaZC5wA9COX5" title="Weighted average shares - basic"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pn3n3_c20250101__20250331_z62jiKnHQeBe" title="Weighted average shares - diluted">120</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss per share attributable to common shareholders—basic and diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_i01_pid_c20260101__20260331_zY8hfMgTggHj" title="Net loss per share attributable to common shareholders - basic"><span id="xdx_907_eus-gaap--EarningsPerShareDiluted_i01_pid_c20260101__20260331_zksaIf4c2JS8" title="Net loss per share attributable to common shareholders - diluted">(11.69</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_i01_pid_c20250101__20250331_zkc2NXye81c6" title="Net loss per share attributable to common shareholders - basic"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_i01_pid_c20250101__20250331_zt7kYfzsWEk9" title="Net loss per share attributable to common shareholders - diluted">(30.37</span></span></td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AB_zqJnBZqGavb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zbcUvsgRH4ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities that were excluded from loss per share as their effect would be anti-dilutive due to the net loss that could potentially be dilutive in future periods are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zGs40NkAAWJ2" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zuYJu5kUzwec" style="width: 16%; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">628</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zWoWlGEAuVLk" style="width: 16%; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">128</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>RSUs</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zxGz15KEVWFg" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">26,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_z6EQDnDoUnAh" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">13,039</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Public warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zDIJybm9iKZ3" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">1,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zYgqbMa4GFn5" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">1,150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>GEM warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zG6j68m6quyh" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zG9hvPhbchwg" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Common warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zfOStwFqLpKd" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">100,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zLn96FRtica7" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">22,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement agent warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_z61PYnoep4i3" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">14,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_zhTjwKcjq4r1" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">525</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Pre-funded warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreFundedWarrantsMember_zs8SEEhlXpVk" style="border-bottom: Black 1pt solid; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount"><span style="-sec-ix-hidden: xdx2ixbrl0983">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreFundedWarrantsMember_zSNV1GKw81S9" style="border-bottom: Black 1pt solid; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount"><span style="-sec-ix-hidden: xdx2ixbrl0985">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331_zFxR95WJqIAb" style="border-bottom: Black 2.5pt double; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">144,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331_zSfEzj6AZaqi" style="border-bottom: Black 2.5pt double; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">37,563</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zoZXUYtrREh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_z2EGkdgoQ37a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation of basic and diluted net loss per share attributable to common stock was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zyGQnJXAgBe1" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--NumeratorAbstract_iB_zJd59vRCHjwe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net loss attributable to common shareholders—basic and diluted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_i01_pn3n3_c20260101__20260331_zkqlhOZtkUx9" title="Net loss attributable to common shareholders - basic"><span id="xdx_902_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01_pn3n3_c20260101__20260331_zgPFMNFqfyhc" title="Net loss attributable to common shareholders - diluted">(8,417</span></span></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_i01_pn3n3_c20250101__20250331_zcJQWUKPvrfi" title="Net loss attributable to common shareholders - basic"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01_pn3n3_c20250101__20250331_zVidNJxyUHwa" title="Net loss attributable to common shareholders - diluted">(3,644</span></span></td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DenominatorAbstract_iB_zT0AWfoObzba" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average shares—basic and diluted (in thousands)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pn3n3_c20260101__20260331_zCfeJdocePHc" title="Weighted average shares - basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pn3n3_c20260101__20260331_zAa8ZPUDKgFe" title="Weighted average shares - diluted">720</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pn3n3_c20250101__20250331_zaZC5wA9COX5" title="Weighted average shares - basic"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pn3n3_c20250101__20250331_z62jiKnHQeBe" title="Weighted average shares - diluted">120</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss per share attributable to common shareholders—basic and diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_i01_pid_c20260101__20260331_zY8hfMgTggHj" title="Net loss per share attributable to common shareholders - basic"><span id="xdx_907_eus-gaap--EarningsPerShareDiluted_i01_pid_c20260101__20260331_zksaIf4c2JS8" title="Net loss per share attributable to common shareholders - diluted">(11.69</span></span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_i01_pid_c20250101__20250331_zkc2NXye81c6" title="Net loss per share attributable to common shareholders - basic"><span id="xdx_90C_eus-gaap--EarningsPerShareDiluted_i01_pid_c20250101__20250331_zt7kYfzsWEk9" title="Net loss per share attributable to common shareholders - diluted">(30.37</span></span></td><td style="text-align: left">)</td></tr> </table> -8417000 -8417000 -3644000 -3644000 720000 720000 120000 120000 -11.69 -11.69 -30.37 -30.37 <p id="xdx_89B_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zbcUvsgRH4ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities that were excluded from loss per share as their effect would be anti-dilutive due to the net loss that could potentially be dilutive in future periods are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zGs40NkAAWJ2" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zuYJu5kUzwec" style="width: 16%; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">628</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zWoWlGEAuVLk" style="width: 16%; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">128</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>RSUs</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zxGz15KEVWFg" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">26,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_z6EQDnDoUnAh" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">13,039</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Public warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zDIJybm9iKZ3" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">1,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zYgqbMa4GFn5" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">1,150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>GEM warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zG6j68m6quyh" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zG9hvPhbchwg" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Common warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zfOStwFqLpKd" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">100,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zLn96FRtica7" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">22,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement agent warrant shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_z61PYnoep4i3" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">14,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_zhTjwKcjq4r1" style="text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">525</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Pre-funded warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreFundedWarrantsMember_zs8SEEhlXpVk" style="border-bottom: Black 1pt solid; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount"><span style="-sec-ix-hidden: xdx2ixbrl0983">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreFundedWarrantsMember_zSNV1GKw81S9" style="border-bottom: Black 1pt solid; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount"><span style="-sec-ix-hidden: xdx2ixbrl0985">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331_zFxR95WJqIAb" style="border-bottom: Black 2.5pt double; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">144,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331_zSfEzj6AZaqi" style="border-bottom: Black 2.5pt double; text-align: right" title="Antidilutive securities excluded from computation of earnings per share, amount">37,563</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 628 128 26708 13039 1150 1150 83 83 100716 22638 14912 525 144197 37563 <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zHAbgSvvHCR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Derivative Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the unaudited condensed consolidated statements of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the condensed consolidated balance sheets. Refer to <i>Note 7 – Fair Value Measurements</i> and <i>Note 11 – Debt</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zj59ohUmV2y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value of Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 820, <i>Fair Value Measurement</i>, the Company uses a three-level hierarchy for fair value measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy is divided into three levels based on the source of inputs as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Quoted prices in active markets for identical assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management during the three months ended March 31, 2026 and 2025. The carrying amount of cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values as of March 31, 2026 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--FairValueOptionElectionPolicyTextBlock_zGuRawyWwe91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value Option Election</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined the January 2025 Yorkville Note, the September 2025 Yorkville Note, the Agile Notes, the 1800 Diagonal Notes, the Private Placement Convertible Notes, and the Boot Capital Convertible Notes (each as defined in <i>Note 11 – Debt</i>, and together the “FVO Notes”) were eligible for the fair value option, in accordance with FASB ASC 825-10-50-28, and made such election to account for these instruments at fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. Additional term or other notes may be issued in subsequent periods where the Company would be able to make a fair value option election upon issuance provided eligibility criteria are met. The fair value option election was made to align the accounting for the FVO Notes with the Company’s financial reporting objectives and reduce operational effort to account for embedded features that otherwise would require bifurcation as a separate unit of account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the fair value option election, direct and incremental debt issuance costs and consideration paid to the respective lender were expensed as incurred and recorded in other income (expense), net in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Losses recognized upon issuance of debt represent the difference between issuance date fair value and the proceeds received net of discount or premium, which are recorded in loss on debt issuance in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records the portion of the FVO Notes that are issued and outstanding for accounting purposes at fair value with changes in fair value recorded in change in fair value in the unaudited condensed consolidated statements of operations, except for the portion of the total change in fair value that results from a change in the instrument-specific credit risk of FVO Notes, which is recorded in other comprehensive income (loss), if applicable. Measurement of the change in fair value of the FVO Notes includes accrued interest, whether paid-in-kind or cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest on the FVO Notes is included in the respective debt instrument’s balance on the condensed consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z0Oc5Vhe8bAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements not yet effective</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the <span style="background-color: white">FASB</span> issued <span style="background-color: white">Accounting Standards Update (“</span>ASU”) ASU No. 2024-03, <i>Disaggregation of Income Statement Expenses (Subtopic 220-40)</i>. The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption of the amendment is permitted. The Company is currently evaluating the guidance and its impact to its condensed consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recently adopted accounting pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In July 2025, the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB <span style="background-color: white">issued </span>ASU 2025-05<span style="background-color: white">, <i>Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,</i> which provides a practical expedient to measure credit losses on accounts receivable and contract assets. This guidance is effective for periods beginning after December 15, 2025 and will be adopted prospectively. Early adoption is permitted.</span> The adoption of this guidance did not have a material impact on our condensed consolidated financial statements and related disclosures.</span></p> <p id="xdx_80A_eus-gaap--BusinessCombinationDisclosureTextBlock_zclpTFEKx8Qb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_823_zhb5gf3sEgBl">Acquisitions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vidello</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 31, 2025, the Company closed a previously announced merger with Vidello Limited (“Vidello”), a private limited company registered in England and Wales (the “Vidello Merger”), pursuant to an Agreement and Plan of Merger (the “Vidello Merger Agreement”), dated December 19, 2024, by and among the Company, Vidello, and certain shareholders of Vidello (the “Vidello Shareholders”). At the closing, Vidello Shareholders transferred all the outstanding shares of Vidello to the Company, and Vidello became a direct and wholly owned subsidiary of the Company. At the closing, the Company paid to the Vidello Shareholders, $<span id="xdx_90E_eus-gaap--PaymentsToAcquireBusinessesGross_pn3n3_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zYKPqei3zsWl" title="Cash consideration">2,745</span> in cash (the “Vidello Cash Consideration”), whereby $<span id="xdx_903_ecustom--BusinessAcquisitionAmountWithheldForIndemnificationExpensesAndOtherHoldbackProvisions_pn3n3_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zA3onsLJgOMh" title="Amount withheld for indemnification expenses and other holdback provisions">2,500</span> are withheld for indemnification expenses and other holdback provisions in accordance with the Vidello Merger Agreement, and issued <span id="xdx_90D_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAWUi5vMg35l" title="Number of shares issued">4,491</span> shares of Class A Common Stock (the “Share Consideration,” together with the Cash Consideration, the “Vidello Closing Consideration”). The Company’s primary reason for acquiring Vidello was to enhance revenue growth and strengthen the Company’s competitive market position through cross selling opportunities. Vidello is a video hosting and marketing platform designed to help businesses manage, customize, and optimize their video content.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the holdback amount, this consists of three distinct components, being (1) the withholding of $<span id="xdx_906_ecustom--BusinessAcquisitionAmountWithheldAsSecurityForObligationsOfCompanyShareholders_pn3n3_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zpk1RwYvxat2" title="Amount withheld as security for obligations of company shareholders">1,000</span> as security for the obligations of Company Shareholders for a period of twelve months (the “Indemnification Holdback Amount”), (2) the withholding of $<span id="xdx_900_ecustom--BusinessAcquisitionAmountWithheldAsSecurityForObligationsOfCompanyShareholdersToCompleteTheTransitionIntegrationAndRelatedMatters_pn3n3_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zxPJ7lu7yY78" title="Amount withheld as security for obligations of company shareholders to complete the transition, integration and related matters">500</span> as security for the obligations of Company Shareholders to cooperate with best efforts and in good faith with to complete the transition, integration and related matters of Vidello’s business with Banzai, including, but not limited to (a) the transition of data of Vidello managed and/or held by Vidello to Banzai, (b) certain services relating to the continued operations of Vidello, and (c) the training of certain employees of Banzai regarding the operations of Vidello including any proprietary business processes and trade secrets following the Closing, during the six months following the Closing (the “Transition Holdback Period”), and (3) the withholding of $<span id="xdx_90F_ecustom--BusinessAcquisitionAmountWithheldSubjectToCertainRevenueRelatedConditions_pn3n3_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_ziBvxbnRKDVl" title="Amount withheld subject to certain revenue related conditions">1,000</span> subject to certain revenue related conditions being met during the <span id="xdx_909_ecustom--BusinessAcquisitionRevenueHoldbackPeriod_dtD_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zX65OggAAq3d" title="Business acquisition revenue holdback period">180</span> day period following the Closing (the “Revenue Holdback Amount” and together with the Indemnification Holdback Amount and the Transition Holdback Amount, the “Holdback Amount”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Company recognized $<span id="xdx_901_eus-gaap--BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized_pn3n3_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zmYkQLbYhCUf" title="Expense related to transition">486</span> of expense after foreign currency translation in the consolidated statements of operations related to the Transition Holdback Amount in the line Vidello earnout expense. During the three months ended September 30, 2025, the Company paid the contractual amount of $<span id="xdx_904_eus-gaap--PaymentForContingentConsiderationLiabilityInvestingActivities_pn3n3_c20250701__20250930__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zlENmcNuej1a" title="Contractual amount paid">500</span> to the Vidello Shareholders for the Transition Holdback Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended September 30, 2025, the <span id="xdx_90C_ecustom--BusinessCombinationHoldbackMeasurementPeriod_dtD_c20250701__20250930__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zds5upAMwfY4" title="Business combination holdback measurement period">180</span> day measurement period for the Revenue Holdback lapsed and the revenue conditions as defined in the Vidello Merger Agreement had not been met. As such the Company recognized a gain on the extinguishment of Vidello revenue holdback of $<span id="xdx_905_eus-gaap--BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_pn3n3_c20250701__20250930__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zlKXR2eM8mbc" title="Gain on extinguishment">973</span> during the three months ended September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with and as a condition of closing pursuant to the Vidello Merger Agreement, the Company executed and delivered to each Vidello Shareholder a lock-up agreement (the “Vidello Lock-Up Agreement”), pursuant to which, the shareholders of Class A Common Stock and any other securities convertible or exercisable into the shares of Class A Common Stock beneficially owned by them, during the <span id="xdx_901_ecustom--BusinessAcquisitionLockUpAgreementPeriod_dtD_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zXY11IO9ohHk" title="Business acquisition lock-up agreement period">180</span>-day period following the closing of the Vidello Merger, cannot complete any Prohibited Transfer (as defined in the Vidello Merger Agreement).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately prior to the closing of the Vidello Merger, the directors, and officers of Vidello tendered their resignation, effective at the closing. Pursuant to the Vidello Merger Agreement, the CEO of the Company shall be the sole member of the board of directors of Vidello effective upon the closing of the Vidello Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended March 31, 2025, the Company incurred transaction costs of approximately $<span id="xdx_90A_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn3n3_c20250331__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zHjNCrWFDcXi" title="Transaction costs">730</span> which are included in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello Merger was accounted for as a business combination under the acquisition method pursuant to FASB ASC 805, <i>Business Combinations</i> (“ASC 805”), with the Company as the accounting acquirer. Under the acquisition method, the total purchase price of the acquisition is allocated to the net identifiable tangible and intangible assets acquired and liabilities assumed based on the fair values as of the acquisition date. The fair value of the consideration transferred totaled $<span id="xdx_905_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zWqe9dgz0dLa" title="Total consideration paid">6,268</span> summarized as follows:</span></p> <p id="xdx_898_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionEquityInterestIssuedOrIssuableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zIMJciNnIHGb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zmnZqnwKSs02" style="display: none">Summary of Preliminary Fair Value of the Consideration Transferred</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250131__20250131_zLnjH4g8w9vc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_ecustom--BusinessCombinationCashPaidAtClosing_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zWcDOvKXKAfb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Cash paid at closing</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,745</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zLmhU1UbMHXi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock issued to Vidello Stockholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,662</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--BusinessCombinationFairValueOfHoldbackAmount_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zPnqolkAOuj9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Fair value of Holdback Amount</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,861</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zexU9KbaGoL8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total consideration paid</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,268</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_z7dtTMfitl42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zQ6Ni8zRblG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company allocated the purchase price of the Vidello Merger to the assets acquired and liabilities assumed as of the acquisition date, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zR2TXucZCJog" style="display: none">Summary of Provisional Purchase Price Allocation Relating to Vidello Merger</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-weight: bold; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49F_20250131_zTjPT3dR8Tqk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract_iB_zd5zBJ6Z5OMc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets acquired:</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAz0M3_z5hQTQnGYXW7" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">68</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAz0M3_zI3NCnZmhxs3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zdu3Tg5Yy15l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets – customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">551</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zzTSpms5h873" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible Assets – trade name</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zZRiuow0Ihl6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Intangible Assets – developed technology</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,010</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_maBCRIAz0M3_zcaHuhrUcLN8" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Intangible Assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,010</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_mtBCRIAz0M3_z68ulK1A9nzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,374</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract_iB_zYrULwd0waA7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Liabilities assumed:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zn1M4yjlNWv8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zRGEcPyo3qpk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zammAEObOWt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unearned revenue, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">448</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zTJ7ikUufEH2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred tax liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,324</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTaxesPayable_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zjReU3uedsCd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_mtBCRIAzcJ8_zbIKZvEDTcyh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,125</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzgVf_zeJo9RFITff1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total identifiable net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,249</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Goodwill recorded:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Goodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzgVf_zswQbMgO87M6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,019</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_mtBCRIAzgVf_z2ODQYIYJxIl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total consideration</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,268</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zDHd4rd8UZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill recognized is not expected to be deductible for tax purposes. We believe that in this acquisition goodwill represents the value of Vidello’s existing products, combined with the added business synergies of integrating with the existing Banzai products and customer base.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zOFUGTkjChEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All intangible assets acquired are subject to amortization and their associated estimated useful lives are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zgC1VU4kv0U7" style="display: none">Summary of Intangible Assets Acquired and their Associated Estimated Useful Lives</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intangible Assets</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zJC3jLMnvqi5" title="Estimated Useful Life">6</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade name</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zoglzsFyAyGd" title="Estimated Useful Life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember__srt--RangeAxis__srt--MinimumMember_zwJxjKWdbwl6" title="Estimated Useful Life">7</span> - <span id="xdx_903_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember__srt--RangeAxis__srt--MaximumMember_zni6j1NlNYsj" title="Estimated Useful Life">8</span> years</span></td></tr> </table> <p id="xdx_8A0_zCSo618QqWaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 includes net loss of approximately $<span id="xdx_907_eus-gaap--NetIncomeLoss_pn3n3_c20260101__20260331__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zoziM4oJhUy3" title="Net income (loss)">250</span> and net income of $<span id="xdx_900_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20250331__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zKaqjsc4sUhb" title="Net income (loss)">734</span>, respectively, of Vidello from the date of acquisition to March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pro forma disclosure for the Vidello acquisition</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the Merger with Vidello had taken place on January 1, 2025. The pro forma results presented are the result of combining the revenues and earnings of the Company with the revenues and earnings of Vidello. The Company did not have any material, non-recurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zSdXWXotIMZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zAeCZBNeEx18" style="display: none">Summary of Pro Forma Financial Information</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zxerSxaj6Fc8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250331__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zmAo8KmeYIK3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--BusinessAcquisitionsProFormaRevenue_pn3n3_zP3T66dEcpki" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,696</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,609</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--BusinessAcquisitionProFormaCostOfRevenue_pn3n3_zzXbbs20eTLb" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">796</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BusinessAcquisitionProFormaOperatingExpenses_pn3n3_zjGksv8n0II5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,955</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,753</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--BusinessAcquisitionProFormaOtherExpensesIncomeNet_pn3n3_z4yJwut6DdM3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total other expenses (income), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,337</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_iT_pn3n3_zGRpssEGHsLh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before income taxes attributable to common stockholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,469</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,603</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A8_zvClvsAKmBBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2745000 2500000 4491 1000000 500000 1000000 P180D 486000 500000 P180D 973000 P180D 730000 6268000 <p id="xdx_898_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionEquityInterestIssuedOrIssuableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zIMJciNnIHGb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zmnZqnwKSs02" style="display: none">Summary of Preliminary Fair Value of the Consideration Transferred</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250131__20250131_zLnjH4g8w9vc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_ecustom--BusinessCombinationCashPaidAtClosing_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zWcDOvKXKAfb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Cash paid at closing</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,745</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zLmhU1UbMHXi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock issued to Vidello Stockholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,662</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--BusinessCombinationFairValueOfHoldbackAmount_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zPnqolkAOuj9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Fair value of Holdback Amount</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,861</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zexU9KbaGoL8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total consideration paid</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,268</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2745000 1662000 1861000 6268000 <p id="xdx_891_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zQ6Ni8zRblG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company allocated the purchase price of the Vidello Merger to the assets acquired and liabilities assumed as of the acquisition date, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zR2TXucZCJog" style="display: none">Summary of Provisional Purchase Price Allocation Relating to Vidello Merger</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-weight: bold; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49F_20250131_zTjPT3dR8Tqk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract_iB_zd5zBJ6Z5OMc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets acquired:</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAz0M3_z5hQTQnGYXW7" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">68</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAz0M3_zI3NCnZmhxs3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zdu3Tg5Yy15l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets – customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">551</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zzTSpms5h873" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intangible Assets – trade name</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zZRiuow0Ihl6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Intangible Assets – developed technology</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,010</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_maBCRIAz0M3_zcaHuhrUcLN8" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Intangible Assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,010</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_mtBCRIAz0M3_z68ulK1A9nzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,374</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesAbstract_iB_zYrULwd0waA7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Liabilities assumed:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zn1M4yjlNWv8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zRGEcPyo3qpk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zammAEObOWt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unearned revenue, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">448</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zTJ7ikUufEH2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred tax liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,324</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTaxesPayable_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzcJ8_zjReU3uedsCd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_mtBCRIAzcJ8_zbIKZvEDTcyh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,125</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzgVf_zeJo9RFITff1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total identifiable net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,249</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Goodwill recorded:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Goodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_maBCRIAzgVf_zswQbMgO87M6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,019</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_mtBCRIAzgVf_z2ODQYIYJxIl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total consideration</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,268</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 68000 9000 551000 736000 4010000 4010000 5374000 1000 15000 448000 1324000 337000 2125000 3249000 3019000 6268000 <p id="xdx_892_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zOFUGTkjChEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All intangible assets acquired are subject to amortization and their associated estimated useful lives are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zgC1VU4kv0U7" style="display: none">Summary of Intangible Assets Acquired and their Associated Estimated Useful Lives</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intangible Assets</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zJC3jLMnvqi5" title="Estimated Useful Life">6</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade name</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zoglzsFyAyGd" title="Estimated Useful Life">10</span> years</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember__srt--RangeAxis__srt--MinimumMember_zwJxjKWdbwl6" title="Estimated Useful Life">7</span> - <span id="xdx_903_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember__srt--RangeAxis__srt--MaximumMember_zni6j1NlNYsj" title="Estimated Useful Life">8</span> years</span></td></tr> </table> P6Y P10Y P7Y P8Y 250000 734000 <p id="xdx_89D_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zSdXWXotIMZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zAeCZBNeEx18" style="display: none">Summary of Pro Forma Financial Information</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zxerSxaj6Fc8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250331__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zmAo8KmeYIK3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--BusinessAcquisitionsProFormaRevenue_pn3n3_zP3T66dEcpki" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,696</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,609</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--BusinessAcquisitionProFormaCostOfRevenue_pn3n3_zzXbbs20eTLb" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">796</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BusinessAcquisitionProFormaOperatingExpenses_pn3n3_zjGksv8n0II5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,955</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,753</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--BusinessAcquisitionProFormaOtherExpensesIncomeNet_pn3n3_z4yJwut6DdM3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total other expenses (income), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,337</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_iT_pn3n3_zGRpssEGHsLh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before income taxes attributable to common stockholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,469</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,603</td><td style="text-align: left">)</td></tr> </table> 2696000 3609000 521000 796000 7955000 7753000 2689000 -1337000 -8469000 -3603000 <p id="xdx_801_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z6ohit5QlCme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. <span id="xdx_82C_zme91J60mW69">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt Restructuring Agreement with CP BF</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 5, 2024, the Company and CP BF agreed to amend the outstanding balance of all debt previously in the form of <span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleNumberOfEquityInstruments_dc_uTermnote_c20240904__20240905_zzslXwnC8Mu8" title="Number of equity instruments">one</span> term note and <span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleNumberOfEquityInstruments_dc_uConvertibleNote_c20240904__20240905_zyV4q1HeC3g2" title="Number of equity instruments">two</span> convertible notes into <span id="xdx_900_eus-gaap--DebtInstrumentConvertibleNumberOfEquityInstruments_dc_uNewConsolidatedConvertibleNote_c20240904__20240905_z21rF99SkGV9" title="Number of equity instruments">one</span> new consolidated convertible note. The newly issued consolidated convertible note was issued on September 23, 2024. Additionally on <span id="xdx_900_eus-gaap--DebtInstrumentIssuanceDate1_c20240905__20240905_znLNrmUsnzld" title="Debt instrument issuance date">September 23, 2024</span>, the Company and CP BF entered into a share purchase agreement where the Company issued equity in the form of common stock, common stock warrants and pre-funded warrants to CP BF for the reduction of $<span id="xdx_905_ecustom--ReductionOfDebt_iI_pn6n6_c20240923__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zXjgRx6hsn0i" title="Reduction of debt.">2</span> million of debt under the newly issued consolidated convertible note. See <i>Note 11 – Debt</i>, for further details related to the transaction and associated balances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 2 1 2024-09-23 2000000 <p id="xdx_800_eus-gaap--RevenueFromContractWithCustomerTextBlock_zGDL4KtCxaSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_824_zmaoIWZiJLy3">Revenue</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is generated through Banzai providing marketing and webinar platform subscription software service for a set period of time. The Company’s services include providing end-to-end video engagement solutions that provide a fast, intuitive and powerful platform of marketing tools that create more intent-driven videos, webinars, virtual events and other digital and in-person marketing campaigns. As noted within the statements of work and/or invoices, agreements range from monthly, to annual, to multi-year and Banzai generally provides for net 30-day payment terms with the payment made directly through check or electronic means. Banzai’s Management believes its exposure to credit risk is sufficiently mitigated by collection through credit card sales or direct payment from established clients.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At contract inception, once the contract is determined to be within the scope of FASB ASC 606, <i>Revenue from Contracts with Customers</i>, (“ASC 606”), the Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company recognizes revenues following the five-step model prescribed under ASC 606:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify contract(s) with a customer;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify the performance obligation(s) in the contract;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determine the transaction price;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">allocate the transaction price to the performance obligation(s) in the contract; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize revenues when (or as) the Company satisfies a performance obligation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from contracts with customers are not recorded until the Company has the approval and commitment from the parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and collectability of the consideration is probable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. When an arrangement contains more than one performance obligation, the Company will allocate the transaction price to each performance obligation on a relative standalone selling price basis. The Company utilizes the observable price of products and services when they are sold separately to similar customers in order to estimate standalone selling price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised services to its customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is recognized when a performance obligation is satisfied by transferring control of the service to the customer, which occurs over time. The Company considers this method a faithful depiction of the transfer of control as services are substantially the same and have the same pattern of transfer over the life of the contract. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following indicators are evaluated in determining when control has passed to the customer: (i) whether the Company has a right to payment for the product or service, (ii) whether the customer has legal title to the product or service, (iii) whether the Company has transferred physical possession of the product or service to the customer, (iv) whether the customer has the significant risk and rewards of ownership of the product or service and (v) whether the customer has accepted the product or service.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also evaluates the following indicators, amongst others, when determining whether it is acting as a principal in the transaction (and therefore whether to record revenue on a gross basis): (i) whether the Company is primarily responsible for fulfilling the promise to provide the specified good or service, (ii) whether the Company has the inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) whether the Company has the discretion to establish the price for the specified good or service. If the terms of a transaction do not indicate that the Company is acting as a principal in the transaction, then the Company is acting as an agent in the transaction and therefore, the associated revenue is recognized on a net basis (that is revenue net of costs).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nature of Products and Services</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each, as applicable:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Demio</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Demio product is a full-stack technology that marketers can leverage live and automated for video marketing content such as webinars and virtual events. Software products are provided to Demio customers for a range of attendees and hosts within a specified time frame at a specified established price. <span id="xdx_909_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20260101__20260331__srt--ProductOrServiceAxis__custom--DemioMember_zn5U20jMi581" title="Performance obligations, timing">The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services over time which corresponds with the period of time that access to the service is provided.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reach</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the Reach product is in the process of being phased out, the Company continues to generate revenues from the product. The Reach product provides a multi-channel targeted audience acquisition (via Reach) to bolster engagement and Return on Investment (ROI). Banzai enables marketing teams to create winning webinars and virtual and in-person events that increase marketing efficiency and drive additional revenue. Software products are provided to Reach customers for a range of simultaneous events and registrations within a specified time frame at a specified established price. <span id="xdx_907_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20260101__20260331__srt--ProductOrServiceAxis__custom--ReachMember_zNtb0E9EPoyg" title="Performance obligations, timing">The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Reach services over time which corresponds with the timing the service is rendered.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>OpenReel</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The OpenReel product offers subscription-based software as a service (SaaS) offerings to enterprise, media, entertainment and agency teams to remotely control, direct, script, film, and collaborate on high definition video projects from a mobile device or webcam. <span id="xdx_907_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20260101__20260331__srt--ProductOrServiceAxis__custom--OpenReelMember_zRfGkF3GdD55" title="Performance obligations, timing">The Company enters into fixed price subscription contracts with customers, which can be monthly, annual, or multi-year agreements which auto-renew without discount for additional periods of the same duration as the initial term, unless either party requests termination in writing at least thirty (30) days prior to the end of the initial service term. The subscription revenues are recognized ratably over the term of the service agreement, which is considered an output method, as the obligation of hosting the SaaS product is fulfilled over the course of the agreement. The Company does not charge for implementation or recognize any revenues upfront due to minimal effort required. There are no financing components and payments are typically net 30 of date of receipt of invoice, or typically net 90 date of receipt of invoice for customers on multi-year subscription agreement contracts. It is nearly 100% certain that a significant revenue reversal will not occur.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vidello</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello product is a video hosting and marketing platform designed to help businesses manage, customize, and optimize their video content. Revenue is generated through Vidello providing video hosting and marketing platform subscription software service for a set period of time. <span id="xdx_90D_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20260101__20260331__srt--ProductOrServiceAxis__custom--VidelloMember_z0jXqHzYD4A7" title="Performance obligations, timing">Customer contracting is achieved via self-service and invoicing is initiated automatically once the customer accepts the terms and conditions on the platform, based on their selection of the desired subscription product. When execution or completion of the contract occurs, the contract is valid and revenue is earned when the service is provided for each period of performance, daily. The amount is paid by the customer based on the contract terms monthly, annually or indefinite with the majority paid via credit card processing.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Service Trade Revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has <span id="xdx_900_ecustom--NumberOfCustomersWhichIsAlsoVendor_dc_uCustomer_c20260101__20260331_zamWMQ8xNN0a" title="Number of customers, which is also vendor">one</span> customer for which the customer is also a vendor. For this one customer, the Company exchanged services for approximately $<span id="xdx_90B_ecustom--ServicesRevenueFromVendorCustomer_pn3n3_c20260101__20260331_zs3X5LUGxtzi" title="Services revenue from vendor customer">31</span> and $<span id="xdx_905_ecustom--ServicesRevenueFromVendorCustomer_pn3n3_c20250101__20250331_zUey0YE8SD44" title="Services revenue from vendor customer">208</span>, during the three months ended March 31, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disaggregation of Revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--DisaggregationOfRevenueTableTextBlock_zKXaXFK7uqVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes revenue by region based on the billing address of customers for the three months ended March 31, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zj4Qk2nfw4Dk" style="display: none">Summary of Revenue by Region</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260331_zU9Yx9yPCdp9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_zvrlxoPNzYZ9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--AmericasMember_zfJDne1feqei" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; padding-left: 10pt">Americas</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AmericasMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zBCAQnRsmiQ8" style="width: 12%; text-align: right" title="Concentration risk, percentage">78</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,612</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AmericasMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_z8AGxrCnsV81" style="width: 12%; text-align: right" title="Concentration risk, percentage">77</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_zFRnuClKO0gk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Europe, Middle East and Africa (EMEA)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zJ0YgHZTyWdh" style="text-align: right" title="Concentration risk, percentage">16</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">556</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zKjkDNwy7e01" style="text-align: right" title="Concentration risk, percentage">17</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--AsiaPacificMember_z3x95Aa0E7X3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Asia Pacific</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">140</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zvE2hUbRpUvc" style="border-bottom: Black 1pt solid; text-align: right" title="Concentration risk, percentage">5</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zzLRXmm2IW8b" style="border-bottom: Black 1pt solid; text-align: right" title="Concentration risk, percentage">6</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zGnLdPs3h018" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,696</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zgPXEz8yY9wh" style="border-bottom: Black 2.5pt double; text-align: right" title="Concentration risk, percentage">99</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,379</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zK84WAGXWVB5" style="border-bottom: Black 2.5pt double; text-align: right" title="Concentration risk, percentage">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_8A8_zpu3qvPfRyZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contract Balances</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts Receivable, Net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. <span id="xdx_90C_ecustom--AccountsReceivableContractualTerm_c20260101__20260331_z3cguJslY9e7" title="Accounts receivable contractual term">The Company receives payments from customers based upon agreed-upon contractual terms, typically within 30 days of invoicing the customer.</span> The timing of revenue recognition may differ from the timing of invoicing to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zbiSfvywSYwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes accounts receivable, net as of the dates presented:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zLwxYD3HkfCe" style="display: none">Summary of Accounts Receivable, Net</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance – December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--AccountsReceivableNetCurrent_iS_pn3n3_c20260101__20260331_zdnHbGtyhkW6" style="width: 16%; text-align: right" title="Opening balance">709</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance – March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iE_pn3n3_c20260101__20260331_zHTLOOnYXk7g" style="text-align: right" title="Ending balance">668</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AD_zs8nJAKxj2qh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Costs to Obtain a Contract</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--CapitalizedContractCostTableTextBlock_zzRBPjxj0YLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the activity related to costs to obtain a contract during the three months ended March 31, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_z3sUO33E6Gk1" style="display: none">Summary of Activity Related to Costs to Obtain Contract</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance – December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--CapitalizedContractCostNetCurrent_iS_pn3n3_c20260101__20260331_zvSQUBlRMYKc" style="width: 16%; text-align: right" title="Beginning balance">96</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Commissions incurred</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--CommissionsIncurred_pn3n3_c20260101__20260331_znRV0a1kl7N7" style="text-align: right" title="Commissions incurred">161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred commissions recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--DeferredCommissionsRecognized_pn3n3_c20260101__20260331_zqaqrRS2dHhf" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized">(103</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance – March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--CapitalizedContractCostNetCurrent_iE_pn3n3_c20260101__20260331_zwdtJhZSQqUh" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">154</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance – December 31, 2024</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--CapitalizedContractCostNetCurrent_iS_pn3n3_c20250101__20250331_zznHsjpsfbc" style="text-align: right" title="Beginning balance">32</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Commissions incurred</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--CommissionsIncurred_pn3n3_c20250101__20250331_ziWsgUPFA79e" style="text-align: right" title="Commissions incurred">57</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred commissions recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--DeferredCommissionsRecognized_pn3n3_c20250101__20250331_zfJuCA5OXlV8" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized">(50</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance – March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--CapitalizedContractCostNetCurrent_iE_pn3n3_c20250101__20250331_z1rKdWtzVcsk" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">39</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zngul6TZOlEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deferred Revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue represents amounts that have been collected in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The deferred revenue balance does not represent the total contract value of annual or multi-year, non-cancelable revenue agreements. Differences between the revenue recognized per the below schedule, and the revenue recognized per the consolidated statement of operations, reflect amounts not recognized through the deferred revenue process, and which have been determined to be insignificant. For the three months ended March 31, 2026 and the year ended December 31, 2025, the Company recognized $<span id="xdx_909_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20260101__20260331_zwrCqJ8vwqf1" title="Recognition of deferred revenue">1,658</span> and <span style="background-color: white">$<span id="xdx_90D_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20250101__20251231_zM56nbWRmt64" title="Recognition of deferred revenue">3,868</span></span> in revenue that was included in the prior year deferred revenue balance, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_894_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_z74TouOV06R5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The change in total deferred revenue was as follows for the periods indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zOqC6bc6Nbw" style="display: none">Summary of Changes in Total Deferred Revenue</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20260101__20260331_zYWAda8QFR3k" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_z9CkTCHlrDx3" style="font-weight: bold; text-align: center">Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_zFBwpajqaBE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total deferred revenue, beginning of period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,736</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,052</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ContractWithCustomerLiabilityBillings_pn3n3_zM8mMNO6EBc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Billings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,487</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenuePriorYear_pn3n3_zySoik7cUIrl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Revenue recognized (prior year deferred revenue)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,658</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,868</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenueCurrentYear_pn3n3_zDspz9lFTtQh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Revenue recognized (current year deferred revenue)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,038</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,383</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_znpTPI5pyrzk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Acquired deferred revenue of Vidello (see Note 4 – Acquisitions)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1210">—</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">448</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_zWAPHynyVrhd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred revenue, end of period</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,664</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,736</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A3_zfdBuvLtc8J2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services over time which corresponds with the period of time that access to the service is provided. The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Reach services over time which corresponds with the timing the service is rendered. The Company enters into fixed price subscription contracts with customers, which can be monthly, annual, or multi-year agreements which auto-renew without discount for additional periods of the same duration as the initial term, unless either party requests termination in writing at least thirty (30) days prior to the end of the initial service term. The subscription revenues are recognized ratably over the term of the service agreement, which is considered an output method, as the obligation of hosting the SaaS product is fulfilled over the course of the agreement. The Company does not charge for implementation or recognize any revenues upfront due to minimal effort required. There are no financing components and payments are typically net 30 of date of receipt of invoice, or typically net 90 date of receipt of invoice for customers on multi-year subscription agreement contracts. It is nearly 100% certain that a significant revenue reversal will not occur. Customer contracting is achieved via self-service and invoicing is initiated automatically once the customer accepts the terms and conditions on the platform, based on their selection of the desired subscription product. When execution or completion of the contract occurs, the contract is valid and revenue is earned when the service is provided for each period of performance, daily. The amount is paid by the customer based on the contract terms monthly, annually or indefinite with the majority paid via credit card processing. 1 31000 208000 <p id="xdx_89B_eus-gaap--DisaggregationOfRevenueTableTextBlock_zKXaXFK7uqVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes revenue by region based on the billing address of customers for the three months ended March 31, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zj4Qk2nfw4Dk" style="display: none">Summary of Revenue by Region</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260331_zU9Yx9yPCdp9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_zvrlxoPNzYZ9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--AmericasMember_zfJDne1feqei" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; padding-left: 10pt">Americas</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AmericasMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zBCAQnRsmiQ8" style="width: 12%; text-align: right" title="Concentration risk, percentage">78</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,612</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AmericasMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_z8AGxrCnsV81" style="width: 12%; text-align: right" title="Concentration risk, percentage">77</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__us-gaap--EMEAMember_zFRnuClKO0gk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Europe, Middle East and Africa (EMEA)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zJ0YgHZTyWdh" style="text-align: right" title="Concentration risk, percentage">16</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">556</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zKjkDNwy7e01" style="text-align: right" title="Concentration risk, percentage">17</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--AsiaPacificMember_z3x95Aa0E7X3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Asia Pacific</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">140</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zvE2hUbRpUvc" style="border-bottom: Black 1pt solid; text-align: right" title="Concentration risk, percentage">5</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zzLRXmm2IW8b" style="border-bottom: Black 1pt solid; text-align: right" title="Concentration risk, percentage">6</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zGnLdPs3h018" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,696</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260331__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zgPXEz8yY9wh" style="border-bottom: Black 2.5pt double; text-align: right" title="Concentration risk, percentage">99</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,379</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250331__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zK84WAGXWVB5" style="border-bottom: Black 2.5pt double; text-align: right" title="Concentration risk, percentage">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> 2115000 0.78 2612000 0.77 441000 0.16 556000 0.17 140000 0.05 211000 0.06 2696000 0.99 3379000 1 The Company receives payments from customers based upon agreed-upon contractual terms, typically within 30 days of invoicing the customer. <p id="xdx_898_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zbiSfvywSYwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes accounts receivable, net as of the dates presented:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zLwxYD3HkfCe" style="display: none">Summary of Accounts Receivable, Net</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance – December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--AccountsReceivableNetCurrent_iS_pn3n3_c20260101__20260331_zdnHbGtyhkW6" style="width: 16%; text-align: right" title="Opening balance">709</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance – March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iE_pn3n3_c20260101__20260331_zHTLOOnYXk7g" style="text-align: right" title="Ending balance">668</td><td style="text-align: left"> </td></tr> </table> 709000 668000 <p id="xdx_89D_eus-gaap--CapitalizedContractCostTableTextBlock_zzRBPjxj0YLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the activity related to costs to obtain a contract during the three months ended March 31, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_z3sUO33E6Gk1" style="display: none">Summary of Activity Related to Costs to Obtain Contract</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance – December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--CapitalizedContractCostNetCurrent_iS_pn3n3_c20260101__20260331_zvSQUBlRMYKc" style="width: 16%; text-align: right" title="Beginning balance">96</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Commissions incurred</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--CommissionsIncurred_pn3n3_c20260101__20260331_znRV0a1kl7N7" style="text-align: right" title="Commissions incurred">161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred commissions recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--DeferredCommissionsRecognized_pn3n3_c20260101__20260331_zqaqrRS2dHhf" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized">(103</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance – March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--CapitalizedContractCostNetCurrent_iE_pn3n3_c20260101__20260331_zwdtJhZSQqUh" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">154</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance – December 31, 2024</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--CapitalizedContractCostNetCurrent_iS_pn3n3_c20250101__20250331_zznHsjpsfbc" style="text-align: right" title="Beginning balance">32</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Commissions incurred</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--CommissionsIncurred_pn3n3_c20250101__20250331_ziWsgUPFA79e" style="text-align: right" title="Commissions incurred">57</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred commissions recognized</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--DeferredCommissionsRecognized_pn3n3_c20250101__20250331_zfJuCA5OXlV8" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized">(50</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance – March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--CapitalizedContractCostNetCurrent_iE_pn3n3_c20250101__20250331_z1rKdWtzVcsk" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">39</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 96000 161000 -103000 154000 32000 57000 -50000 39000 1658000 3868000 <p id="xdx_894_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_z74TouOV06R5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The change in total deferred revenue was as follows for the periods indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zOqC6bc6Nbw" style="display: none">Summary of Changes in Total Deferred Revenue</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20260101__20260331_zYWAda8QFR3k" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_z9CkTCHlrDx3" style="font-weight: bold; text-align: center">Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_zFBwpajqaBE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total deferred revenue, beginning of period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,736</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,052</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ContractWithCustomerLiabilityBillings_pn3n3_zM8mMNO6EBc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Billings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,487</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenuePriorYear_pn3n3_zySoik7cUIrl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Revenue recognized (prior year deferred revenue)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,658</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,868</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenueCurrentYear_pn3n3_zDspz9lFTtQh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Revenue recognized (current year deferred revenue)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,038</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,383</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_znpTPI5pyrzk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Acquired deferred revenue of Vidello (see Note 4 – Acquisitions)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1210">—</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">448</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_zWAPHynyVrhd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred revenue, end of period</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,664</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,736</td><td style="text-align: left"> </td></tr> </table> 3736000 4052000 2624000 9487000 -1658000 -3868000 -1038000 -6383000 448000 3664000 3736000 <p id="xdx_809_eus-gaap--FairValueDisclosuresTextBlock_zIirtjYov1I" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. <span id="xdx_821_z6msFBVTSNt5">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the periods ended March 31, 2026 and the year ended December 31, 2025. The carrying amount of accounts payable approximated fair value as they are short term in nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value on a Recurring Basis</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the guidance in FASB ASC 820, <i>Fair Value Measurement</i> for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the Public Warrants liabilities represent Level 1 measurements. The estimated fair value of the convertible notes bifurcated embedded derivative asset, GEM warrant liabilities, Yorkville convertible note, Agile term notes, 1800 Diagonal convertible notes, Private Placement Convertible Notes, Private Placement Warrants and Goodwill and Definite-lived intangible assets recognized as part of acquisitions, represent Level 3 measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zv0YPvqVE8hi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_ze0uaB9wcWwl" style="display: none">Schedule of Fair Value on Recurring Basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260331_zgsfjPUf0PIe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_z2dd8REDZ7N8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AssetsAbstract_iB_z8q1q26UvJA9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EmbeddedDerivativeFairValueOfEmbeddedDerivativeAsset_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zLJP3O3Vk3sl" style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: left; padding-left: 10pt">Bifurcated embedded derivative asset – related party</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 8%; text-align: center">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1223">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DefiniteLivedIntangiblesAtAcquisitionDate_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvaqASvU2g1f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Definite-lived intangibles</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,737</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,027</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Goodwill_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zcXy9ULLEw5c" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Goodwill</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,992</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,992</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesAbstract_iB_zqraJTjlJr3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--WarrantLiabilitiesPublic_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zurXR7aFpbHa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Warrant liabilities – public</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1235">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1236">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--GEMWarrantLiabilities_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIWOx3hDVu59" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">GEM warrant liabilities</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1238">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1239">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--EarnoutLiabilityCurrent_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zAjLxz9y6cjg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnout liability (<i>Note 4</i>)</span></td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">991</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ConvertibleDebt_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zRdvXgp15zFe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Yorkville convertible note</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,200</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--NotesPayable_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z4jJPL6FLc0i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Agile term notes</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,299</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertibleNotesPayable_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z7nH7RoGeIU5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">1800 Diagonal convertible notes</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">747</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zCgUzBaVU4g8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Private Placement Convertible Notes</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,890</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,856</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrivatePlacementWarrants_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zcwu5qEQiDjh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Private Placement Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z04JLK6FC1w8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Bifurcated embedded derivative liability – related party</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BootCapitalNote_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zyXAp1c4lWW9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Boot Capital note</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A8_zxu59jQZTIu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For assets and liabilities that are measured at fair value on the acquisition date, see <i>Note 4 – Acquisitions</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liability - Public Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zcDZVr1vKE0j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the Public Warrants liability for the year ended March 31, 2026. See also <i>Note 12 – Warrant Liabilities.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_z4rBCKohDEZ2" style="display: none">Summary of Changes in the Fair Value of the Warrants Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Public Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--PublicWarrantsLiability_iS_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyefeIbsTNQ9" style="width: 16%; text-align: right" title="Balance at December 31, 2025"><span style="-sec-ix-hidden: xdx2ixbrl1267">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_ecustom--ChangeInFairValueOfPublicWarrantsLiability_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zUqdqx2pQkF4" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value"><span style="-sec-ix-hidden: xdx2ixbrl1269">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_ecustom--PublicWarrantsLiability_iE_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z3CxQyIHSFN9" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at March 31, 2026"><span style="-sec-ix-hidden: xdx2ixbrl1271">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zerItYZDeJJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liability - GEM Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value of the GEM Warrants was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance, including share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected time to conversion. See also <i>Note 12 – Warrant Liabilities.</i></span></p> <p id="xdx_89E_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember_zCM07tqJOgO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the GEM Warrants liability for the year ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_z55mXZ1qOaQb" style="display: none">Summary of Changes in the Fair Value of the Warrants Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GEM Warrants</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--GemWarrantsLiability_iS_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zuH2Ctnf6Lx6" style="width: 16%; text-align: right" title="Balance at December 31, 2025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1275">-</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--ChangeInFairValueOfGemWarrantsLiability_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMPOD1EnuwA5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value"><span style="-sec-ix-hidden: xdx2ixbrl1277">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--GemWarrantsLiability_iE_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zv7GgVtnZUTf" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at March 31, 2026"><span style="-sec-ix-hidden: xdx2ixbrl1279">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zZLvVIl5gnQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yorkville Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value of the Yorkville convertible notes were determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance, including the Company’s share price, remaining term, volatility, risk-free rate, market interest rate, and probability of optional redemption). See also <i>Note 11 – Debt</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the Yorkville convertible notes for the year ended March 31, 2026:</span></p> <p id="xdx_89F_ecustom--SummaryOfChangesInFairValueOfConvertibleNoteTableTextBlock_zLIlO2LFzvY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zBrx22Vu3aR3" style="display: none">Summary of Changes in Fair Value of Yorkville Convertible Note</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Yorkville</p> <p style="margin-top: 0; margin-bottom: 0">Convertible Note</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ConvertibleDebt_iS_pn3n3_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_znkwfLvdIQQ7" style="width: 16%; text-align: right" title="Balance at December 31, 2025">1,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment in cash of Yorkville convertible notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zsOHqbQS2az1" style="text-align: right" title="Repayment in cash of Yorkville convertible notes">(647</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--ChangeInFairValueOfYorkvilleConvertibleNote_pn3n3_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwwOBt6rTvR8" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">18</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebt_iE_pn3n3_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zg6CyLdZD9y4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at March 31, 2026">571</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zj0xgPB1tYj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bifurcated Embedded Derivative Assets (Liabilities) - related party</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of the fair value of the embedded put options relating to the related party CP BF Convertible Note issued on September 23, 2024 was determined using the Black-Scholes option pricing model. Key inputs into these models included the timing and probability of the identified scenarios, and for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimating fair values of embedded conversion features requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Because the embedded conversion features are initially and subsequently carried at fair values, the Company’s consolidated statements of operations will reflect the volatility in these estimate and assumption changes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The related party CP BF Convertible Note has an embedded redemption put feature upon a Prepayment and Default Interest triggering events that are unrelated to the creditworthiness of the Company are not clearly and closely related to the debt host instrument, were separated and bundled together as a derivative (“Derivative”) and assigned probabilities of being affected and initially measured at fair value in the amount of $<span id="xdx_905_eus-gaap--DerivativeFairValueOfDerivativeNet_iI_pn3n3_c20260331__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember_zW6XPrX8HT6i" title="Derivatives measured at fair value">12</span>. The fair value of the Derivative was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the Derivative and the plain vanilla maturity scenario without a Derivative</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_ecustom--ScheduleOfDerivativeAssetLiabilityAtFairValueTableTextBlock_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember_z8No39tfbGV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the Derivative asset (liability) for the three months ended March 31, 2026, relating to the Convertible Note to CP BF issued on September 23, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zJ7QGqFEnmKg" style="display: none">Schedule of Derivative Asset (Liability)</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivative Asset (Liability)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Balance at December 31, 2025 - Bifurcated embedded derivative asset – related party</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iS_pn3n3_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zQKeBBb5iQsg" style="width: 16%; text-align: right" title="Beginning balance">9</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_iN_pn3n3_di_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zpBhdBfOEYB5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(22</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Balance at March 31, 2026 - Bifurcated embedded derivative liability – related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iNE_pn3n3_di_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z8xo9P9gK75" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">(13</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8AC_zNmeVJ1SDOPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agile Term Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value of the Agile term notes (“Agile Notes”) was determined using a discounted cash flow model to calculate the fair value. Key inputs for the discounted cash flow model include the contractual term of the note and a market participant interest rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Agile Notes include contingent redemption (put) rights which trigger mandatory prepayment and a make-whole premium upon certain events including an event of default, and defaulted contingent interest upon an event of default. Due to the contingent redemption put feature and default interest embedded feature within the Agile Notes, the Company elected the fair value option for the Agile Notes at their respective dates of issuance pursuant to ASC 825 <i>Financial Instruments</i> (“ASC 825”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to <i>Note 11 – Debt</i> for a summary of the changes in the fair value of the Agile Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>1800 Diagonal Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of the fair value of each of the convertible promissory notes with 1800 Diagonal Lending was determined using the Black-Scholes option pricing model. Key inputs used for the model include the stock price, volatility, the contractual term of the note, risk-free interest rates and dividend yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to <i>Note 11 – Debt</i> for a summary of the changes in the fair value of the 1800 Diagonal Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>3i, LP Private Placement Offering</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of the fair value of the Private Placement Convertible Notes was determined using a Monte Carlo simulation. Key inputs into the simulation include the remaining term, the market interest rate, risk-free rate, equity volatility, and probability of default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to <i>Note 11 – Debt</i> for a summary of the changes in the fair value of the Private Placement Convertible Notes, and to <i>Note 12 – Warrant Liabilities</i> for a description of the warrants issued in connection with the Private Placement Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liability - Private Placement Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu of the Warrant, cash in an amount equal to the Black Scholes Value (“Black Scholes Value”) in connection with a Change of Control, adjusts the settlement value based on items outside the Company’s control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with subsequent changes in fair value recognized in earnings each reporting period. Refer to <i>Note 12 – Warrant Liabilities</i> for further details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance, including share price, term, risk-free rate, exercise price and dividend yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_z0eYTmvC03lk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables summarize the ranges of inputs to and the changes in the fair value of the Private Placement Warrant liability for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zplMu1Acz8le" style="display: none">Summary of Ranges of Inputs in Fair Value of the Private Placement Warrant Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Key Inputs</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zyz6amxf0Me5" title="Measurement Input">0.95</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contractual term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zp6AzluBc8fl" title="Measurement Input">2.25</span> - <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zXOV3z58Mo5d" title="Measurement Input">4.87</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zO5kMAzuUjl8" title="Measurement Input">3.8</span>% - <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zVQ86MKDBv76" title="Measurement Input">3.9</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zoVsUTy4vaj4" title="Measurement Input">113</span>% - <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zUghTYTxoJt8" title="Measurement Input">125.3</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercise Price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zk07HLbwCBji" title="Measurement Input">0.66</span> - $<span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_z7IfU95GdPg6" title="Measurement Input">2.50</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zQQzMzw3Mtt4" title="Measurement Input">0.00</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8A2_zDEl6snPoDxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_ecustom--FairValueChangeOfPrivatePlacementWarrantTableTextBlock_zdDIKqSXEYAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zeWFza5RhtN6">Summary of Changes in Fair Value of Private Placement Warrant Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Private Placement Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_pn3n3_c20260101__20260331_zRt9Dgcdon4a" style="width: 16%; text-align: right" title="Beginning balance">296</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss on issuance – February Warrant</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--IssuanceOfPrivatePlacement_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--FebruaryWarrantMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMXujTmcweIi" style="text-align: right" title="Loss on issuance">559</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease_pn3n3_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zTtuMjOSjGqb" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">395</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_pn3n3_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zVcO5CvzsRLi" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">1,250</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zDyEC68JmxU" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zv0YPvqVE8hi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_ze0uaB9wcWwl" style="display: none">Schedule of Fair Value on Recurring Basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260331_zgsfjPUf0PIe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_z2dd8REDZ7N8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AssetsAbstract_iB_z8q1q26UvJA9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EmbeddedDerivativeFairValueOfEmbeddedDerivativeAsset_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zLJP3O3Vk3sl" style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: left; padding-left: 10pt">Bifurcated embedded derivative asset – related party</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 8%; text-align: center">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1223">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DefiniteLivedIntangiblesAtAcquisitionDate_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvaqASvU2g1f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Definite-lived intangibles</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,737</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,027</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Goodwill_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zcXy9ULLEw5c" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Goodwill</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,992</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,992</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesAbstract_iB_zqraJTjlJr3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--WarrantLiabilitiesPublic_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zurXR7aFpbHa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Warrant liabilities – public</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1235">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1236">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--GEMWarrantLiabilities_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIWOx3hDVu59" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">GEM warrant liabilities</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1238">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1239">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--EarnoutLiabilityCurrent_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zAjLxz9y6cjg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnout liability (<i>Note 4</i>)</span></td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">991</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ConvertibleDebt_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zRdvXgp15zFe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Yorkville convertible note</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,200</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--NotesPayable_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z4jJPL6FLc0i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Agile term notes</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,299</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertibleNotesPayable_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z7nH7RoGeIU5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">1800 Diagonal convertible notes</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">747</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertibleDebtFairValueDisclosures_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zCgUzBaVU4g8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Private Placement Convertible Notes</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,890</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,856</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrivatePlacementWarrants_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zcwu5qEQiDjh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Private Placement Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z04JLK6FC1w8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Bifurcated embedded derivative liability – related party</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--BootCapitalNote_i01I_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zyXAp1c4lWW9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Boot Capital note</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116</td><td style="text-align: left"> </td></tr> </table> 9000 7737000 8027000 21992000 21992000 500000 991000 571000 1200000 1299000 1728000 836000 747000 1890000 1856000 1250000 296000 13000 9000 123000 116000 <p id="xdx_892_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zcDZVr1vKE0j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the Public Warrants liability for the year ended March 31, 2026. See also <i>Note 12 – Warrant Liabilities.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_z4rBCKohDEZ2" style="display: none">Summary of Changes in the Fair Value of the Warrants Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Public Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--PublicWarrantsLiability_iS_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyefeIbsTNQ9" style="width: 16%; text-align: right" title="Balance at December 31, 2025"><span style="-sec-ix-hidden: xdx2ixbrl1267">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_ecustom--ChangeInFairValueOfPublicWarrantsLiability_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zUqdqx2pQkF4" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value"><span style="-sec-ix-hidden: xdx2ixbrl1269">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_ecustom--PublicWarrantsLiability_iE_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z3CxQyIHSFN9" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at March 31, 2026"><span style="-sec-ix-hidden: xdx2ixbrl1271">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89E_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember_zCM07tqJOgO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the GEM Warrants liability for the year ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_z55mXZ1qOaQb" style="display: none">Summary of Changes in the Fair Value of the Warrants Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GEM Warrants</b></span></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--GemWarrantsLiability_iS_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zuH2Ctnf6Lx6" style="width: 16%; text-align: right" title="Balance at December 31, 2025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1275">-</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--ChangeInFairValueOfGemWarrantsLiability_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMPOD1EnuwA5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value"><span style="-sec-ix-hidden: xdx2ixbrl1277">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--GemWarrantsLiability_iE_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zv7GgVtnZUTf" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at March 31, 2026"><span style="-sec-ix-hidden: xdx2ixbrl1279">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89F_ecustom--SummaryOfChangesInFairValueOfConvertibleNoteTableTextBlock_zLIlO2LFzvY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zBrx22Vu3aR3" style="display: none">Summary of Changes in Fair Value of Yorkville Convertible Note</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Yorkville</p> <p style="margin-top: 0; margin-bottom: 0">Convertible Note</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ConvertibleDebt_iS_pn3n3_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_znkwfLvdIQQ7" style="width: 16%; text-align: right" title="Balance at December 31, 2025">1,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment in cash of Yorkville convertible notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zsOHqbQS2az1" style="text-align: right" title="Repayment in cash of Yorkville convertible notes">(647</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--ChangeInFairValueOfYorkvilleConvertibleNote_pn3n3_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwwOBt6rTvR8" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">18</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebt_iE_pn3n3_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zg6CyLdZD9y4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at March 31, 2026">571</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1200000 647000 18000 571000 12000 <p id="xdx_893_ecustom--ScheduleOfDerivativeAssetLiabilityAtFairValueTableTextBlock_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember_z8No39tfbGV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the Derivative asset (liability) for the three months ended March 31, 2026, relating to the Convertible Note to CP BF issued on September 23, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zJ7QGqFEnmKg" style="display: none">Schedule of Derivative Asset (Liability)</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivative Asset (Liability)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Balance at December 31, 2025 - Bifurcated embedded derivative asset – related party</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iS_pn3n3_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zQKeBBb5iQsg" style="width: 16%; text-align: right" title="Beginning balance">9</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_iN_pn3n3_di_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zpBhdBfOEYB5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(22</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Balance at March 31, 2026 - Bifurcated embedded derivative liability – related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iNE_pn3n3_di_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z8xo9P9gK75" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">(13</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 9000 22000 13000 <p id="xdx_896_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_z0eYTmvC03lk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables summarize the ranges of inputs to and the changes in the fair value of the Private Placement Warrant liability for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zplMu1Acz8le" style="display: none">Summary of Ranges of Inputs in Fair Value of the Private Placement Warrant Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Key Inputs</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zyz6amxf0Me5" title="Measurement Input">0.95</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contractual term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zp6AzluBc8fl" title="Measurement Input">2.25</span> - <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zXOV3z58Mo5d" title="Measurement Input">4.87</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zO5kMAzuUjl8" title="Measurement Input">3.8</span>% - <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zVQ86MKDBv76" title="Measurement Input">3.9</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zoVsUTy4vaj4" title="Measurement Input">113</span>% - <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zUghTYTxoJt8" title="Measurement Input">125.3</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercise Price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zk07HLbwCBji" title="Measurement Input">0.66</span> - $<span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_z7IfU95GdPg6" title="Measurement Input">2.50</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zQQzMzw3Mtt4" title="Measurement Input">0.00</span></td><td style="text-align: left">%</td></tr> </table> 0.95 2.25 4.87 3.8 3.9 113 125.3 0.66 2.50 0.00 <p id="xdx_895_ecustom--FairValueChangeOfPrivatePlacementWarrantTableTextBlock_zdDIKqSXEYAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zeWFza5RhtN6">Summary of Changes in Fair Value of Private Placement Warrant Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Private Placement Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_pn3n3_c20260101__20260331_zRt9Dgcdon4a" style="width: 16%; text-align: right" title="Beginning balance">296</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss on issuance – February Warrant</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--IssuanceOfPrivatePlacement_pn3n3_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--FebruaryWarrantMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMXujTmcweIi" style="text-align: right" title="Loss on issuance">559</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease_pn3n3_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zTtuMjOSjGqb" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">395</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_pn3n3_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zVcO5CvzsRLi" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">1,250</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 296000 559000 395000 1250000 <p id="xdx_80C_ecustom--PrepaidExpensesAndOtherCurrentAssetsTextBlock_zutnRdmKZuv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_823_zcMDORjqJyF9">Prepaid Expenses and Other Current Assets</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zRz5YW153mSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span id="xdx_8B7_zU2glDUNja8k" style="display: none">Summary of Prepaid Expenses and Other Current Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zwMwiP7UUk53" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zTRmNymKoYOh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidExpenseAndOtherAssetsCurrentAbstract_iB_zeCLIy7jSWC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expenses and other current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--PrepaidSoftwareCosts_i01I_pn3n3_maPEAOAzLEF_z6IRQCb1T0W4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Prepaid software costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">212</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">154</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ServiceTrade_i01I_pn3n3_maPEAOAzLEF_zncenQ4ffRyk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Service trade</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--EmployeeReceivable_i01I_pn3n3_maPEAOAzLEF_zb4arEIiYcHc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Employee receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidInsurance_i01I_pn3n3_maPEAOAzLEF_zKA9jLoxGsT" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Prepaid insurance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrepaidCommissions_i01I_pn3n3_maPEAOAzLEF_zWigGgmjjuI8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid commissions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaidMerchantFees_i01I_pn3n3_maPEAOAzLEF_zLV0mdosVAl2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Prepaid merchant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAssetsCurrent_i01I_pn3n3_maPEAOAzLEF_zCpo78SJ1m2b" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1359">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i01TI_pn3n3_mtPEAOAzLEF_z7DT4QDingoa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">445</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zRz5YW153mSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span id="xdx_8B7_zU2glDUNja8k" style="display: none">Summary of Prepaid Expenses and Other Current Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zwMwiP7UUk53" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zTRmNymKoYOh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--PrepaidExpenseAndOtherAssetsCurrentAbstract_iB_zeCLIy7jSWC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expenses and other current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--PrepaidSoftwareCosts_i01I_pn3n3_maPEAOAzLEF_z6IRQCb1T0W4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Prepaid software costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">212</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">154</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ServiceTrade_i01I_pn3n3_maPEAOAzLEF_zncenQ4ffRyk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Service trade</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--EmployeeReceivable_i01I_pn3n3_maPEAOAzLEF_zb4arEIiYcHc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Employee receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidInsurance_i01I_pn3n3_maPEAOAzLEF_zKA9jLoxGsT" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Prepaid insurance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrepaidCommissions_i01I_pn3n3_maPEAOAzLEF_zWigGgmjjuI8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid commissions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaidMerchantFees_i01I_pn3n3_maPEAOAzLEF_zLV0mdosVAl2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Prepaid merchant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAssetsCurrent_i01I_pn3n3_maPEAOAzLEF_zCpo78SJ1m2b" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1359">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i01TI_pn3n3_mtPEAOAzLEF_z7DT4QDingoa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">445</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 212000 154000 83000 114000 13000 13000 326000 7000 154000 96000 63000 61000 4000 855000 445000 <p id="xdx_801_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_zYDsj2UKW6Jl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_824_zygGPtcDgI83">Goodwill and Intangible Assets, Net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfGoodwillTextBlock_zys0rqVx7ss4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of goodwill by reportable segment as of and for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zuNbaa82VUJ8" style="display: none">Summary of Goodwill by Reportable Segment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementBusinessSegmentsAxis_custom--BanzaiOperatingMember_zP5rb3rR9nQ4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating Co.</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--StatementBusinessSegmentsAxis_custom--VidelloMember_zIJCnTdq39Bb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vidello</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B4_us-gaap--StatementBusinessSegmentsAxis_custom--OpenReelMember_zNIUfUw4uLr6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B6_zm3QTWVhiydg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_43A_c20260101__20260331_eus-gaap--Goodwill_iS_pn3n3_zNAymmSEZjca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Goodwill – December 31, 2025</td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">2,172</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">3,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">16,801</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">21,992</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_437_c20260101__20260331_eus-gaap--Goodwill_iE_pn3n3_z22XcUYJ9Wvb" style="vertical-align: bottom; background-color: White"> <td>Goodwill – March 31, 2026</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,172</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,019</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,801</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,992</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A5_zjLuccMQIZz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_z9ERIefvUvM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zHgDcJKgE64a" style="display: none">Schedule of Identifiable Intangible Assets Subject to Amortization</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Estimated Useful</p> <p style="margin-top: 0; margin-bottom: 0">Life (years):</p></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260331_z3ob0os3L1Ac" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zn1tpOEVYFI9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Customer relationships</td><td style="width: 2%"> </td> <td style="width: 18%; text-align: center"><span id="xdx_905_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zxEV1kjzSLy1" title="Estimated useful Life">6</span> - <span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zwsOZwhKZ9e5" title="Estimated useful Life">7</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,140</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z8RYlqKdJq46" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade name</td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zEsbahkY8931" title="Estimated useful Life">10</span> - <span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z87YlsXeeZig" title="Estimated useful Life">15</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,637</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zEif38OVjhVc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Technology</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_90B_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zVOFUqwYMSOj" title="Estimated useful Life">6</span> - <span id="xdx_90A_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zkXilYvvUqz" title="Estimated useful Life">8</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,425</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maFLIANz4Kp_zbL2QI3bWHl7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets, gross</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,202</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_msFLIANz4Kp_zmCMzGXpBnV6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,465</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANz4Kp_zDdpzJaDzYF5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zT2jM0wWkIf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total amortization expense related to intangible assets was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIEdvb2R3aWxsIGFuZCBJbnRhbmdpYmxlIEFzc2V0cywgTmV0IChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20260101__20260331_zyLMete3AoU7" title="Amortization expense">304</span> for the <span style="background-color: white">three months ended March 31, 2026</span>. Expected amortization expense is as follows:</span></p> <p id="xdx_893_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z2wE2FVBq3Xi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_znSxzSGOgCw7" style="display: none">Schedule of Expected Amortization Expense</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20260331_zb6idzDRLva1" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_zc5T8LLvYXM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Remainder of 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">911</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zcKUByH6Rxbi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zZliQf4iBy26" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left">Year 1</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,215</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_zCCiADvylMN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_zwdRjynOfzm2" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Year 2</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,215</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_zIKGYG6YbKwb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_zMLy87EyLWs5" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left">Year 3</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,215</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_zhRujRHLxOE9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,206</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_z4Tsetiigbig" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Year 4</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,206</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_pn3n3_zvHOh6G37Gml" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Year 5</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_z2EGearI0TGf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,975</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--FiniteLivedIntangibleAssetsNetExcludingSignatureDebtFees_iI_pn3n3_zZkqsXslRkRe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_z4Tm6PoqF22g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_890_eus-gaap--ScheduleOfGoodwillTextBlock_zys0rqVx7ss4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of goodwill by reportable segment as of and for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zuNbaa82VUJ8" style="display: none">Summary of Goodwill by Reportable Segment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementBusinessSegmentsAxis_custom--BanzaiOperatingMember_zP5rb3rR9nQ4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating Co.</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--StatementBusinessSegmentsAxis_custom--VidelloMember_zIJCnTdq39Bb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vidello</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B4_us-gaap--StatementBusinessSegmentsAxis_custom--OpenReelMember_zNIUfUw4uLr6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B6_zm3QTWVhiydg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_43A_c20260101__20260331_eus-gaap--Goodwill_iS_pn3n3_zNAymmSEZjca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Goodwill – December 31, 2025</td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">2,172</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">3,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">16,801</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">21,992</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_437_c20260101__20260331_eus-gaap--Goodwill_iE_pn3n3_z22XcUYJ9Wvb" style="vertical-align: bottom; background-color: White"> <td>Goodwill – March 31, 2026</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,172</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,019</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,801</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,992</td><td style="text-align: left"> </td></tr> </table> 2172000 3019000 16801000 21992000 2172000 3019000 16801000 21992000 <p id="xdx_89F_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_z9ERIefvUvM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zHgDcJKgE64a" style="display: none">Schedule of Identifiable Intangible Assets Subject to Amortization</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Estimated Useful</p> <p style="margin-top: 0; margin-bottom: 0">Life (years):</p></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260331_z3ob0os3L1Ac" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zn1tpOEVYFI9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Customer relationships</td><td style="width: 2%"> </td> <td style="width: 18%; text-align: center"><span id="xdx_905_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zxEV1kjzSLy1" title="Estimated useful Life">6</span> - <span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zwsOZwhKZ9e5" title="Estimated useful Life">7</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,140</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z8RYlqKdJq46" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade name</td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zEsbahkY8931" title="Estimated useful Life">10</span> - <span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z87YlsXeeZig" title="Estimated useful Life">15</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,637</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zEif38OVjhVc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Technology</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_90B_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zVOFUqwYMSOj" title="Estimated useful Life">6</span> - <span id="xdx_90A_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20260101__20260331__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zkXilYvvUqz" title="Estimated useful Life">8</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,425</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maFLIANz4Kp_zbL2QI3bWHl7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets, gross</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,202</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_msFLIANz4Kp_zmCMzGXpBnV6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,465</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANz4Kp_zDdpzJaDzYF5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> P6Y P7Y 1140000 P10Y P15Y 1637000 P6Y P8Y 6425000 9202000 -1465000 7737000 304000 <p id="xdx_893_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z2wE2FVBq3Xi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_znSxzSGOgCw7" style="display: none">Schedule of Expected Amortization Expense</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20260331_zb6idzDRLva1" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_zc5T8LLvYXM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Remainder of 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">911</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zcKUByH6Rxbi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zZliQf4iBy26" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left">Year 1</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,215</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_zCCiADvylMN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_zwdRjynOfzm2" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Year 2</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,215</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_zIKGYG6YbKwb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_zMLy87EyLWs5" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left">Year 3</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,215</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_zhRujRHLxOE9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,206</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_z4Tsetiigbig" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Year 4</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">1,206</td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_pn3n3_zvHOh6G37Gml" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Year 5</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_z2EGearI0TGf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,975</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--FiniteLivedIntangibleAssetsNetExcludingSignatureDebtFees_iI_pn3n3_zZkqsXslRkRe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 911000 1215000 1215000 1215000 1215000 1215000 1215000 1206000 1206000 1975000 7737000 <p id="xdx_80B_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zydCfvdcQ9pl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_82D_zR8szT4hIOri">Accrued and Other Current Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_895_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zxz4UmVBbDjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zxqgaKEaDxKi" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260331_zrxRRIscZtb6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zddRCAtBfYB1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses and other current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedAccountingAndProfessionalServicesCosts_iI_maALAOLza96_zu6ulyDssTx3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Accrued accounting and professional services costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,211</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,365</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--SalesTaxPayableCurrent_iI_maALAOLza96_zAVMjmxWXRN8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sales tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ExciseTaxPayableCurrent_iI_maALAOLza96_z4TmkakwdoJe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Excise tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">224</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALAOLza96_zVHAmx7txOM6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Provision for tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">568</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AccruedPayrollAndBenefitCosts_iI_maALAOLza96_zIG0IzgJpwgl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrued payroll and benefit costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">440</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AccruedLegalCosts_iI_maALAOLza96_zPtCs4RqbVb1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued legal costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AccruedSubscriptionCosts_iI_maALAOLza96_ztmbEaa9BTBh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrued subscription costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccruedStreamingServiceCosts_iI_maALAOLza96_zUt6izItaDC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued streaming service costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherLiabilitiesCurrent_iI_maALAOLza96_z1kWAl9pWo0g" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Other current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">224</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLza96_z2WKnLBJSUyb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,068</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,354</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zxz4UmVBbDjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zxqgaKEaDxKi" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260331_zrxRRIscZtb6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zddRCAtBfYB1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses and other current liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedAccountingAndProfessionalServicesCosts_iI_maALAOLza96_zu6ulyDssTx3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Accrued accounting and professional services costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,211</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,365</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--SalesTaxPayableCurrent_iI_maALAOLza96_zAVMjmxWXRN8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sales tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ExciseTaxPayableCurrent_iI_maALAOLza96_z4TmkakwdoJe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Excise tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">224</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALAOLza96_zVHAmx7txOM6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Provision for tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">568</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AccruedPayrollAndBenefitCosts_iI_maALAOLza96_zIG0IzgJpwgl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrued payroll and benefit costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">440</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AccruedLegalCosts_iI_maALAOLza96_zPtCs4RqbVb1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued legal costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AccruedSubscriptionCosts_iI_maALAOLza96_ztmbEaa9BTBh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrued subscription costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccruedStreamingServiceCosts_iI_maALAOLza96_zUt6izItaDC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrued streaming service costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherLiabilitiesCurrent_iI_maALAOLza96_z1kWAl9pWo0g" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Other current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">224</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLza96_z2WKnLBJSUyb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,068</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,354</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2211000 2365000 170000 251000 224000 224000 568000 578000 447000 440000 169000 168000 76000 53000 53000 51000 150000 224000 4068000 4354000 <p id="xdx_800_eus-gaap--DebtDisclosureTextBlock_zpkvNEcMmnba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_82A_zIpPJoVLNES5">Debt</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Promissory Note - GEM</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 14, 2023, the Company and GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (collectively, “GEM”) agreed to terminate in its entirety the GEM Agreement, pursuant to which GEM was to purchase from the Company shares of common stock having an aggregate value up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--CommonStockValue_iI_pn6n6_c20231214__srt--RangeAxis__srt--MaximumMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zlQAWvxwdSEb" title="Common stock, value, issued">100</span> million and the Company was required to make and execute a warrant (“GEM Warrant”). The Company’s obligation to issue the GEM Warrant remained, granting GEM the right to purchase Class A Common Stock in an amount equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_ecustom--PercentageOfRightToConvertWarrantToCommonShares_iI_pid_dp_uPure_c20231214__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zo4iV22V7nCe" title="Percentage of right to convert warrant to common shares">3</span>% of the total number of equity interests outstanding as of the Closing, calculated on a fully diluted basis, at an exercise price on the terms and conditions set forth therein, in exchange for issuance of a $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--ConvertibleDebt_iI_pn5n6_c20231214__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember_z5nTZAE9rKC3" title="Shares issuable under the terms of promissory note">2.0</span> million convertible debenture with a <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--DebtInstrumentTerm_dtY_c20231214__20231214__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember_z4XKGSg1susb" style="display: none" title="Convertible debenture maturity period">5</span> five-year maturity and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_ecustom--CouponRate_iI_pid_dp_uPure_c20231214__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember_zziirv2bNmsc" title="Coupon rate">0</span>% coupon. Due to the determination of the final terms of the planned $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--ConvertibleDebt_iI_pn5n6_c20231214__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember_zxGjdGgXomt3" title="Shares issuable under the terms of promissory note">2.0</span> million convertible debenture having not been finalized, nor the final agreement related to the convertible debenture having been executed, as of December 31, 2023, the Company recognized, concurrent with the close of the merger, a liability for the GEM commitment fee, along with a corresponding GEM commitment fee expense, in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_909_eus-gaap--DebtInstrumentFeeAmount_iI_pn5n6_c20231214__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember_zxqaUlN0xT6j" title="Commitment fee expense">2.0</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2024, the Company and GEM entered into a settlement agreement (the “GEM Settlement Agreement”), pursuant to which (a) the Company and GEM agreed to (i) settle the Company’s obligations under and terminate the binding term sheet entered into between Legacy Banzai and GEM, dated December 13, 2023, and (ii) terminate the share repurchase agreement, dated May 27, 2022, by and among the Company and GEM, and (b) the Company (i) agreed to pay GEM $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_ecustom--DebtInstrumentCashAgreedToPay_pn5n6_c20240205__20240205__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zgx0AGVT9Mpa" title="Cash agreed to pay">1.2</span> million in cash within three business days of the GEM Settlement Agreement and (ii) issued to GEM, on February 5, 2024, an unsecured promissory zero coupon note in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20240205__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zdUfwM9bOOIb" title="Aggregate principal amount">1.0 </span>million, payable in monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20240205__20240205__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zBXqJHJvut59" title="Monthly installments">100</span> beginning on March 1, 2024, with the final payment to be made on December 1, 2024 (the “GEM Promissory Note”). The Company paid GEM the $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--RepaymentsOfLongTermDebt_pn5n6_c20240201__20240229__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zl0iMRUTqEdh" title="Payment of debt">1.2</span> million in cash in February 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Promissory Note provides that, in the event the Company fails to make a required monthly payment when due, the Company shall issue to GEM a number of shares of Class A Common Stock equal to the monthly payment amount divided by the VWAP of the Class A Common Stock for the trading day immediately preceding the applicable payment due date. In addition, the Company agreed to register on a registration statement <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_ecustom--SharesIssuableUnderPromissoryNote_pid_uShares_c20240205__20240205__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zgXI2BcU0bl" title="Shares issuable under the terms of promissory note">10,000</span> shares of Class A Common Stock that may be issuable under the terms of the GEM Promissory Note. The GEM Promissory Note contains customary events of default. If an event of default occurs, GEM may, at its option, demand from the Company immediate payment of any outstanding balance under the GEM Promissory Note. The GEM Promissory Note is recorded in the line Convertible notes on the Company’s condensed consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company issued an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_905_ecustom--SharesIssuableUnderPromissoryNote_pid_uShares_c20240101__20241231__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zvr6jzQDSeyc" title="Shares issuable under the terms of promissory note">950</span> shares of Class A Common Stock to GEM in lieu of monthly payment obligations and during the three months ended March 31, 2025 the Company paid an aggregate of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--ConvertibleDebt_iI_c20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zI6acDLBD4jl" title="Convertible debenture">215</span> to satisfy the remaining balance of the GEM Promissory Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Notes (Yorkville)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 14, 2023, in connection with and pursuant to the terms of its Standby Equity Purchase Agreement (“SEPA”) with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”), (refer to <i>Note 14 – Equity</i> for further details on the SEPA), Yorkville agreed to advance to the Company, in exchange for convertible promissory notes, an aggregate principal amount of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20231214__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_ztm0gc0egT5h" title="Aggregate principal amount">3.5</span> million, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20231214__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zcvzSa01Y5u1" title="Aggregate principal amount">2.0</span> million of which was funded at the Closing in exchange for the issuance by the Company of a Convertible Promissory Note (the “December Yorkville Convertible Note”). The Company received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfDebt_pn5n6_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zJyxBofc2F4h" title="Proceeds from issuance of debt">1.8</span> million after a non-cash original issue discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_901_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zZRw3X3sqt5b" title="Debt discount upon issuance">200</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2024, the Company and Yorkville entered into a supplemental agreement (the “SEPA Supplemental Agreement”) to increase the amount of convertible promissory notes allowed to be issued under SEPA by $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_ecustom--IncreasedPrincipalAmountAgreedToAdvance_iI_pn5n6_c20240205__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zQs26rV7JHUg" title="Increased principal amount agreed to advance">1.0</span> million (the “Additional Pre-Paid Advance Amount”), for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_ecustom--AggregatePrincipalAmount_iI_pn5n6_c20240205_z11J1wqjsjEk" title="Aggregate principal amount">4.5</span> million to be advanced by Yorkville to the Company in the form of convertible promissory notes. On February 5, 2024 in exchange for a promissory note in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20240205__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zCT0HmpRNENk" title="Aggregate principal amount">1.0</span> million (the “February Yorkville Promissory Note”), with the same terms as the December Yorkville Convertible Note, the Company received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20240205__20240205__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_z118hRgkVfYd" title="Cash proceeds from issuance of convertible notes">900</span> after an original issue discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20240205__20240205__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zH4YLx2vH802" title="Debt discount upon issuance">100</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 26, 2024, the Company, in exchange for a convertible promissory note with a principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20240326__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_z87joK5bSyYe" title="Aggregate principal amount">1.5 </span>million (the “March Yorkville Promissory Note” and, together with the December Yorkville Convertible Note and February Yorkville Promissory Note, the “Yorkville Promissory Notes”), received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_904_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20240326__20240326__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zOlBeCN2BcZ3" title="Net proceeds from issuance of convertible promissory notes">1,250</span> after an original issue discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_909_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20240326__20240326__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zae6H7bfs8B2" title="Debt discount upon issuance">250</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 3, 2024, the Company and Yorkville entered into a Debt Repayment Agreement (the “Original Debt Repayment Agreement”) with respect to the Yorkville Promissory Notes. Under the Original Debt Repayment Agreement, Yorkville agreed that, upon completion of a Company registered offering and repayment of an aggregate $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90F_eus-gaap--RepaymentsOfConvertibleDebt_pn5n6_c20240503__20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember_z7hTu2TwVPti" title="Repayment in cash of yorkville convertible notes">2.0</span> million outstanding under the Yorkville Promissory Notes (the “Original Repayment Amount”), Yorkville would not deliver to the Company any Investor Notice (as defined in the SEPA) and would not exercise its right to convert the remainder of the amount outstanding under the Yorkville Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days thereafter. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_eus-gaap--DebtInstrumentMaturityDateDescription_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember_zfN7wnmJfRXh" title="Debt instrument, maturity date, description">Under the Original Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Yorkville Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_904_eus-gaap--RedemptionPremium_pn3n3_c20240503__20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zY2xes1He0id" title="Redemption premium">200</span> payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined in the SEPA) for shares of the Company’s Class A Common Stock, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1EZdaBZgiO3" title="Common stock price per share">0.0001</span> per share.</span> The Original Debt Repayment Agreement was conditioned on the completion of the offering by <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90B_eus-gaap--DebtInstrumentOfferingDate1_dd_c20240503__20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember_ze7j4nbJ9Bph" title="Debt instrument, offering date">June 2, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 22, 2024, the Company and Yorkville entered into an Amended and Restated Debt Repayment Agreement (the “Amended Debt Repayment Agreement”) with respect to the Yorkville Promissory Notes, which amends and restates the Original Debt Repayment Agreement. Under the Amended Debt Repayment Agreement, Yorkville has agreed that, upon completion of a registered offering and repayment of an aggregate $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90E_eus-gaap--RepaymentsOfConvertibleDebt_pn3n3_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_zlKfQC6vtpll">750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding under the Yorkville Promissory Notes (the “Amended Repayment Amount”), Yorkville will not deliver to the Company any Investor Notice (as defined in the SEPA) and will not exercise its right to convert the remainder of the amount outstanding under the Yorkville Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days thereafter (the “Stand-still Period”); provided that the Company will seek any consents necessary to allow Yorkville to issue Investor Notices or exercise its right to convert the remainder of the amount outstanding under the Yorkville Promissory Notes after a period of 60 days following the closing of the offering. Under the Amended Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Yorkville Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_eus-gaap--RedemptionPremium_pn3n3_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPUFU8Y08udf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment premium due in connection with an early redemption through the issuance of an Advance Notice for shares of Class A Common Stock (the “Q2 Prepayment Premium”).</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Amended Debt Repayment Agreement was conditioned on the completion of the offering by June 2, 2024, which condition was satisfied upon the closing of the offering on May 28, 2024 (the “May 2024 Offering”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the terms of the Amended Repayment Agreement, the Company made a cash principal payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90B_ecustom--AggregatePrincipalAmount_iI_pn3n3_c20240531__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_z7LgUZAZcul5" title="Debt instrument, principal payment">750</span> on May 31, 2024 (the “Repayment Date”), and issued an Advance Notice for the purchase of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20240531__20240531__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFAgOMG1tlb" title="Common stock shares issued">60</span> shares of Class A Common Stock (the “Premium Advance Shares”) (representing the number of shares the Company reasonably believed would be sufficient to result in net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_909_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20240531__20240531__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMUZaC0VbbKk" title="Net proceeds from issuance of convertible promissory notes">75</span> as of the Repayment Date) (the “Premium Advance”). The total purchase price for the Premium Advance was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240531__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZLO4Mpyxan9" title="Aggregate principal amount">110</span>, of which $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_eus-gaap--RedemptionPremium_pn3n3_c20240531__20240531__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zeTohOKmRvC2" title="Redemption premium amount">75</span> was applied in satisfaction of the Payment Premium, and the remaining $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90F_ecustom--DebtInstrumentCashSurplusAmount_iI_pn3n3_c20240531__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbaOaQye76dh" title="Debt instrument, cash surplus">35</span> was paid by Yorkville to the Company in cash (the “Cash Surplus”). The Premium Advance Shares were recorded at fair value totaling $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90D_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20240531__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAsFNMti5lQ5" title="Debt instrument, fair value">116</span> on the Repayment Date, and the excess of fair value over the Cash Surplus was recorded to the consolidated statement of operations in line Yorkville prepayment premium expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 20, 2024, the Company entered into a Floor Price Reduction Agreement (the “Floor Price Reduction Agreement”) with Yorkville. The Company and Yorkville, pursuant to the Floor Price Adjustment Agreement, agreed to amend and restate the prior repayment agreements such that the outstanding principal under the Amended Debt Repayment Agreement was reduced to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_901_ecustom--DebtInstrumentReductionAmount_iI_pn5n6_c20240920__us-gaap--TypeOfArrangementAxis__custom--FloorPriceReductionAgreementMember_zHspZ1HgST8b" title="Debt instrument reduction amount">0.7</span> million, with <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_do_c20240920__us-gaap--TypeOfArrangementAxis__custom--FloorPriceReductionAgreementMember_z98Vy7KROtYj" title="Debt instrument, interest rate, stated percentage">no</span> remaining interest, the floor price, as described in the Outstanding Promissory Notes, was adjusted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_ecustom--DebtInstrumentAdjustedAmount_iI_pid_c20240920__us-gaap--TypeOfArrangementAxis__custom--FloorPriceReductionAgreementMember_zAil9huF6mZk" title="Debt instrument adjusted amount">400.00</span> per share, and the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_ecustom--DebtInstrumentExtendedMaturityTerms_c20240920__20240920__us-gaap--TypeOfArrangementAxis__custom--FloorPriceReductionAgreementMember_zs8QYVmqhMX1" title="Debt instrument extended maturity terms">maturity date for the Outstanding Promissory Notes is extended by 120 days to January 17, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Yorkville Promissory Notes have a maturity date (as modified by the Floor Price Reduction Agreement) of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20231214__20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementEquityComponentsAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember_zx6EKXztCPE6" title="Debt instrument, maturity date">January 17, 2025</span>, and accrue interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementEquityComponentsAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember_zrEVHinFGiza" title="Debt instrument, interest rate, stated percentage">0</span>% per annum, subject to an increase to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20231214__20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementEquityComponentsAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember_ztQlVv7pOjtb" title="Debt instrument, interest rate, stated percentage">18</span>% per annum upon events of default as defined in the agreement. As of March 31, 2026, no events of default have occurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Yo</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rkville has the right to convert any portion of the outstanding principal into shares of Class A common stock at any time subsequent to the Stand-still Period through maturity. The number of shares issuable upon conversion is equal to the amount of principal to be converted (as specified by Yorkville) divided by the Conversion Price (as defined in the Standby Equity Purchase Agreement disclosure in <i>Note 14 – Equity</i>). Yorkville will not have the right to convert any portion of the principal to the extent that after giving effect to such conversion, Yorkville would beneficially own in excess of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentRate_pid_dp_c20231214__20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementEquityComponentsAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zaqWNEqFpU22" title="Conversion rate percentage of common stock outstanding">9.99</span>% of the total number of shares of Class A Common Stock outstanding after giving effect to such conversion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, the Company, at its option, shall have the right, but not the obligation, to redeem early a portion or all amounts outstanding under the Promissory Notes at a redemption amount equal to the outstanding principal balance being repaid or redeemed, plus a <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90F_ecustom--PercentageOfPrepaymentPremium_iI_pid_dp_c20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementEquityComponentsAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zaitJgj3Um9d" title="Prepayment premium">10</span>% prepayment premium, plus all accrued and unpaid interest; provided that (i) the Company provides Yorkville with no less than ten trading days’ prior written notice thereof and (ii) on the date such notice is issued, the VWAP of the Class A Common Stock is less than the Fixed Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence of certain triggering events, as defined in the Yorkville Promissory Notes agreement (each an “Amortization Event”), the Company may be required to make monthly repayments of amounts outstanding under the Yorkville Promissory Notes, with each monthly repayment to be in an amount equal to the sum of (x) $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_eus-gaap--RepaymentsOfConvertibleDebt_pn5n6_c20231214__20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementEquityComponentsAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_z1mOC0Czy6Y4" title="Repayment of convertible debt">1</span> million, plus (y) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_ecustom--PercentageOfRepaymentOfConvertibleDebtAmount_iI_pid_dp_c20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementEquityComponentsAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zXxgigdekgL5" title="Percentage of repayment of convertible debt, amount">10</span>% in respect of such amount, and (z) all outstanding accrued and unpaid interest as of each payment date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During January 2024, the Company’s stock price fell below the then in effect Floor Price (as defined in the Standby Equity Purchase Agreement disclosure in <i>Note 14 – Equity</i>) of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90F_ecustom--MaximumFloorPrice_iI_pid_c20240131__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zvv7FDwQgS81" title="Maximum floor price">400.00</span> per share for five trading days during a period of seven consecutive trading days (an Amortization Event under the terms of the December Yorkville Convertible Note agreement), thus triggering amortization payments under the terms of the December Yorkville Convertible Note. On January 24, 2024, Yorkville agreed to waive the Amortization Event trigger, prior to the date upon which any amortization payment would have been required. As discussed in the definitions below, the Floor Price was reset on February 14, 2024, in conjunction with the effective date of the Company’s Registration Statement, at a price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_ecustom--FloorPrice_iI_pid_c20240214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zv9WY8MiUXx" title="Floor price">58.80</span> per share of Class A Common Stock, thus curing the Amortization Event condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_901_eus-gaap--DebtInstrumentIssuedPrincipal_pn5n6_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--DebtInstrumentAxis__custom--DecemberYorkvilleConvertibleNoteMember_zRQeezETeHvb">2.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of the full outstanding principal under the December Yorkville Convertible Note, respectively, was converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_eus-gaap--ConversionOfStockSharesConverted1_pid_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zxtNL7q7Xfi1">1,377</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common stock of the Company. During the year ended December 31, 2024, the full principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zVBYu1bPHstk">1.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million under the February Yorkville Promissory Note was converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90F_eus-gaap--ConversionOfStockSharesConverted1_pid_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--FebruaryYorkvillePromissoryNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zeDOVyYPnC6g">145</span> Class A Common stock of the Company. During the year ended December 31, 2024, the full outstanding principal amount of $</span><span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20241231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--MarchYorkvillePromissoryNotesMember_znzbN61kZY9d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">750</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">under the March Yorkville Promissory Note was converted into </span><span id="xdx_90A_eus-gaap--ConversionOfStockSharesConverted1_pid_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--MarchYorkvillePromissoryNotesMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1Dd38xZvTZ" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">750</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 30, 2025 (the “Issuance Date”), in connection with and pursuant to the terms of the SEPA (refer to <i>Note 14 – Equity</i> for further details), Yorkville agreed to advance to the Company, in exchange for a Convertible Promissory Note (the “January 2025 Yorkville Note”), a total principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250130__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zIGtZyR3CdM4" title="Aggregate principal amount">3.5</span> million. The Company received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20250130__20250130__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zUMpK4ODPdqb" title="Cash proceeds from issuance of convertible notes">3,140</span> after an original issue discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_902_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20250130__20250130__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_z2gdS4cmOd82" title="Debt discount upon issuance">350</span>, and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90A_eus-gaap--DeferredFinanceCostsNet_iI_pn3n3_c20250130__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zY4aw2IbCg3f" title="Debt issuance costs">10</span> in debt issuance costs paid to Yorkville.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2025 Yorkville Note had a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_z80C7FtPLYw3" title="Debt instrument, maturity date">July 31, 2025</span>, but may be extended at the option of the Company. Beginning on the 30^th day from the Issuance Date, and continuing on the same day of each successive calendar month thereafter, (each, an “Installment Date”), the Company shall repay a portion of the outstanding balance of the January 2025 Yorkville Note in an amount equal to the sum of (i) $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90F_eus-gaap--RepaymentsOfConvertibleDebt_pn5n6_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_z2ni2TdRfWMk" title="Repayment of convertible debt">1.0</span> million of principal (or the outstanding Principal if less than such amount), plus (ii) a payment premium (in an amount equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_ecustom--ConvertiblePromissoryNotePaymentPremiumPercentage_pid_dp_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zXUu49ddh7Yh" title="Convertible promissory note, payment premium percentage">4</span>% of the Principal amount being paid (the “Payment Premium”), and (iii) accrued and unpaid interest as of each Installment Date (collectively, the “Installment Amount”). The Company maintains the right to pay each Installment Amount in cash or via an Advance Notice pursuant to the SEPA or any combination thereof. The January 2025 Yorkville Note bears an interest rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__srt--RangeAxis__srt--MinimumMember_z4JBKRhCO95k" title="Debt instrument, interest rate, stated percentage">0</span>% for the first 90 days following the Issuance Date, and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__srt--RangeAxis__srt--MaximumMember_zIsE9AVdtUH7" title="Debt instrument, interest rate, stated percentage">6</span>% thereafter (the “Interest Rate”). The Interest Rate shall increase to an annual rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zwK6reoa7tri" title="Debt instrument, interest rate, stated percentage">18</span>% upon the occurrence of an Event of Default (as defined by the January 2025 Yorkville Note). The January 2025 Yorkville Note is convertible into shares of the Company’s Class A common stock, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwPzNQtX3gR3" title="Common stock par value">0.0001</span> per share (the “Class A Common Stock”), at a conversion price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zq1TcBWtYAd5" title="Conversion Price">400.00</span> per share (the “Conversion Price”). The Investor may elect to convert part or all of the outstanding balance of the Note at any time or from time to time after the Issuance Date. The Company may prepay the outstanding amount at any time, in whole or in part, subject to a <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_903_ecustom--ConvertiblePromissoryNotePaymentPremiumPercentage_pid_dp_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zRFVzOlcyhrj" title="Payment premium percentage">4</span>% premium, provided that (i) the Company provides the Investor with at least <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90B_ecustom--MinimumRedemptionNoticePeriod_pid_dtD_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--January2025YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_ziDI3pVeYEBh" title="Minimum redemption notice period">10</span> trading days’ prior written notice (each, a “Redemption Notice”) of its desire to prepay the outstanding amount (an “Optional Redemption”), and (ii) on the date the Redemption Notice is issued, the VWAP of the Class A Common Stock is less than the Conversion Price. Pursuant to the January 2025 Yorkville Note, the Company made payments totaling approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_eus-gaap--DebtInstrumentAnnualPrincipalPayment_iI_pn3n3_c20250130__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zGIwGEnvkYkh" title="Debt instrument, principal payment">3,640</span>, of which approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_903_eus-gaap--DebtInstrumentIssuedPrincipal_pn3n3_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zke9M78p4Hsj" title="Aggregate outstanding principal amount">3,500</span> was applied against outstanding principal, and approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_907_eus-gaap--RedemptionPremium_pn3n3_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zFu064Ns6jfd" title="Redemption premium">140</span> was paid to Yorkville as Payment Premiums and expensed as incurred. As of June 30, 2025, the January 2025 Yorkville Note was fully repaid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 16, 2025, the Company entered into a Convertible Promissory Note (the “September 2025 Yorkville Note”) with Yorkville in principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_z9iF006cn635" title="Principal amount">2.0</span> million (the “Original Principal Amount”) to the Company, to be used as an advance under the SEPA. The Company received $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zmf3AyTPx6Me" title="Proceeds from issuance of debt">890</span> from the Investor on that same date (“Advance #1), which reflects <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zZEUX7lbhmrf" title="Debt instrument interest rate">50</span>% of the Original Principal Amount, less <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_ecustom--DebtInstrumentInterestRateOriginalIssuePercentage_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zt4a1gMSUw76" title="Debt instrument, interest rate, original issue percentage">10</span>% discount, and certain fees owed at such time. Upon the effectiveness of the registration statement on Form S-1, originally filed with the SEC on September 12, 2025 (File No. 333-290241) and the delivery of a closing statement, the Company received the remaining <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90C_ecustom--DebtInstrumentPaymentRatePercentage_pid_dp_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zK8fxG4RbaDg" title="Debt instrument payment rate percentage">50</span>% of the Original Principal Amount, or $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_901_eus-gaap--RepaymentsOfLongTermDebt_pn5n6_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zGXSBJxTAhmg" title="Repayments of long-term debt">1.0</span> million, less <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_ecustom--DebtInstrumentInterestRateOriginalIssuePercentage_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_z9My85sTz3Jb" title="Debt instrument, interest rate, original issue percentage">10</span>% discount of the Original Principal Amount, netted from the purchase price due and structured as a purchase discount <span style="background-color: white">(“Advance #2”).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The September 2025 Yorkville Note was issued on September 16, 2025 and the maturity date of the September 2025 Yorkville Note is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zXpcrIhU4kuk" title="Debt instrument, maturity date">March 16, 2026</span>, but may be extended at the option of the Company. Beginning on the 30^th day from the date of issuance</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, and continuing on the same day of each successive calendar month thereafter, (each, an “Installment Date”), the Company shall repay a portion of the outstanding balance of the Note in an amount equal to the sum of (i) $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_eus-gaap--RepaymentsOfConvertibleDebt_pn3n3_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zDECcRYK3jFl" title="Repayments of convertible debt">500</span> of principal (or the outstanding Principal if less than such amount), plus (ii) a payment premium in an amount equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_902_ecustom--ConvertiblePromissoryNotePaymentPremiumPercentage_pid_dp_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zjsdWPjyapJi" title="Convertible promissory note, payment premium percentage">4</span>% of the Principal amount being paid (the “Payment Premium”), and (iii) accrued and unpaid interest hereunder as of each Installment Date (collectively, the “Installment Amount”). The Company maintains the right to pay each Installment Amount in cash or via an Advance Notice pursuant to the SEPA or any combination thereof. The September 2025 Yorkville Note bears an interest annual rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_907_eus-gaap--InvestmentInterestRate_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_z2z9y46xzKv6" title="Investment interest rate">6</span>%, which shall increase to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zcsJ60DiOwSg" title="Debt instrument, interest rate, increase">18</span>% upon the occurrence of an Event of Default, as defined in the September 2025 Yorkville Note. The September 2025 Yorkville Note is convertible into shares of the Company’s Class A common stock, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_z3tY3gMIRDi6" title="Common stock, par value">0.0001</span> per share, at a conversion price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zr8PGvOuVzsh" title="Conversion price">50.00</span> per share (the “Conversion Price”). The Investor may elect to convert part or all of the outstanding balance of the September 2025 Yorkville Note at any time or from time to time after the <span style="background-color: white">date of issuance</span>. The Company maintains the right to redeem all or any part of the September 2025 Yorkville Note, at any time, provided that (i) the Company provides the Investor with at least <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_906_ecustom--MinimumRedemptionNoticePeriod_pid_dtD_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zOcsbVUGDTSl" title="Minimum redemption notice period">10 </span>trading days’ prior written notice (each, a “Redemption Notice”) of its desire to prepay the outstanding amount (an “Optional Redemption”), and (ii) on the date the Redemption Notice is issued, the VWAP of the Class A Common Stock is less than the Conversion Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 6, 2025, the Company issued an Advance Notice to Yorkville pursuant to the SEPA in which the Company requested the purchase of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20251006__20251006__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zDfAvSnFOnfl" title="Common stock shares issued">5,750</span> shares of the Company’s Class A Common Stock at a purchase price of $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251006__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zeq5wpoYdEU3" title="Common stock price per share">61.60</span> for a total purchase price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_906_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pid_c20251006__20251006__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znCjUPYCOCqd" title="Aggregate gross proceeds from offering">354</span> to be applied against the outstanding Yorkville Convertible Notes. Upon settlement on October 8, 2025, the Company issued <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_905_eus-gaap--SharesIssued_iI_pid_c20251008__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyvCW9ZBHdx4" title="Shares issued">5,750</span> shares of Class A Common Stock to Yorkville.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 13, 2025, the Company issued an Advance Notice to Yorkville pursuant to the SEPA in which the Company requested the purchase of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20251013__20251013__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zzN3p2zF8G1a" title="Common stock shares issued">3,250</span> shares of the Company’s Class A Common Stock at a purchase price of $<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251013__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpzVnkoscKK8" title="Common stock price per share">59.00</span> for a total purchase price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pid_c20251013__20251013__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zlSB9MIUgdOd" title="Aggregate gross proceeds from offering">191</span> to be applied against the outstanding Yorkville Convertible Notes. Upon settlement on October 15, 2025, the Company issued<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFR3bykA" id="xdx_90C_eus-gaap--SharesIssued_iI_pid_c20251015__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVy2n0ljuIW7" title="Shares issued"> 3,250</span> shares of Class A Common Stock to Yorkville.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Term and Convertible notes - related party (CP BF)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2021, the Company entered into a loan agreement with CP BF Lending, LLC (“CP BF”) comprised of a Term Note and a Convertible Note. The Term Note bears cash interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_zrUtbKCjJio1" title="Debt instrument, interest rate">14</span>% per annum paid <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_907_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20210101__20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_zNk5dla3SUC8" title="Frequency of periodic interest payment">monthly</span> and accrued interest payable-in-kind (“PIK”) cumulatively at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_901_ecustom--PaidInKindInterestPercentage_iI_dp_uPure_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_zqsMdm9MVWo1" title="Paid In Kind Interest percentage">1.5</span>% per annum. The outstanding principal balance of the Term Note together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on February 19, 2025 (“Loan Maturity Date”). The Convertible Note accrues PIK interest cumulatively at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_900_ecustom--PaidInKindInterestPercentage_iI_dp_uPure_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zLMNDZ6xFlIi" title="Paid in kind interest">15.5</span>% per annum, and is convertible into Class A Common Stock upon Qualified Financing (as defined in the agreement), upon a Change of Control (as defined in the agreement), upon Prepayment, or at Maturity at a conversion price, which was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260331__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zGqL7PwNXtcl" title="Debt instrument conversion price per share">50.00</span> per unit at March 31, 2026. If not sooner converted or prepaid, the Convertible Note principal together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on the Loan Maturity Date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_906_eus-gaap--DebtInstrumentCovenantCompliance_c20260101__20260331__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_z7caqIpfFsfl" title="Debt Instrument, covenant compliance description">For all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 10, 2022 the Loan Agreement was amended, where CP BF waived payment by the Company of four months of cash interest with respect to the Term Note in replacement for a Convertible Note (“First Amendment Convertible Note”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20221010__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--FirstAmendmentConvertibleNoteMember_zGRoRMGAYRNe" title="Aggregate principal amount">321</span>, which is not considered an Additional Loan as defined above. The First Amendment Convertible Note has the same features as the Convertible Note described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective interest rate for the Term Note was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20241231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_zh6vpi6wATT5" title="Effective interest rate percentage">16</span>% and interest expense totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_900_eus-gaap--InterestExpense_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_z9NNx6sS4jx2" title="Interest expense">851</span> for the year ended December 31, 2024, comprised of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_907_eus-gaap--InterestExpenseDebt_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_zjEn2GnJrfEh" title="Interest expense debt">773</span> of contractual interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90D_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_pn3n3_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember_z65s7J5K9Rtl" title="Debt related commitement fees and debt issuance costs">79</span> of amortization of the discount. <span style="background-color: white">The effective interest rate for the CP BF Convertible Note and First Amendment Convertible Note was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zNb8cBjN9XA9" title="Effective interest rate percentage">16</span>% for the year ended December 31, 2024. For the year ended December 31, 2024, interest expense on the Convertible Notes totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_900_eus-gaap--InterestExpense_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zTqTuUaBCqS9" title="Interest expense">350</span> comprised of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_903_eus-gaap--InterestExpenseDebt_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zTnDc8cNONFf" title="Interest expense debt">326</span> of contractual interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_901_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_pn3n3_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember_zRJ74frVSX27" title="Debt related commitement fees and debt issuance costs">25</span> for the amortization of the discount.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible notes - related party (CP BF restructuring)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_904_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--TypeOfArrangementAxis__custom--SideLetterToTheLoanAgreementMember_znPgvfUsoryh" title="Debt instrument, convertible terms">On September 5, 2024, the Company entered into a side letter to the loan agreement with CP BF whereby the Company agreed to consolidate the Term Note, CP BF Convertible Note and First Amendment Convertible Note (combined the “Old CP BF Notes”) into a single convertible note (the “2024 CP BF Convertible Note”)</span>. In accordance with FASB ASC 470, <i>Debt</i>, the Company treated the Old CP BF Notes as extinguished and recognized a loss on debt extinguishment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90B_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn5n6_c20240905__20240905__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zv4hVBeyIALj" title="Loss on extinguishment of debt">6.5</span> million, determined by the sum of the fair value of the 2024 CP BF Convertible Note, plus the fair value of the additional equity consideration given as part of the side letter and share purchase agreement, as discussed below, in excess of the carrying value of the Old CP BF Notes. After consideration of the below transactions CP BF was determined to be a related party as they owned approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90E_ecustom--PercentageOfCommonStockOwnedByRelatedParty_iI_pid_dp_uPure_c20241231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z59KQzh384Og" title="Percentage of owned, related party">16</span>% of the outstanding Class A Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In conjunction with the side letter, the Company agreed to issue to CP BF, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240905__20240905__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zAb2lCK6Pcth" title="Share issued">350</span> shares of the Company’s Class A Common Stock. On September 23, 2024 the transaction was finalized and the Company issued the 2024 CP BF Convertible Note with a principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20240923__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zfwKv5AxcFE6" title="Aggregate principal amount">10.8</span> million. The outstanding principal balance of the 2024 CP BF Convertible Note together with accrued interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20240923__20240923__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zRlidQpSspA1" title="Debt instrument, maturity date">February 19, 2027</span> (“2024 Loan Maturity Date”). The 2024 CP BF Convertible Note accrues interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240923__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zTvQNLbwJ9O" title="Debt instrument, interest rate">15.5</span>% which interest shall be paid in kind monthly and is convertible at the holder’s option at any time on or following the effectiveness of the first resale registration statement covering the applicable conversion shares at a fixed conversion price per share of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240923__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_z4CjIN7c2NF" title="Debt instrument conversion price per share">778.00</span>. Upon the occurrence, and during the continuance, of an Event of Default (as defined in the agreement), interest on the 2024 CP BF Convertible Note will bear PIK interest at a per annum rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90F_ecustom--DebtInstrumentInterestRateIncreaseDecreaseOnDefault_pid_dp_c20240923__20240923__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zvSyQwLenfb9" title="Debt instrument, increase in interest rate of an event of default">20</span>% (“2024 Default Rate.”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may voluntarily prepay the principal of the 2024 CP BF Convertible Note, in accordance with their terms, in whole or in part at any time. On the date of any such prepayment, the Company will owe to Lender: (i) all accrued interest with respect to the principal amount so prepaid through the date the prepayment is made and (ii) the Exit Fee with respect to the principal amount so prepaid, calculated as <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_908_ecustom--DebtInstrumentExitFeePercentage_pid_dp_c20240923__20240923__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zDU640JfRjy8" title="Exit fee, percentage">1.0</span>% of the outstanding principal balance of the loans, with only the portion of the principal balance so converted counted for purposes of determining the applicable Exit Fee; and provided further, that, in the event of a partial prepayment of the loans, the Exit Fee shall be calculated on the principal amount so repaid and not on the entire outstanding principal balance thereof, and (iii) all other Obligations, if any, that shall have become due and payable hereunder with respect to the principal amount so prepaid. The 2024 CP BF Convertible Note obtain features that relate to the mandatory prepayment, either partially or in whole, upon certain contingent events.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2024 CP BF Convertible Note has an embedded redemption put feature upon a Prepayment and Default Interest triggering events. For further discussion of this derivative see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2024, CP BF exercised its optional conversion option in which it received<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20241001__20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_z5kBO7My9Nj6" title="Share issued"> 278</span> Class A Common Stock at the fixed conversion price per share of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zxJrjLsAJHlj" title="Common stock price per share">778.00</span> in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_907_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20241001__20241031__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zrTaMFmDkgjd" title="Shares issued upon conversion of option, value">216</span> of the Company’s obligations under the 2024 CP BF Convertible Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 23, 2024, the Company entered into a Securities Purchase Agreement (the “CP BF SPA”), a Registration Rights Agreement (the “CP BF RRA”), a Lock-Up Agreement (the “CP BF Lock Up”) and issued CP BF a Common Stock Purchase Warrant (the “CP BF Warrant”) and a Pre-Funded Warrant (the “CP BF Pre-Funded Warrant,” together with the CP BF SPA, CP BF RRA, CP BF Lock Up and CP BF Warrant, the “CP BF Transaction Documents”). Pursuant to the CP BF SPA, CP BF agreed to convert $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn5n6_c20240923__us-gaap--TypeOfArrangementAxis__custom--CPBFSecuritiesPurchaseAgreementMember_zNG9eJbBx5Qh">2.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million in debt into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240923__20240923__us-gaap--TypeOfArrangementAxis__custom--CPBFSecuritiesPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zBEZvPdRZQih">1,305 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock, CP BF Warrants to purchase up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_906_ecustom--WarrantsIssued_pid_c20240923__20240923__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_zMolXxz9Okmd">2,828</span> shares of Class A Common Stock and CP BF Pre-Funded Warrants to purchase up to </span><span id="xdx_90B_ecustom--WarrantsIssued_pid_c20240923__20240923__us-gaap--StatementClassOfStockAxis__custom--PreFundedWarrantMember__srt--RangeAxis__srt--MaximumMember_z9F7aY765Hbh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,524</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock (all such securities and shares collectively referred to as the “CP BF Registrable Securities”). The CP BF Warrant can be exercised at an initial exercise price of $</span><span id="xdx_902_ecustom--ClassOfWarrantOrRightInitialExercisePrice_iI_pid_c20240923__us-gaap--TypeOfArrangementAxis__custom--CPBFSecuritiesPurchaseAgreementMember_zW6jOX954Vdg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">778.00</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, subject to adjustment for a term of five years. The CP BF Pre-Funded Warrant will be exercisable at any time after the date of issuance at an exercise price of $</span><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240923__us-gaap--TypeOfArrangementAxis__custom--CPBFSecuritiesPurchaseAgreementMember_zAENFPjghLSf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0001</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Neither warrant may be exercised if the holder, together with its affiliates, would beneficially own more than </span><span id="xdx_90A_ecustom--ClassOfWarrantOrRightExercisePercentageOfShareOutstanding_pid_dp_c20240923__20240923__us-gaap--TypeOfArrangementAxis__custom--CPBFSecuritiesPurchaseAgreementMember_zEzVC3JLsK7e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.99</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. Both warrants may be exercised via cash or cashless exercise. Pursuant to the CP BF RRA, the Company agreed to file a registration statement to register the CP BF Registrable Securities and for the registration statement to become effective on or before December 9, 2024. Under the CP BF Lock-Up, the Company’s CEO, Joseph Davy, agreed not to sell an aggregate of </span><span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_pid_dp_c20240923__us-gaap--TypeOfArrangementAxis__custom--CPBFSecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zDfDXtl83uS6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,556</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B Common Stock that he owns until such time as CP BF no longer owns any of the CP BF Registrable Securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 24, 2024, the Company entered into a securities purchase agreement with an institutional investor for the issuance and sale in a private placement with gross proceeds to the Company of approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20240924__20240924__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zSmkZi4XKvD3" title="Proceeds from issuance of private placement">4.6</span> million. One of the contingent redemption features in the 2024 CP BF Convertible Note relates to the Company prepaying, either partially or in whole, the obligations upon the sale of the Company’s capital stock equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_904_ecustom--PercentageOfCapitalStockIssued_iI_pid_dp_c20240924__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zFZs83SclTw3" title="Percentage of capital stock issued">20</span>% of the cash proceeds in excess of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_900_eus-gaap--ProceedsFromIssuanceOfDebt_pn5n6_c20240924__20240924__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zoXcNMDN9IT4" title="Cash proceeds from issuance of convertible notes">3.0</span> million. For the year ended December 31, 2025, the Company paid a total of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20251231__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zlMLrLiJGCt6" title="Aggregate principal amount">2,840</span> which satisfied outstanding principal under the 2024 CP BF Convertible Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective interest rate for the 2024 CP BF Convertible Note was approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20260331__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zHo0Wm610ntc" title="Effective interest rate percentage">15.4</span>% as of March 31, 2026. For the three months ended March 31, 2026 and 2025, interest expense on the 2024 CP BF Convertible Note totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_901_eus-gaap--InterestExpense_c20260101__20260331__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_z76199Y0mZ9i" title="Interest expense">194</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFRocmVlKQA_" id="xdx_908_eus-gaap--InterestExpense_c20250101__20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwoThousandTwentyFourCPBFConvertibleNoteMember_zsjxrJ241dc" title="Interest expense">335</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ConvertibleDebtTableTextBlock_zhPvXAAhEAX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 2024 CP BF Convertible Note as of March 31, 2026 and December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zuTIU84DOrlb" style="display: none">Summary of Convertible Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260331_zBeTwa4yYQNb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zbebqIx7kt57" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zbY0ARkfvES4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Face value of the CP BF convertible notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,759</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,759</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--UnamortizedDebtPremiumOnConvertibleNotesPayable_iI_ztabdA4POwn2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Debt premium, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1741">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1742">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConvertibleNotesPayable_iTI_znPrD8zZgo8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Carrying value of the CP BF convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,759</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,759</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--InterestPayableOnConvertibleDebt_iI_zNTE4VG4nMA4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,752</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,558</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaymentsMadeOnConvertibleNotes_iI_zOxvLAvvxa0g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments made</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,012</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,012</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ConversionsOnConvertibleNotes_iI_zDe9UuLiS5Rc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(382</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(382</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ConvertibleDebtIncludingAccruedInterest_iTI_zIKABzsHSDFg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total CP BF convertible notes and accrued interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,117</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,923</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zvUknVdtSW65" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CP BF Letter Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 14, 2025, the Company and CP BF executed a letter agreement dated October 10, 2025, pursuant to which they amended certain terms of the Loan Agreement and Note (as amended on October 15, 2025, the “CP BF Letter Agreement”). <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_907_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zIgZrGG9z1Hf" title="Debt instrument, convertible terms">The CP BF Letter Agreement amended the Conversion Price, as defined, to ninety-five percent (95%) of the price of the Class A Common Stock on the trading day immediately preceding delivery of any Conversion Notice, subject to a floor price of $5<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_906_ecustom--FloorPrice_iI_pid_c20251014__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_z7PrE2C3XV7j" title="Floor price">0.00</span>. The CP BF Letter Agreement</span> included an amendment that CP BF shall take commercially reasonable actions to partially convert the balance outstanding under the Note as of the CP BF Letter Agreement date (the “Balance”) into shares of the Company’s Class A Common Stock at the new conversion price. The CP BF Letter Agreement limits the amount of shares that CP BF can sell or convert to five percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_909_ecustom--PercentageOfAggregateDailyTradingVolumeLimitToSellOrConvertAmountOfShares_pid_dp_c20251014__20251014__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zP80iQn3T5dh" title="Percentage of aggregate daily trading volume limit to sell or convert amount of shares">5</span>%) of the aggregate daily trading volume however the Company has the right waive or increase such limitation at its discretion. The CP BF Letter Agreement also stipulates that between the time that the Company pays down at least $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember__srt--RangeAxis__srt--MinimumMember_zPDvNGsO9Psb" title="Monthly installments">2.0</span> million against the Balance until the earlier of (a) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_90D_ecustom--MinimumRedemptionNoticePeriod_pid_dtD_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zBXeoqjDtKE4" title="Minimum redemption notice period">60</span> days following the date of the CP BF Letter Agreement and (b) receipt of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_903_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_z95DmyCuqjY9" title="Gross proceeds from issuance of shares">10.0</span> million in gross proceeds from the sale of Company securities, the Company will no longer be required to prepay a certain percentage of other proceeds received from securities offerings to CP BF, as stipulated in the Loan Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the CP BF Letter Agreement, the parties agreed to use an agreed-upon portion of other debt to partially prepay the balance outstanding under the Note as of the CP BF Letter Agreement date (the “Balance”). The Company also agreed to reserve that number of shares of Class A Common Stock equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_90F_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_c20251014__20251014__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zfPqiGVGHwKa" title="Percentage of conversion price">120</span>% of the number of shares of Class A Common Stock issuable upon full conversion of the Balance at the new conversion price and to register <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_905_ecustom--PercentageOfConvertedSharesRegisterInRegulatoryAuthority_pid_dp_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zVbaLqYulHhl" title="Percentage of converted shares register in regulatory authority">100</span>% of all such shares with the SEC within <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_904_ecustom--MinimumRedemptionNoticePeriod_pid_dtD_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zplBxUD6IBF2" title="Minimum redemption notice period">60</span> days of the CP BF Letter Agreement. As per the CP BF Letter Agreement, subject to the receipt by CP BF of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_z4pCnbMoXY46" title="Monthly installments">2.0</span> million and the filing of the registration statement, CP BF also agreed to waive certain events of default that may have occurred or be occurring as of the date of the CP BF Letter Agreement; CP BF also agreed that until December 31, 2025, it shall not exercise any right or remedy associated with any failure on the part of the Company to comply with certain financial covenants set forth in the Loan Agreement, as they relate to the period ending September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s failure to comply with the Letter Agreement shall constitute an Event of Default under the Loan Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2025 CP BF Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between October 17, 2025 and December 31, 2025, CP BF exercised its optional conversion option multiple times and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251017__20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVtydVosmFN6" title="Share issued">3,135</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zr0LYhbDhhP5" title="Purchase price per share">54.20</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_zBeI4kpQT3gc" title="Purchase price per share">55.00</span> in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZvdXIpAA__" id="xdx_909_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20251017__20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zLppEXENNdu9" title="Shares issued upon conversion of option, value">165</span> of the Company’s obligations under the 2024 CP BF Convertible Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notes payable, carried at fair value</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Agile Term Notes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 22, 2024, the Company entered into a subordinated business loan and security agreement (the “July Subordinated Business Loan and Security Agreement”) with Agile Lending, LLC (“Agile”) and Agile Capital Funding, LLC as the collateral agent (“Agile Funding”) and issued a subordinated secured promissory note (the “July Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zVPcxBrj8ag1" title="Debt instrument face amount">788</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_909_eus-gaap--ProceedsFromShortTermDebt_pn3n3_c20240722__20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_ziezpDsUhv51" title="Proceeds from debt">750</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90E_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zDLs4nkt6YGj" title="Administrative agent fees">38</span> paid to Agile Funding, with a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_pid_dd_c20240722__20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zek0rjFyhKRc" title="Maturity date">February 5, 2025</span>. The July Agile Note bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_z0EuSxQxULB7" title="Debt instrument, interest rate">42</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 13, 2024, the Company entered into a subordinated business loan and security agreement (the “September Subordinated Business Loan and Security Agreement”) with Agile and Agile Funding and issued a subordinated secured promissory note (the “September Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240913__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zNK3oXz4Dlfb" title="Debt instrument face amount">263</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90C_eus-gaap--ProceedsFromShortTermDebt_pn3n3_c20240913__20240913__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zUAoZg48M59f" title="Proceeds from debt">250</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_905_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20240913__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zhGJofeRozC4" title="Administrative agent fees">13</span> paid to Agile Funding, with a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_pid_dd_c20240913__20240913__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zPBdXyuMbeF2" title="Maturity date">March 3, 2025</span>. The September Agile Note bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20240913__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zkzOMNptNTRf" title="Debt instrument, interest rate">48</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 12, 2024, the Company issued a subordinated secured promissory note (the “December Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20241212__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zIK3qs70Z7Pc" title="Debt instrument face amount">2,400</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_904_eus-gaap--ProceedsFromShortTermDebt_pn3n3_c20241212__20241212__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zV99SHN98h2a" title="Proceeds from debt">1,782</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_905_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20241212__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember_zrvcVaWaVed1" title="Administrative agent fees">120</span> paid to Agile Funding, and net of payments to Agile of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_900_eus-gaap--EarlyRepaymentOfSubordinatedDebt_pn3n3_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--JulyAgileNoteMember_zkV4R5UI4fj9" title="arly prepayment of remaining outstanding balances">320</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90C_eus-gaap--EarlyRepaymentOfSubordinatedDebt_pn3n3_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--SeptemberAgileNoteMember_z7EjoeuSpVRd" title="arly prepayment of remaining outstanding balances">178</span> in respect to early prepayment of the remaining outstanding balances of the July Agile Note and September Agile Note. The December Agile Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_ztm6kQhcPNgh" title="Maturity date">July 10, 2025</span> and bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20241212__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zzRBor0bapg2" title="Debt instrument, interest rate, stated percentage">44</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the modification on December 12, 2024, the Company evaluated the debt modification guidance, determining that the modification is an extinguishment of the existing July Agile Note and September Agile Note due to the terms of the December Agile Note being substantially different from the terms of the July and September Agile Notes. As a result, the Company recorded a loss on debt extinguishment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_900_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--DecemberAgileNoteMember_z9hyGf4kNnVh" title="Gain on extinguishment of liabilities, net">1,072</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 31, 2025, the Company issued a subordinated secured promissory note (the “March Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250331__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zEWmFY2ZmlBc" title="Debt instrument face amount">4,000</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_908_eus-gaap--ProceedsFromShortTermDebt_pn3n3_c20250331__20250331__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zSP5Aw0PDeuk" title="Proceeds from debt">2,044</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90C_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20250331__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zBcWdCFXNsr9" title="Administrative agent fees">200</span> paid to Agile Funding, and net of payments to Agile of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_906_eus-gaap--RepaymentsOfDebt_pn3n3_c20250331__20250331__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_z9i7Mw6h91Ab" title="Repayments of debt">1,756</span> in respect to early prepayment of the remaining outstanding balances of the December Agile Note. The March Agile Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20250331__20250331__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_z5kbjEQLMIrb" title="Maturity date">November 12, 2025</span> and bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250331__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zl1eUWk19Owj" title="Debt instrument, interest rate, stated percentage">44</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the modification on March 31, 2025, the Company evaluated the debt modification guidance, determining that the modification is an extinguishment of the existing December Agile Note due to the terms of the March Agile Note being substantially different from the terms of the December Agile Notes. As a result, the Company recorded a loss on debt extinguishment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_907_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20250101__20250331__us-gaap--LongtermDebtTypeAxis__custom--MarchAgileNoteMember_zWk2nsJLQ4ie" title="Gain on extinguishment of liabilities, net">1,770</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 12, 2025, the Company issued a subordinated secured promissory note (the “June Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250612__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember_zCvFrTKDcVa5" title="Debt instrument face amount">263</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90A_eus-gaap--ProceedsFromShortTermDebt_pn3n3_c20250612__20250612__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember_zh2oNvVfNXp" title="Proceeds from debt">250</span>, after administrative agent fees $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90F_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20250612__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember_zQTPT9EE2cfc" title="Administrative agent fees">13</span> paid to Agile Funding. The June Agile note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20250612__20250612__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember_zqRHKS1N8dPg" title="Maturity date">December 15, 2025</span> and bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250612__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember_zv1fVRhH3LEh" title="Debt instrument, interest rate, stated percentage">48</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 30, 2026, the Company issued a subordinated secured promissory note (the “March 2026 Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260330__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchTwoThousandTwentySixAgileNoteMember_zcu6rG9LTpg" title="Debt instrument face amount">90</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_903_eus-gaap--ProceedsFromShortTermDebt_pn3n3_c20260330__20260330__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchTwoThousandTwentySixAgileNoteMember_zBVvxZL8unQ9" title="Proceeds from debt">85</span>, after administrative agent fees $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_901_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20260330__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchTwoThousandTwentySixAgileNoteMember_z3zGUIV5sop1" title="Administrative agent fees">5</span> paid to Agile Funding. The March 2026 Agile note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20260330__20260330__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchTwoThousandTwentySixAgileNoteMember_zlGs2ih8ULG4" title="Maturity date">October 27, 2026</span> and bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20260330__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchTwoThousandTwentySixAgileNoteMember_zuu7eFd0tbn3" title="Debt instrument, interest rate, stated percentage">44</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The July Agile Note, the September Agile Note, the December Agile Note, the March Agile Note, June Agile Note, and the March 2026 Agile Note are together referred to as the “Agile Notes.” Interest on the Agile Notes is calculated on a 360 day year based on the actual number of days lapsed, and accrues commencing on and including the effective date pursuant to the respective agreement’s weekly repayment and amortization schedule.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The collateral under the July and September Subordinated Business Loan and Security Agreements consist of all of the Company’s goods, accounts, equipment, inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, general intangibles (including intellectual property), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts and other collateral accounts, all certificates of deposit, fixtures, letters of credit rights, securities, and all other investment property, supporting obligations, and financial assets. Upon any Changes in Business or Management, Ownership (as defined in the agreements) or upon an Event of Default (as defined in the agreements), each of the July Agile Note and or the September Agile Note then-outstanding will become accelerated and the Company shall immediately pay to Agile an amount equal to the sum of (i) all outstanding principal of the term loan plus accrued and unpaid interest thereon accrued through the prepayment date, (ii) a Prepayment Fee (as defined in the agreements), plus (iii) all other obligations that are due and payable, including, without limitation, incremental interest at the Default Rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20260331__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--AgileTermNotesMember_zwsX6PL6EmV6" title="Debt instrument, interest rate, stated percentage">5.0</span>% (as defined in the agreements). Additionally, the Company may voluntarily prepay the July Agile Note and or the September Agile Note, in accordance with their terms, in whole or in part at any time. On the date of such prepayment of any principal amounts, the Company will owe to Agile a Prepayment Fee comprising a make-whole premium payment on account of such principal amount prepaid, which shall be equal to the aggregate and actual amount of interest (at the contract rate of interest) that would be paid through the maturity date of the respective note, as described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Agile Notes include contingent redemption (put) rights which trigger mandatory prepayment and a make-whole premium upon certain events including an event of default, and defaulted contingent interest upon an event of default. For further discussion of this derivative, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the issuance of the March Agile Note, the Company entered into a series of exchange and forbearance arrangements with Agile and Agile Funding, relating to the outstanding balance of the March Agile Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 11, 2025, the remaining principal and accrued and unpaid interest under the March Agile Note was approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_900_eus-gaap--NotesPayableCurrent_iI_pn3n3_c20251211__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zCMDrvcg3cwg" title="Remaining principal and accrued and unpaid interest">1,495</span>. On December 15, 2025, the Company entered into a forbearance agreement with Agile and Agile Funding, pursuant to which Agile agreed to forbear from exercising its rights and remedies under the March Agile Note and related loan documents in connection with existing defaults. In consideration for such forbearance, the outstanding balance of the March Agile Note was increased to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90F_eus-gaap--LongTermNotesPayable_iI_pn3n3_c20251211__us-gaap--TypeOfArrangementAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zgHJzHUy2OH3" title="Outstanding principal balance">2,123</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the modification on December 15, 2025, the Company evaluated the debt modification guidance, determining that the modification is an extinguishment of the March Agile Note due to the terms of the March Agile Note after the modification being substantially different from before the modification as a result of the forbearance agreement. As a result, the Company recorded a loss on debt extinguishment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_907_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_pn3n3_di_c20241215__20241215__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zjisYIwKF3N1" title="Loss on debt extinguishment">633</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 15, 2025, the Company entered into an exchange agreement with Agile (“Agile Exchange Agreement”) pursuant to which the Company issued <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_900_ecustom--SharesIssuedUnderPromissoryNote_pid_c20251215__20251215__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zO7Vj2w5vjr6" title="Aggregate share issued">11,640</span> shares of its Class A common stock in exchange for a reduction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90B_ecustom--AggregateReductionsOfInOutstandingBalanceDebt_pn3n3_c20251215__20251215__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zQXB3PPYlY2h" title="Aggregate reductions of in outstanding balance debt">284</span> in the outstanding balance of the March Agile Note. Following this exchange, the outstanding balance of the March Agile Note was reduced to approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_909_eus-gaap--LongTermNotesPayable_iI_pn3n3_c20251215__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_z4d4oPwcRI26" title="Outstanding principal balance">1,839</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between January 27, 2026 and March 27, 2026, the Company entered into multiple exchange agreements with Agile on substantially similar terms as the Agile Exchange Agreement pursuant to which the Company issued an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_908_ecustom--SharesIssuedUnderPromissoryNote_pid_c20260127__20260327__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zF5C7MiSlsMb" title="Aggregate share issued">29,306</span> shares of its Class A common stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260127__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zOVvIB1kRLtb" title="Debt instrument conversion price per share">21.40</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260327__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zsjhWGlUJkng" title="Debt instrument conversion price per share">23.04</span> in exchange for a reduction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_906_ecustom--AggregateReductionsOfInOutstandingBalanceDebt_pn3n3_c20260127__20260327__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zbTPsnYHhM7h" title="Aggregate reductions of in outstanding balance debt">660</span> in the outstanding balance of the March Agile Note. Following these exchanges, the outstanding balance of the March Agile Note was reduced to approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_90C_eus-gaap--LongTermNotesPayable_iI_pn3n3_c20260327__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zIu5VhBPS2A4" title="Outstanding principal balance">1,179</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expense on the Agile Notes totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_905_eus-gaap--InterestExpense_pn3n3_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--AgileTermNotesMember_zcPvGDtQPoZa" title="Interest expense">0</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEZpdmUpAA__" id="xdx_902_eus-gaap--InterestExpense_pn3n3_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--AgileTermNotesMember_zqRGGvmRZHxc" title="Interest expense">450</span> for the three months ended March 31, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zEyrilDtjmA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following presents the Agile Notes for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zYfPC5DfdbV" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zg4RY8Ku1X8f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Agile Term Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--NotesPayable_iS_pn3n3_zB3hr0D0D1T1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,728</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--IssuanceOfLongTermDebt_pn3n3_zrIHcjHPURei" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Agile term notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--GainsLossesOnDebtIssuance_pn3n3_zq5BiiqEpGTg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ConversionsOfLongTermDebt_pn3n3_zSJFLa2Juarj" style="vertical-align: bottom; background-color: White"> <td>Conversions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(660</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--RepaymentsOfLongTermDebt_iN_pn3n3_di_zkf6byLij342" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Repayments in cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ChangeInFairValueOfLongTermDebt_pn3n3_zX2g5qxHEu0d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NotesPayable_iE_pn3n3_zdr53sxfMnfl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermNotesPayable_iE_pn3n3_zDT8hWRejzT1" style="vertical-align: bottom; background-color: White"> <td>Outstanding principal balance as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,269</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestPayableOnLongTermDebt_iE_pn3n3_z5F94mg2FEZ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accrued interest as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1903">—</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A5_zpVJJMedKjCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>1800 Diagonal Convertible Notes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 16, 2024, the Company entered into a securities purchase agreement and promissory note agreement (the “August Securities Purchase Agreement”) with 1800 Diagonal Lending LLC (“Lender”) and issued a promissory note (the “August 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zgTj8kc2a2cf" title="Aggregate principal amount">184</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_903_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20240816__20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zftx3Nto6r75" title="Proceeds from issuance of secured debt">152</span>, after an original issue discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zZRq9zg4ZeQ3" title="Original issue discount">24</span> and issuance costs of $<span id="xdx_90D_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20240816__20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zVrhUXTJBHBd" title="Debt instrument unamortized debt issuance costs incurred during the period">8</span> for due diligence and legal fees. The August 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20240816__20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zbJnzJyjcv32" title="Debt instrument, maturity date">June 15, 2025</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_znx4HTp3D4Ma" title="Debt instrument, interest rate, stated percentage">12</span>% per annum. The August Securities Purchase Agreement stipulates that the Company and Lender may mutually agree to enter into additional tranches of promissory notes over the 12 month period commencing on August 16, 2024, up to an aggregate total of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember__us-gaap--AwardTypeAxis__custom--AdditionalTrancheMember_zjwyrRw5Bawb" title="Aggregate principal amount">750</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 24, 2024, the Company issued a second promissory note (the “September 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zHzVmWQ6r7ql" title="Principal amount">124,200</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_900_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20240924__20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zIsKgku7baV3" title="Proceeds from debt">100</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zKeyDUEHbJLa" title="Original issue discount">16</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90B_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20240924__20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zmB0xwOGtZH3" title="Debt instrument unamortized debt issuance costs incurred during the period">8</span> for due diligence and legal fees. The September 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20240924__20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zJL6dCl6RFkl" title="Maturity date">July 30, 2025</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zYHhWFk16M56" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 23, 2025, the Company exercised its conversion option under the September 1800 Diagonal Note. On the conversion date, the September 1800 Diagonal Note had a fair value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20250723__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0w8b7KCo0Qd" title="Debt instrument, fair value disclosure">17</span> and converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--ConversionOfStockSharesConverted1_pid_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOQbHgc1mZwe" title="Conversion of stock, shares converted">352</span> shares of the Company’s Class A Common Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zUaiQBGhWNO4" title="Conversion of stock, shares converted">17</span> of the Company’s obligations under the September 1800 Diagonal Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 10, 2024, the Company issued a third promissory note (the “December 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zsuakvp58wil" title="Principal amount">124</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20241210__20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_z7lh1nc3nsw3" title="Proceeds from debt">100</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_908_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zcOyRloGvxh4" title="Original issue discount">16</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20241210__20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zSER40HXJtO5" title="Debt instrument unamortized debt issuance costs incurred during the period">8</span> for due diligence and legal fees. The December 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20241210__20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zVwZm5sMkECe" title="Maturity date">October 15, 2025</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_z6VPSgeLHXGi" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 22, 2025, the Company exercised its conversion option under the December 1800 Diagonal Note. On the conversion date, the December 1800 Diagonal Note had a fair value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20250722__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGsix2sk8zKe" title="Debt instrument, fair value">58</span> and converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_906_eus-gaap--ConversionOfStockSharesConverted1_pid_c20250722__20250722__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNHN3fd4GWad" title="Conversion of stock, shares converted">999</span> shares of the Company’s Class A Common Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_907_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20250722__20250722__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEA52jfaFHH5" title="Shares issued upon conversion of option, value">52</span> of the Company’s obligations under the December 1800 Diagonal Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 7, 2025, the Company issued a fourth promissory note (the “February 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zm27jP4B2En5" title="Principal amount">124</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250207__20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zhLdvvTYS6Tb" title="Proceeds from debt">100</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_909_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zpyIK8AaLcrl" title="Original issue discount">16</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_903_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20250207__20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zNnOxCjkhtZd" title="Debt instrument unamortized debt issuance costs incurred during the period">8</span> for due diligence and legal fees. The February 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20250207__20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zhoo533gq89a" title="Maturity date">December 15, 2025</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zFY8JlOafw9a" title="Interest rate">12</span>% per annum. On August 11, 2025, the Company exercised its conversion option under the February 1800 Diagonal Note. On the conversion date, the February 1800 Diagonal Note had a fair value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90A_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20250811__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z6DrhfYErv5b" title="Debt instrument, fair value">81</span> and converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_eus-gaap--ConversionOfStockSharesConverted1_pid_c20250811__20250811__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJrWaUfjomtf" title="Conversion of stock, shares converted">1,639</span> shares of the Company’s Class A Common Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90B_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20250207__20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpmyMey9aSUl" title="Shares issued upon conversion of option, value">70</span> of the Company’s obligations under the February 1800 Diagonal Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 17, 2025, the Company issued a fifth promissory note (the “April 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zqHkgWPSTeWk" title="Principal amount">230</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250417__20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zJT6ViSLC5d9" title="Proceeds from debt">192</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90A_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zmZfubUge5W8" title="Original issue discount">30</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_903_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20250417__20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zaGfBfS8Pwac" title="Debt instrument unamortized debt issuance costs incurred during the period">8</span> for due diligence and legal fees. The April 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20250417__20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zULdOENYoR81" title="Maturity date">February 15, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zCmLFl0NEi8j" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between October 21, 2025 and October 27, 2025, the Lender exercised its conversion option multiple times under the April 1800 Diagonal Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251021__20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjhKDhNeekg3" title="Share issued">7,015</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zFAZjoAJVGNc" title="Common stock price per share">33.80</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_zhhp24zDXfMh" title="Common stock price per share">41.20</span> in full satisfaction of the Company’s remaining obligations under the April 1800 Diagonal Note totaling $<span id="xdx_905_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20251021__20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zWHiXUjg4Woj" title="Shares issued upon conversion of option, value">265</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 9, 2025, the Company issued a sixth promissory note (the “May 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zA94tua024be" title="Principal amount">163</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_900_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250509__20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zpWpPXjRXisj" title="Proceeds from debt">135</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zU19VNuB4p3f" title="Original issue discount">21</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_902_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20250509__20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zVFQHEOhlFRd" title="Debt instrument unamortized debt issuance costs incurred during the period">7</span> for due diligence and legal fees. The May 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250509__20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zTWEFHmHhDh9" title="Maturity date">February 15, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zPuxaSts6Ws5" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 23, 2025, the Company issued a seventh promissory note (the “July 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_z5xSm54W04si" title="Principal amount">296</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zyq1yJV8vKA" title="Proceeds from debt">250</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_906_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zTSwNpRhBbD3" title="Original issue discount">39</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zge0aXqb0fih" title="Debt instrument unamortized debt issuance costs incurred during the period">7</span> for due diligence and legal fees. The July 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zD9nP2yL0oD" title="Maturity date">May 30, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zYohqEwialFh" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between January 26, 2026 and January 27, 2026, the Lender exercised its conversion option multiple times under the July 1800 Diagonal Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260127__20260127__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQXL0l92wzr4" title="Share issued">20,047</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20260127__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zqbnPxqRW8Uh" title="Common stock price per share">16.50</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20260127__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_zyRUIDHJZx78" title="Common stock price per share">18.00</span> in full satisfaction of the Company’s remaining obligations under the July 1800 Diagonal Note totaling $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_907_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20260127__20260127__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zfDwqxscdgI5" title="Shares issued upon conversion of option, value">331</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 12, 2025, the Company issued an eighth promissory note (the “September 2025 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zqIF4oucdVo7" title="Principal amount">152</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250912__20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_z5kgQKrTTjug" title="Proceeds from debt">125</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zvRhQPQcyG3c" title="Original issue discount">20</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_908_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20250912__20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_z8BZrJhSRAo2" title="Debt instrument unamortized debt issuance costs incurred during the period">7</span> for due diligence and legal fees. The September 2025 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250912__20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zkxI6YKUce9l" title="Maturity date">June 15, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zxyYrXqpl621" title="Interest rate">14</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 19, 2026, the Lender exercised its conversion option under the July 1800 Diagonal Note and received <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260319__20260319__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCJLzfX8bGzl" title="Share issued">3,766</span> shares of Class A Common Stock at a conversion price per share of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20260319__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zxOBKhN0ax1f" title="Common stock price per share">14.745</span> in full satisfaction of the Company’s remaining obligations under the July 1800 Diagonal Note totaling $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--ConversionOfStockAmountIssued1_pn3n3_c20260319__20260319__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zA3OEfG4AqM8" title="Shares issued upon conversion of option, value">54</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 4, 2025, the Company issued a ninth promissory note (the “November 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zbZ9dAHPYnH" title="Principal amount">238</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20251104__20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_z0AvkDoJUcM4" title="Proceeds from debt">200</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zIIzAAHJl5yh" title="Original issue discount">31</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_901_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20251104__20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zDYjLeBhuPGg" title="Debt instrument unamortized debt issuance costs incurred during the period">7</span> for due diligence and legal fees. The November 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20251104__20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zcMXCWyqQ3fa" title="Maturity date">July 30, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zD3ZeFQuh6jh" title="Interest rate">14</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 3, 2025, the Company issued a tenth promissory note (the “December 2025 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20251203__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zGoOMS9GXqh7" title="Principal amount">94</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20251203__20251203__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_za2F5NhMcDSl" title="Proceeds from debt">75</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20251203__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zhh5s1fAAyO3" title="Original issue discount">12</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20251203__20251203__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_z4RhNtXVrwQ3" title="Debt instrument unamortized debt issuance costs incurred during the period">7</span> for due diligence and legal fees. The December 2025 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20251203__20251203__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zhJAnphtZUT5" title="Maturity date">August 30, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20251203__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zPtvih1AKkP2" title="Interest rate">14</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 12, 2026, the Company issued an eleventh promissory note (the “1800 Diagonal Note #11”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember_zUy0CctOYIG4" title="Principal amount">296</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20260112__20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember_z3MGixVlI1Wl" title="Proceeds from debt">250</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90F_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember_zlTOF0EL9wq4" title="Original issue discount">39</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20260112__20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember_zEz4QU3P3w3d" title="Debt instrument unamortized debt issuance costs incurred during the period">7</span> for due diligence and legal fees. The 1800 Diagonal Note #11 has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20260112__20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember_zyt4urSakiba" title="Maturity date">October 15, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember_z9RXT0Q3XTT8" title="Interest rate">14</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 17, 2026, the Company issued a twelfth promissory note (the “1800 Diagonal Note #12”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember_zuaqtbopIHM4" title="Aggregate principal amount">181</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_905_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20260317__20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember_ztfwTqfcyMUh" title="Proceeds from issuance of secured debt">150</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember_zeG3dZV40Oi2" title="Original issue discount">24</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_900_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_pn3n3_c20260317__20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember_z0UE6rMhZZkc" title="Debt instrument unamortized debt issuance costs incurred during the period">7</span> for due diligence and legal fees. The 1800 Diagonal Note #12 has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20260317__20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember_zk0rdTQoQPJ" title="Debt instrument, maturity date">December 15, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember_zjWgpBumquo1" title="Interest rate">14</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The August, September, December, February, April, May, July, September 2025, November, December 2025, Note #11 and Note #12 described above are together referred to as the “1800 Diagonal Notes.” Interest on the 1800 Diagonal Notes accrues commencing on and including the issuance date pursuant to the respective agreement’s repayment and amortization schedule.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon an event of default, as defined in the respective agreements, all or any portion of the 1800 Diagonal Notes that are then outstanding, may become convertible at the option of the Lender into fully paid and non-assessable shares of the Company’s Common Stock up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_908_ecustom--PercentageOfCommonStockSharesConvertible_pid_dp_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_z32H1h9LmfEl" title="Percentage of common stock shares convertible">4.99</span>% of the Company’s outstanding shares of Common Stock. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_900_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zH7vdJdIH6z2" title="Debt instrument, convertible terms">The Notes become convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the Note or Notes being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note or notes being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_90F_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_dc_uTradingday_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zgEMyIOMqOpf" title="Thresold trading days">ten</span> (10) trading day period ending on the latest complete trading day prior to the conversion date.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 1800 Diagonal Notes include optional conversion rights to the holder upon an event of default, contingent redemption (put) rights which trigger mandatory prepayment upon event of default, and defaulted contingent interest upon an event of default. For further discussion of this derivative, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expense on the 1800 Diagonal Notes totaled approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_907_eus-gaap--InterestExpense_pn3n3_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zIr8CBvlI611" title="Interest expense">115</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNpeCkA" id="xdx_907_eus-gaap--InterestExpense_pn3n3_c20250101__20250331__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zXSE7rgSqMQc" title="Interest expense">37</span> for the three months ended March 31, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_z2Lmq9vYU85a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 1800 Diagonal Notes three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zEajLi0VxpAe" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zGHZ6SNodIJf" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1800 Diagonal</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eus-gaap--NotesPayable_iS_z2d50aOovSp1" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at December 31, 2025</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">747</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_ecustom--IssuanceOfLongTermDebt_zJgOis3OZ8Ne" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of convertible notes</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">414</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_ecustom--GainsLossesOnDebtIssuance_zQNR7sj6BFEe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss on debt issuance</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--RepaymentsOfLongTermDebt_iN_di_z2wr7CC3pbba" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayments in cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfLongTermDebt_zpYNFQaINxtg" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in fair value</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_ecustom--ConversionsOfLongTermDebt_zLNBXD4DsBBd" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversions</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(385</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iE_zIg18neOgDy8" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at March 31, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">836</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eus-gaap--LongTermNotesPayable_iE_zOP3Yr8YZmE9" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding principal balance as of March 31, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">703</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_ecustom--InterestPayableOnLongTermDebt_iE_z5nyXG03AWD9" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest as of March 31, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p id="xdx_8A5_zgvXLvEaXu7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3i, LP Private Placement Offering</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 27, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor, 3i, LP (the “Buyer”) for the issuance and sale in a private placement (the “Private Placement Offering”) of senior secured convertible notes of the Company, in the aggregate original principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250627__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_ztv19JpwNEb1" title="Aggregate principal amount">11.0</span> million (the “Private Placement Convertible Notes”) which are convertible into shares of the Company’s Class A Common Stock (the shares of Common Stock issuable pursuant to the terms of the Notes, including, without limitation, upon conversion or otherwise, collectively, the “Conversion Shares”), in accordance with the terms of the Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Offering, the Company has also entered into a letter agreement dated April 30, 2025 (the “Letter Agreement”) with Rodman &amp; Renshaw LLC as the exclusive financial advisor (the “Financial Advisor”) pursuant to which the Company has agreed to issue financial advisor warrants to purchase up to an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_902_ecustom--WarrantsPurchased_iI_pid_c20250430__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zLzBsE32moLe" title="Warrants purchased">21,212</span> shares of Common Stock (the “Financial Advisor Warrants,” together with the Buyer Warrants, the “Private Placement Warrants”). Refer to <i>Note 14 – Equity</i>, for further description of the Warrants issued in the Private Placement Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 30, 2025, the parties conducted the initial closing pursuant to the terms of the Purchase Agreement and the Company issued an initial Note (the “June 3i Note”) and an initial warrant (“June Warrant”) to acquire shares of the Company’s Class A Common Stock. The parties conducted subsequent closings on August 19, 2025, October 8, 2025, and February 13, 2026 and the Company issued additional notes and warrants (the “August 3i Note” and the “August Warrant,” the “October 3i Note” and the “October Warrant,” and the “February 3i Note” and “February Warrant,” respectively). The following table presents the maturity date, the original principal amount, the net proceeds received by the Company after original issue discount and issuance fees and costs, the initial conversion price per share, and the initial conversion floor price per share at the date of closing for each Note, and the number of warrants and the initial exercise price per share for each Buyer Warrant associated with the Private Placement Offering:</span></p> <p id="xdx_893_ecustom--ScheduleOfPrivatePlacementOfferings_zjkB8iMp7Vb5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_znfeGcr9lBib" style="display: none">Schedule of Private Placement Offerings</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Private Placement Notes</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Private Placement Warrants</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Closing Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Note Issued by <br/> the Company</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Maturity Date of the Note</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Original Principal Amount of the Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Proceeds Received by the Company</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Initial Conversion Price per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Initial Conversion Floor Price per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Issued by the Company</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Buyer Warrants Issued by the Company</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Initial Buyer Warrant Exercise Price per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%">June 30, 2025</td><td style="width: 2%"> </td> <td style="width: 10%">June 3i Note</td><td style="width: 2%"> </td> <td style="width: 10%"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zcXraO10WMq1" title="Maturity Date of the Note">June 30, 2026</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_z0fNf131v5Yd" title="Original Principal Amount of the Note">2,200</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zgeuzuwC2SJg" title="Net Proceeds Received">1,725</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zl9G12fxpsDb" title="Debt instrument conversion price per share">50.00</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_90E_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zQnlk2KqSsGf" title="Initial Conversion Floor Price per Share">2.20</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 10%">June Warrant</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 4%; text-align: right"><span id="xdx_90B_ecustom--WarrantsIssued_pid_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_zfvypBrYTWS7" title="Warrants issued">3,357</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_z1ExQqrRDBvi" title="Warrants exercise price">50.00</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>August 19, 2025</td><td> </td> <td>August 3i Note</td><td> </td> <td><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zCBMUkAiqXs6" title="Maturity Date of the Note">September 19, 2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zmcmsEg3xoai" title="Original Principal Amount of the Note">2,200</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zqDWwchK4fX7" title="Net Proceeds Received">1,762</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zHdJe4v4Q8C5" title="Debt instrument conversion price per share">50.00</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zgoRSJh2J3Mb" title="Initial Conversion Floor Price per Share">22.00</span></td><td style="text-align: left"> </td><td> </td> <td>August Warrant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--WarrantsIssued_pid_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_zfSsU7GLQnHl" title="Warrants issued">6,306</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_zVMZar7cgHGl" title="Warrants exercise price">50.00</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>October 8, 2025</td><td> </td> <td>October 3i Note</td><td> </td> <td><span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zOFbNZZJNXrh" title="Maturity Date of the Note">October 8, 2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zbCs03j45QN" title="Original Principal Amount of the Note">2,500</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zGo0WIvWEEG6" title="Net Proceeds Received">2,011</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zSwLHYWKZW4c" title="Debt instrument conversion price per share">50.00</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zDOl7dDDGdhg" title="Initial Conversion Floor Price per Share">12.40</span></td><td style="text-align: left"> </td><td> </td> <td>October Warrant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--WarrantsIssued_pid_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zCHjPttYi0b1">10,000</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zQ7v3wcSvEw" title="Warrants exercise price">50.00</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">February 13, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">February 3i Note</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20260213__20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_zBBzbJOT8jgd" title="Maturity Date of the Note">February 13, 2027</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_zwU9NkFaqAng" title="Original Principal Amount of the Note">2,333</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20260213__20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_zTi6HkVW4N74" title="Net Proceeds Received">1,879</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_z9VfzqdT7EBk" title="Debt instrument conversion price per share">22.20</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_z7pHaamlzt0i" title="Initial Conversion Floor Price per Share">5.080</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">February Warrant</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_ecustom--WarrantsIssued_pid_c20260213__20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--FebruaryWarrantMember_z6hUQNzeNwyh" title="Warrants issued">21,021</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--FebruaryWarrantMember_z457z8DMwx89" title="Warrants exercise price">22.20</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260331__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_zvwYIMFAoyU9" title="Original Principal Amount of the Note">9,233</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_z1LGRGPBbzbj" title="Net Proceeds Received">7,377</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_907_ecustom--WarrantsIssued_pid_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember_zjpYyteZnesa" title="Warrants issued">50,684</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zO0jEWcYRnK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Notes were issued with an original issue discount of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_900_ecustom--DebtInstrumentInterestRateOriginalIssuePercentage_iI_pid_dp_uPure_c20251008__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zruH9k902517" title="Debt instrument, interest rate, original issue percentage">10.0</span>% and accrue interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251008__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zFM7NMKTb3A9" title="Debt instrument, interest rate, stated percentage">10.0</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net proceeds received by the Company are after the original issue discount and issuance fees and costs, financial advisory fees and estimated offering expenses. The Private Placement Notes mature twelve (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_900_ecustom--DebtInstrumentMaturityFromDateOfIssuance_dtM_c20251008__20251008__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zLnsmJaPso31" title="Debt instrument, maturity from date of issuance">12</span>) months from the respective date of issuance, unless extended pursuant to the terms thereof. The Notes are convertible (in whole or in part) at any time prior to the Maturity Date into the number of shares of Common Stock equal to quotient of the Conversion Amount divided by (y) the Conversion Price (the “Conversion Rate”). At no time may the Buyer hold more than <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_901_ecustom--MinimumPercentageOfOutstandingCommonStockBuyerHold_iI_pid_dp_uPure_c20251008__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zPNDZ1RaDIRl" title="Minimum percentage of outstanding common Stock, buyer hold">4.99</span>% (or up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_906_ecustom--MaximumPercentageOfOutstandingCommonStockBuyerHold_iI_pid_dp_uPure_c20251008__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z0fR4cThJYTg" title="Maximum percentage of outstanding common Stock, buyer hold">9.99</span>% at the election of the Buyers pursuant to the Notes) of the outstanding Common Stock. The Private Placement Notes have a respective conversion price that is subject to a floor price. In certain pricing conditions set by the conversion formula in the agreement, a conversion may result in the Company delivering both shares and cash to the Buyer. The Company intends to use the net proceeds received from the Private Placement Offering for general corporate purposes and working capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2025, as per the terms of the Notes and Warrants, the conversion price and exercise price was adjusted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_90B_ecustom--AdjustedconversionPriceAndExercisePrice_pid_c20250901__20250930_z1Zou10ZKT27" title="Adjusted conversion price and exercise price">2.50</span>. On October 10, 2025, the Company and 3i, LP entered into a consent and waiver agreement (the “Waiver”) on certain terms of the Purchase Agreement (as defined in <i>Note 11 – Debt </i>in the notes to the condensed consolidated financial statements) to waive the downward adjustment prohibition in the Purchase Agreement and to provide 3i with certain Variable Rate Securities, as defined in the Purchase Agreement, solely to the extent it would otherwise be violated by the conversion price of CP BF Letter Agreement, as defined below. As such, the parties waived that the conversion price amendment of the CP BF Letter Agreement, as defined below, shall not trigger or constitute an event of default under the Purchase Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, if an Event of Default (as defined in the Notes) has occurred, the Buyer may elect convert (each, an “Alternate Conversion,” and the date of such Alternate Conversion, each, an “Alternate Conversion Date”) all, or any part of, the Conversion Amount (such portion of the Conversion Amount subject to such Alternate Conversion, the “Alternate Conversion Amount”) into shares of Common Stock at a conversion rate equal to the quotient of (x) the product of (A) the Redemption Premium and (B) the Alternate Conversion Amount, divided by (y) the Alternate Conversion Price (the “Alternate Conversion Rate”). Upon the occurrence of an Event of Default, the Company is required to deliver written notice to the Buyer within one (1) business day (an “Event of Default Notice”). At any time after the earlier of (a) the Buyer’s receipt of an Event of Default Notice, and (b) the Buyer becoming aware of an Event of Default, the Buyer may require the Company to redeem all or any portion of the Notes at a <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_909_ecustom--PercentageOfPremiumBuyerRequireToRedeemEventOfDefault_iI_pid_dp_uPure_c20250627__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_z08hQZAcuVd1" title="Percentage of premium buyer require to redeem at an event of default">15</span>% premium. Beginning the earlier to occur of (x) the Effective Date (as defined in the Registration Rights Agreement) of the initial Registration Statement filed pursuant to the Registration Rights Agreement and (y) August 1, 2025, and thereafter, the first Trading Day of the calendar month immediately following (each an “Installment Date”) until the Maturity Date, the Company shall repay the Buyer approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIFNldmVuKQA_" id="xdx_90B_eus-gaap--RepaymentsOfConvertibleDebt_pn3n3_c20250101__20250930__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zAgNYpMfOJE9" title="Repayment of convertible debt">183</span> towards the principal balance of the Notes and any accrued and unpaid interest in cash or, provided certain conditions are satisfied, shares of Common Stock, at the Company’s option (collectively, the “Installment Amount”). In connection with a “Change of Control,” the Buyer shall have the right to require the Company to redeem part or all of the Notes outstanding in cash, at the highest calculation of the Change of Control Redemption Price, each of which is outlined in their entirety within the Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Convertible Notes include optional conversion rights to the holder upon an event of default, contingent redemption (put) rights which trigger mandatory prepayment upon event of default, and defaulted contingent interest upon an event of default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to these embedded features within the Private Placement Convertible Notes, the Company elected to account for the Private Placement Convertible Notes at fair value at their respective dates of issuance and in subsequent reporting periods, pursuant to ASC 825. The Company will record changes in the fair value of the notes that relate to changes in credit risk to other comprehensive income. The remaining changes in fair value, including the component related to accrued interest, will be recorded through the other (income) expense section of the Company’s unaudited condensed consolidated statements of operations and comprehensive loss statement in a single line item.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3i, LP Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between August 12, 2025 and October 22, 2025, the Buyer exercised its contractual conversion options multiple times under the June 3i Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20250812__20251022__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrPkIJtv0mdk" title="Debt outstanding converted to common stock">30,823</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250812__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkJkAZi2tHCe" title="Debt instrument conversion price per share">38.20</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251022__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyElfXO6ZwHe" title="Debt instrument conversion price per share">51.60</span> in full satisfaction of the Company’s remaining obligations under the June 3i Note totaling $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_907_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251022__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zCt6vGkZGR12" title="Outstanding principal amount">1,420</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between September 10, 2025 and October 14, 2025, the Buyer exercised its contractual conversion option multiple times under the August 3i Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20250910__20251014__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zL0dOS8GHNek" title="Debt outstanding converted to common stock">30,883</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250910__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhysYAf5ces6" title="Debt instrument conversion price per share">38.20</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251014__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zoQlxxJg44Vk" title="Debt instrument conversion price per share">48.40</span> in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_904_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251014__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3INoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zbliyHn7Bxr6" title="Outstanding principal amount">1,412</span> of the Company’s obligations under the August 3i Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between October 16, 2025 and December 11, 2025, the Buyer exercised its contractual conversion option multiple times under the October 3i Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20251016__20251211__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z8KcuMSKmkEh" title="Debt outstanding converted to common stock">66,584</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251016__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAfVHDNkommh" title="Debt instrument conversion price per share">20.60</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251211__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSEvDLgT9u33" title="Debt instrument conversion price per share">50.00</span> in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_903_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20251211__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zWBrQzBs4Bp9" title="Outstanding principal amount">1,677</span> of the Company’s obligations under the October 3i Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between January 7, 2026 and February 10, 2026, the Buyer exercised its contractual conversion option multiple times under the August 3i Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20260107__20260210__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z8LJMU9U6qD1" title="Debt outstanding converted to common stock">36,667</span> shares of Class A Common Stock at a conversion price per share of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_900_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260210__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zsrRdkdH8i9e" title="Debt instrument conversion price per share">22.20</span> in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_907_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20260210__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3INoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zbXZSjHKpoT1" title="Outstanding principal amount">807</span> of the Company’s obligations under the August 3i Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between January 8, 2026 and February 19, 2026, the Buyer exercised its contractual conversion option multiple times under the October 3i Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20260108__20260219__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3Jv73QFPqUl" title="Debt outstanding converted to common stock">60,764</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260108__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z8Au8vQ3Izv5" title="Debt instrument conversion price per share">17.20</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260219__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyE8JAY4P3Kk" title="Debt instrument conversion price per share">20.40</span> in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_900_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20260219__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteDueOctoberOneTwoThousandTwentySixMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zQIbc3zeMYhi" title="Outstanding principal amount">1,073</span> of the Company’s obligations under the October 3i Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between March 2, 2026 and March 25, 2026, the Buyer exercised its contractual conversion option multiple times under the February 3i Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90B_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20260302__20260325__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--February3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQG4pnm01tqk" title="Debt outstanding converted to common stock">46,371</span> shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260302__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--February3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z6Sk3VRPoSM6" title="Debt instrument conversion price per share">16.60</span> to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260325__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--February3INoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2BMTZ0i8exh" title="Debt instrument conversion price per share">19.60</span> in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90C_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20260325__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--February3INoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zSyB5CRwbSYg" title="Outstanding principal amount">856</span> of the Company’s obligations under the October 3i Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expense on the Private Placement Convertible Notes totaled approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIEVpZ2h0KQA_" id="xdx_90C_eus-gaap--InterestExpense_pn3n3_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementNotesMember_ztVbAdK0TKr5" title="Interest expense">182</span> for the three months ended March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zlzNuFkPZus7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Private Placement Convertible Notes as of March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_ztcGKYxCySl9" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zTi3PzBztdvl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3i, LP Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesPayable_iS_zhm0hhm3XTE4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,856</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--IssuanceOfLongTermDebt_zzEFxf3aMeU5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Private Placement Convertible Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,121</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--GainsLossesOnDebtIssuance_zSBS7OeQu5Si" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on debt issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,039</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfLongTermDebt_ziOc6oLE7qF2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(391</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--ConversionsOfLongTermDebt_z7WLF5aQUuh4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,735</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iE_z2cG2Q95Qdvi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,890</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermNotesPayable_iE_zzvZleQTgSIc" style="vertical-align: bottom; background-color: White"> <td>Outstanding principal balance as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,556</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InterestPayableOnLongTermDebt_iE_z3OtxkiiC6vd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accrued interest as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">155</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A5_zXfws3XCALU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Boot Capital</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 3, 2025, the Company issued a promissory note (the “Boot Capital Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zGI1yWdRJNxd" title="Aggregate principal amount">115</span> and received $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_908_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20251203__20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zaovlHr62449" title="Proceeds from issuance of secured debt">100</span> of proceeds, net of an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_905_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zE8cveRVhyV1" title="Original issue discount">15</span>, with a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20251203__20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_z8jm6w0EhLB1" title="Debt instrument, maturity date">August 30, 2026</span>. The stated interest rate on the Boot Capital Note is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zdnSFvJTQy16" title="Interest rate">14</span>% per annum, and interest shall accrue on the Boot Capital Note commencing on and including the issuance date pursuant to the agreement’s repayment and amortization schedule.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon an event of default, as defined in the agreement, all or any portion of the Boot Capital Note that is then outstanding, may become convertible at the option of the Lender into fully paid and non-assessable shares of the Company’s Common Stock up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_90D_ecustom--PercentageOfCommonStockSharesConvertible_pid_dp_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zD6DYwMEQWwe" title="Percentage of common stock shares convertible">4.99</span>% of the Company’s outstanding shares of Common Stock. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_905_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zla6bwdvEai8" title="Debt instrument, convertible terms">The Boot Capital Note becomes convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the note being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE5pbmUpAA__" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_dc_uTradingday_c20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zGdRPggZ8Ahg" title="Thresold trading days">ten</span> (10) trading day period ending on the latest complete trading day prior to the conversion date.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Boot Capital Note include optional conversion rights to the holder upon an event of default, contingent redemption (put) rights which trigger mandatory prepayment upon event of default, and defaulted contingent interest upon an event of default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to these embedded features, the Company elected to account for the Boot Capital Note at fair value pursuant to ASC 825. For further discussion of fair value, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Boot Capital Convertible Note</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_z2MNi3ORDIMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Boot Capital Convertible Note as of March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zvjxp3BOafnj" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zid2ABzSrWRf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Boot Capital</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesPayable_iS_z9LpZuuliwr6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">116</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfLongTermDebt_zJNfVBjsuRN9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iE_z1BGQJB9PREh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermNotesPayable_iE_z88l3YVH1019" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding principal balance as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InterestPayableOnLongTermDebt_iE_z6hWvoDYT7qg" style="vertical-align: bottom; background-color: White"> <td>Accrued interest as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AF_zT1Er3Z3cu7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> 100000000 0.03 2000000.0 P5Y 0 2000000.0 2000000.0 1200000 1000000.0 100000 1200000 10000 950 215 3500000 2000000.0 1800000 200000 1000000.0 4500000 1000000.0 900000 100000 1500000 1250000 250000 2000000.0 Under the Original Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Yorkville Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $200 payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined in the SEPA) for shares of the Company’s Class A Common Stock, par value $0.0001 per share. 200000 0.0001 2024-06-02 750000 75000 750000 60 75000 110000 75000 35000 116000 700000 0 400.00 maturity date for the Outstanding Promissory Notes is extended by 120 days to January 17, 2025 2025-01-17 0 0.18 0.0999 0.10 1000000 0.10 400.00 58.80 2000000.0 1377 1000000.0 145 750000 750 3500000 3140000 350000 10000 2025-07-31 1000000.0 0.04 0 0.06 0.18 0.0001 400.00 0.04 P10D 3640000 3500000 140000 2000000.0 890000 0.50 0.10 0.50 1000000.0 0.10 2026-03-16 500000 0.04 0.06 0.18 0.0001 50.00 P10D 5750 61.60 354 5750 3250 59.00 191 3250 0.14 monthly 0.015 0.155 50.00 For all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets 321000 0.16 851000 773000 79000 0.16 350000 326000 25000 On September 5, 2024, the Company entered into a side letter to the loan agreement with CP BF whereby the Company agreed to consolidate the Term Note, CP BF Convertible Note and First Amendment Convertible Note (combined the “Old CP BF Notes”) into a single convertible note (the “2024 CP BF Convertible Note”) 6500000 0.16 350 10800000 2027-02-19 0.155 778.00 0.20 0.010 278 778.00 216000 2000000.0 1305 2828 1524 778.00 0.0001 0.1999 115.56 4600000 0.20 3000000.0 2840000 0.154 194 335 <p id="xdx_89E_eus-gaap--ConvertibleDebtTableTextBlock_zhPvXAAhEAX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 2024 CP BF Convertible Note as of March 31, 2026 and December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zuTIU84DOrlb" style="display: none">Summary of Convertible Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260331_zBeTwa4yYQNb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zbebqIx7kt57" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zbY0ARkfvES4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Face value of the CP BF convertible notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,759</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,759</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--UnamortizedDebtPremiumOnConvertibleNotesPayable_iI_ztabdA4POwn2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Debt premium, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1741">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1742">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConvertibleNotesPayable_iTI_znPrD8zZgo8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Carrying value of the CP BF convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,759</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,759</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--InterestPayableOnConvertibleDebt_iI_zNTE4VG4nMA4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,752</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,558</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaymentsMadeOnConvertibleNotes_iI_zOxvLAvvxa0g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments made</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,012</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,012</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ConversionsOnConvertibleNotes_iI_zDe9UuLiS5Rc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(382</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(382</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ConvertibleDebtIncludingAccruedInterest_iTI_zIKABzsHSDFg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total CP BF convertible notes and accrued interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,117</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,923</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 8759000 8759000 8759000 8759000 1752000 1558000 -5012000 -5012000 -382000 -382000 5117000 4923000 The CP BF Letter Agreement amended the Conversion Price, as defined, to ninety-five percent (95%) of the price of the Class A Common Stock on the trading day immediately preceding delivery of any Conversion Notice, subject to a floor price of $50.00. The CP BF Letter Agreement 0.00 0.05 2000000.0 P60D 10000000.0 1.20 1 P60D 2000000.0 3135 54.20 55.00 165000 788000 750000 38000 2025-02-05 0.42 263000 250000 13000 2025-03-03 0.48 2400000 1782000 120000 320000 178000 2025-07-10 0.44 1072000 4000000 2044000 200000 1756000 2025-11-12 0.44 1770000 263000 250000 13000 2025-12-15 0.48 90000 85000 5000 2026-10-27 0.44 0.050 1495000 2123000 -633000 11640 284000 1839000 29306 21.40 23.04 660000 1179000 0 450000 <p id="xdx_89E_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zEyrilDtjmA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following presents the Agile Notes for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zYfPC5DfdbV" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zg4RY8Ku1X8f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Agile Term Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--NotesPayable_iS_pn3n3_zB3hr0D0D1T1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,728</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--IssuanceOfLongTermDebt_pn3n3_zrIHcjHPURei" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Agile term notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--GainsLossesOnDebtIssuance_pn3n3_zq5BiiqEpGTg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ConversionsOfLongTermDebt_pn3n3_zSJFLa2Juarj" style="vertical-align: bottom; background-color: White"> <td>Conversions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(660</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--RepaymentsOfLongTermDebt_iN_pn3n3_di_zkf6byLij342" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Repayments in cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ChangeInFairValueOfLongTermDebt_pn3n3_zX2g5qxHEu0d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NotesPayable_iE_pn3n3_zdr53sxfMnfl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermNotesPayable_iE_pn3n3_zDT8hWRejzT1" style="vertical-align: bottom; background-color: White"> <td>Outstanding principal balance as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,269</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestPayableOnLongTermDebt_iE_pn3n3_z5F94mg2FEZ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accrued interest as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1903">—</span></td><td style="text-align: left"> </td></tr> </table> 1728000 90000 30000 -660000 111000 1299000 1269000 184000 152000 24000 8000 2025-06-15 0.12 750000 124200 100000 16000 8000 2025-07-30 0.12 17000 352 17000 124000 100000 16000 8000 2025-10-15 0.12 58000 999 52000 124000 100000 16000 8000 2025-12-15 0.12 81000 1639 70000 230000 192000 30000 8000 2026-02-15 0.12 7015 33.80 41.20 265000 163000 135000 21000 7000 2026-02-15 0.12 296000 250000 39000 7000 2026-05-30 0.12 20047 16.50 18.00 331000 152000 125000 20000 7000 2026-06-15 0.14 3766 14.745 54000 238000 200000 31000 7000 2026-07-30 0.14 94000 75000 12000 7000 2026-08-30 0.14 296000 250000 39000 7000 2026-10-15 0.14 181000 150000 24000 7000 2026-12-15 0.14 0.0499 The Notes become convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the Note or Notes being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note or notes being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. 10 115000 37000 <p id="xdx_89E_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_z2Lmq9vYU85a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 1800 Diagonal Notes three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zEajLi0VxpAe" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zGHZ6SNodIJf" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1800 Diagonal</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eus-gaap--NotesPayable_iS_z2d50aOovSp1" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at December 31, 2025</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">747</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_ecustom--IssuanceOfLongTermDebt_zJgOis3OZ8Ne" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of convertible notes</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">414</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_ecustom--GainsLossesOnDebtIssuance_zQNR7sj6BFEe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss on debt issuance</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--RepaymentsOfLongTermDebt_iN_di_z2wr7CC3pbba" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayments in cash</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfLongTermDebt_zpYNFQaINxtg" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in fair value</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_ecustom--ConversionsOfLongTermDebt_zLNBXD4DsBBd" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversions</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(385</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iE_zIg18neOgDy8" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at March 31, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">836</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eus-gaap--LongTermNotesPayable_iE_zOP3Yr8YZmE9" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding principal balance as of March 31, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">703</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_ecustom--InterestPayableOnLongTermDebt_iE_z5nyXG03AWD9" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest as of March 31, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 747000 414000 19000 54000 95000 -385000 836000 703000 72000 11000000.0 21212 <p id="xdx_893_ecustom--ScheduleOfPrivatePlacementOfferings_zjkB8iMp7Vb5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_znfeGcr9lBib" style="display: none">Schedule of Private Placement Offerings</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Private Placement Notes</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Private Placement Warrants</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Closing Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Note Issued by <br/> the Company</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Maturity Date of the Note</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Original Principal Amount of the Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Proceeds Received by the Company</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Initial Conversion Price per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Initial Conversion Floor Price per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Issued by the Company</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Buyer Warrants Issued by the Company</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Initial Buyer Warrant Exercise Price per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%">June 30, 2025</td><td style="width: 2%"> </td> <td style="width: 10%">June 3i Note</td><td style="width: 2%"> </td> <td style="width: 10%"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zcXraO10WMq1" title="Maturity Date of the Note">June 30, 2026</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_z0fNf131v5Yd" title="Original Principal Amount of the Note">2,200</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zgeuzuwC2SJg" title="Net Proceeds Received">1,725</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zl9G12fxpsDb" title="Debt instrument conversion price per share">50.00</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_90E_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zQnlk2KqSsGf" title="Initial Conversion Floor Price per Share">2.20</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 10%">June Warrant</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 4%; text-align: right"><span id="xdx_90B_ecustom--WarrantsIssued_pid_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_zfvypBrYTWS7" title="Warrants issued">3,357</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_z1ExQqrRDBvi" title="Warrants exercise price">50.00</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>August 19, 2025</td><td> </td> <td>August 3i Note</td><td> </td> <td><span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zCBMUkAiqXs6" title="Maturity Date of the Note">September 19, 2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zmcmsEg3xoai" title="Original Principal Amount of the Note">2,200</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zqDWwchK4fX7" title="Net Proceeds Received">1,762</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zHdJe4v4Q8C5" title="Debt instrument conversion price per share">50.00</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3INoteMember_zgoRSJh2J3Mb" title="Initial Conversion Floor Price per Share">22.00</span></td><td style="text-align: left"> </td><td> </td> <td>August Warrant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--WarrantsIssued_pid_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_zfSsU7GLQnHl" title="Warrants issued">6,306</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_zVMZar7cgHGl" title="Warrants exercise price">50.00</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>October 8, 2025</td><td> </td> <td>October 3i Note</td><td> </td> <td><span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zOFbNZZJNXrh" title="Maturity Date of the Note">October 8, 2026</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zbCs03j45QN" title="Original Principal Amount of the Note">2,500</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zGo0WIvWEEG6" title="Net Proceeds Received">2,011</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zSwLHYWKZW4c" title="Debt instrument conversion price per share">50.00</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3INoteMember_zDOl7dDDGdhg" title="Initial Conversion Floor Price per Share">12.40</span></td><td style="text-align: left"> </td><td> </td> <td>October Warrant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--WarrantsIssued_pid_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zCHjPttYi0b1">10,000</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zQ7v3wcSvEw" title="Warrants exercise price">50.00</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">February 13, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">February 3i Note</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20260213__20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_zBBzbJOT8jgd" title="Maturity Date of the Note">February 13, 2027</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_zwU9NkFaqAng" title="Original Principal Amount of the Note">2,333</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20260213__20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_zTi6HkVW4N74" title="Net Proceeds Received">1,879</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_z9VfzqdT7EBk" title="Debt instrument conversion price per share">22.20</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--February3INoteMember_z7pHaamlzt0i" title="Initial Conversion Floor Price per Share">5.080</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">February Warrant</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_ecustom--WarrantsIssued_pid_c20260213__20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--FebruaryWarrantMember_z6hUQNzeNwyh" title="Warrants issued">21,021</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--FebruaryWarrantMember_z457z8DMwx89" title="Warrants exercise price">22.20</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260331__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_zvwYIMFAoyU9" title="Original Principal Amount of the Note">9,233</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn3n3_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_z1LGRGPBbzbj" title="Net Proceeds Received">7,377</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_907_ecustom--WarrantsIssued_pid_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember_zjpYyteZnesa" title="Warrants issued">50,684</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2026-06-30 2200000 1725000 50.00 2.20 3357 50.00 2026-09-19 2200000 1762000 50.00 22.00 6306 50.00 2026-10-08 2500000 2011000 50.00 12.40 10000 50.00 2027-02-13 2333000 1879000 22.20 5.080 21021 22.20 9233000 7377000 50684 0.100 0.100 P12M 0.0499 0.0999 2.50 0.15 183000 30823 38.20 51.60 1420000 30883 38.20 48.40 1412000 66584 20.60 50.00 1677000 36667 22.20 807000 60764 17.20 20.40 1073000 46371 16.60 19.60 856000 182000 <p id="xdx_896_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zlzNuFkPZus7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Private Placement Convertible Notes as of March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_ztcGKYxCySl9" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zTi3PzBztdvl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3i, LP Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesPayable_iS_zhm0hhm3XTE4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,856</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--IssuanceOfLongTermDebt_zzEFxf3aMeU5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance of Private Placement Convertible Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,121</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--GainsLossesOnDebtIssuance_zSBS7OeQu5Si" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on debt issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,039</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfLongTermDebt_ziOc6oLE7qF2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(391</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--ConversionsOfLongTermDebt_z7WLF5aQUuh4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,735</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iE_z2cG2Q95Qdvi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,890</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermNotesPayable_iE_zzvZleQTgSIc" style="vertical-align: bottom; background-color: White"> <td>Outstanding principal balance as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,556</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InterestPayableOnLongTermDebt_iE_z3OtxkiiC6vd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accrued interest as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">155</td><td style="text-align: left"> </td></tr> </table> 1856000 2121000 1039000 -391000 -2735000 1890000 1556000 155000 115000 100000 15000 2026-08-30 0.14 0.0499 The Boot Capital Note becomes convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the note being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. 10 <p id="xdx_897_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_z2MNi3ORDIMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Boot Capital Convertible Note as of March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zvjxp3BOafnj" style="display: none">Summary of Notes</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260101__20260331__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zid2ABzSrWRf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Boot Capital</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesPayable_iS_z9LpZuuliwr6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">116</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfLongTermDebt_zJNfVBjsuRN9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iE_z1BGQJB9PREh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermNotesPayable_iE_z88l3YVH1019" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding principal balance as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InterestPayableOnLongTermDebt_iE_z6hWvoDYT7qg" style="vertical-align: bottom; background-color: White"> <td>Accrued interest as of March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14</td><td style="text-align: left"> </td></tr> </table> 116000 7000 123000 100000 14000 <p id="xdx_808_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_zdoIUFgXeVAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. <span id="xdx_820_zYgk3A5NhRbd">Warrant Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assumed Public Warrants in the Merger, exercisable into <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zmj6VYaUk79l" title="Warrants outstanding">1,150</span> shares of Common Stock of the Company, and which remained outstanding as of March 31, 2026. <span id="xdx_90B_ecustom--WarrantsExercisePriceDescription_c20260101__20260331_zFbvWSXhA8W1" title="Warrants exercise price, description">The Public Warrants have an exercise price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pp2d_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zSCxgt7WrAe8" title="Warrants exercise price">115,000.00</span> per share, subject to adjustments, and will expire <span id="xdx_90E_ecustom--WarrantExpirationPeriod_dc_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zn7g3Hgq2kJ2" title="Warrant expiration period">five years</span> from the Merger Closing Date (in December 2028). The exercise price and number of shares of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations described below with respect to registration, or a valid exemption from registration is available. <span id="xdx_90C_ecustom--WarrantsExercisable_iI_pid_do_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3FxNHEjNn98" title="Warrants exercisable">No</span> Public Warrant will be exercisable and the Company will not be obligated to issue a share of Class A Common Stock upon exercise of a Public Warrant unless the shares of Class A Common Stock issuable upon such Public Warrant exercise has been registered, qualified, or deemed to be exempt under the securities laws of the state of the registered holder of the Public Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any Public Warrant. The Resale Registration statement went effective on February 14, 2024 (Registration No. 333-276307) and since it was declared effective within the contractual <span id="xdx_90A_ecustom--ContractualTerm_dtD_c20260101__20260331_zeWUzS8TAQnh" title="Contractual term">60</span>-day term upon closing of the Merger, no “cashless basis” exercises were triggered during 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption of Public Warrants When the price per Share of Class A Common Stock Equals or Exceeds $<span id="xdx_909_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__srt--StatementScenarioAxis__custom--RedemptionOfWarrantsWhenPricePerShareOfClassCommonStockEqualsOrExceedsEighteenPointZeroZeroMember_zkXfpVmwrwLh" title="Redemption trigger price">180,000.00</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--WarrantsExercisableDescription_c20260101__20260331_gIFWED-UTF_z9QFIMSdIPz1" title="Warrants become exercisable, description">Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span title="Warrants become exercisable, description"><span id="xdx_C0A_gIFWED-UTF_zEBXWPBUH2ei"> </span></span></span></p> <div id="xdx_C01_gIFWED-UTF_znLOyFpa7gw"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>■</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>■</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $100.00 per Warrant;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>■</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">■</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price per share of Class A Common Stock equals or exceeds $<span id="xdx_904_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__srt--StatementScenarioAxis__custom--RedemptionOfWarrantsWhenPricePerShareOfClassCommonStockEqualsOrExceedsEighteenPointZeroZeroMember_zpCbfcQ5TIKe" title="Redemption trigger price">180,000.00</span> per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under the heading “<i>—Warrants—Public Stockholder Warrants—Anti-dilution Adjustments</i>” in the Resale Registration Statement) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.</span></td></tr></table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_C0B_gIFWED-UTF_zclc5aCwskl3"> </span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not redeem the Public Warrants as described above unless a registration statement under the Securities Act covering the issuance of shares of Class A Common Stock issuable upon exercise of the Public Warrants is then effective and a current prospectus relating to those shares of Class A Common Stock is available throughout the 30-day redemption period. If and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants, each warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date. However, the price per share of Class A Common Stock may fall below the $<span id="xdx_901_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIh0vJ1H4HRi" title="Redemption trigger price">180,000.00</span> redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under the heading “<i>—Warrants—Public Stockholder Warrants—Anti-dilution Adjustments</i>” in the Resale Registration Statement) as well as the $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zzbqykPeOD1h" title="Warrants exercise price">115,000.00</span> per share (for whole shares) Public Warrant exercise price after the redemption notice is issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--FractionalSharesIssuedUponExerciseOfCommonStock_iI_pid_do_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOyk7PYPcZc9" title="Fractional shares issued upon exercise of common stock">No</span> fractional shares of Class A Common Stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, the Company will round down to the nearest whole number of the number of shares of Class A Common Stock to be issued to the holder.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>GEM Financing Arrangement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In association with the GEM Letter, see <i>Note 11 – Debt</i> for further details, at Closing, the GEM Warrant automatically became an obligation of the Company, and on December 15, 2023, the Company issued the GEM Warrant granting GEM the right to purchase <span id="xdx_907_ecustom--WarrantsPurchased_iI_pid_c20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zal4VTr2WQp">83</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares at an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zxELJ3X5JVke">64,900.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. <span id="xdx_904_ecustom--WarrantsExercisePriceDescription_c20260101__20260331__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_ztGxUQ0ZcaDb">GEM may exercise the GEM Warrant at any time and from time to time until December 14, 2026. The terms of the GEM Warrant provide that the exercise price of the GEM Warrant, and the number of shares of Class A Common Stock for which the GEM Warrant may be exercised, are subject to adjustment to account for increases or decreases in the number of outstanding shares of New Banzai Common Stock resulting from stock splits, reverse stock splits, consolidations, combinations and reclassifications. Additionally, the GEM Warrant contains weighted average anti-dilution provisions that provide that if the Company issues shares of Common Stock, or securities convertible into or exercisable or exchange for, shares of Common Stock at a price per share that is less than 90% of the exercise price then in effect or without consideration, then the exercise price of the GEM Warrant upon each such issuance will be adjusted to the price equal to 105% of the consideration per share paid for such Common Stock or other securities. In the event of a Change of Control, if the Surviving Corporation does not have registered class of equity securities and common shares listed on a U.S. national securities exchange, then the Holder is entitled to receive one percent of the total consideration received by the Company’s stockholders and the GEM Warrants will expire upon payment. Upon the closing of the OpenReel Merger, the exercise price of the GEM Warrants were adjusted to the price equal to 105% of the consideration per share paid which resulted in a strike price of $</span></span><span id="xdx_907_ecustom--ClassOfWarrantOrRightStrikePrice_pid_c20231215__20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_ztww0Q3pQff6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">366.00</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the per share market value of one share of Class A Common Stock is greater than the then-current exercise price, then GEM will have the option to exercise the GEM Warrant on a cashless basis and receive a number of shares of Class A Common Stock equal to (x) the number of shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being exercised, the portion of the GEM Warrant being exercised, less (y) the product of the then-current exercise price and the number of shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being exercised, the portion of the GEM Warrant being exercised, divided by the per share market value of one share of Class A Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Warrant may not be exercised if such exercise would result in the beneficial ownership of the holder and its affiliates in excess of <span id="xdx_902_ecustom--ClassOfWarrantsOrRightsThresholdLimitForTheThenIssuedAndOutstandingSharesOfCommonStock_iI_pid_dp_uPure_c20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zZHsIwa9tpn9" title="Class of warrants or rights threshold limit for the then issued and outstanding shares of common stock">9.99</span>% of the then-issued and outstanding shares of Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Private Placement Offering Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In association with the Private Placement Convertible Notes, see <i>Note 11 – Debt</i> for further details, at Closing, the Company issued Private Placement Warrants. Holders of the Private Placement Warrants may exercise the Private Placement Warrants at any time and from time to time until the three years from the date of issuance for the June issuance and five years from the date of issuance for the August issuance. The terms of the Private Placement Warrants provide that the exercise price of the Private Placement Warrants, and the number of shares of Class A Common Stock for which the Private Placement Warrants may be exercised, are subject to adjustment to account for increases or decreases in the number of outstanding shares of Banzai Common Stock resulting from stock splits, reverse stock splits, consolidations, combinations, and reclassifications. Additionally, the Private Placement Warrants contain anti-dilution and change in option price or rate of conversion price (“Variable Price”) provisions that provide that if the Company issues shares of Common Stock, or securities convertible into or exercisable or exchange for, shares of Common Stock after the Private Placement Offering, at a price per share that varies or may vary with the market price of the shares of Common Stock, including by way of one or more reset(s) to a fixed price, then the Holders of Private Placement Warrants have the right, but not the obligation, at their sole discretion, to elect to substitute the Variable Price for the Exercise Price upon exercise of the Private Placement Warrants. For further discussion of the accounting treatment and fair value of the Private Placement Warrants, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1150 115000.00 115000.00 P5Y 0 P60D 180000.00 Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:  ■in whole and not in part;     ■at a price of $100.00 per Warrant;     ■upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and     ■if, and only if, the closing price per share of Class A Common Stock equals or exceeds $180,000.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under the heading “—Warrants—Public Stockholder Warrants—Anti-dilution Adjustments” in the Resale Registration Statement) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.   180000.00 180000.00 115000.00 0 83 64900.00 366.00 0.0999 <p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zonv4J36NZL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. <span id="xdx_82E_zv3ljnBIEmZ3">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leases</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_89B_ecustom--ScheduleOfSupplementalCashFlowInformationRelatedToLeasesTableTextBlock_zng0mHa9LKA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has an operating lease for its office space. Supplemental cash flow information related to leases are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_z7tgW5WIwm8a" style="display: none">Schedule of Supplemental Cash Flow Information Related to Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold">Supplemental cash flow information:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260331_zHToGh9ijYGc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250331_z7YzUuWGcsVg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Supplemental cash flow information:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--NoncashLeaseExpenseInOperatingCashFlow_pn3n3_zqRntKX6b5m4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Non-cash lease expense (operating cash flow)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">6</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--IncreaseDecreaseInLeaseLiabilitiesInOperatingCashFlow_pn3n3_zswbmULaiRx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in lease liabilities (operating cash flow)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8AB_zW32fLRsxdCj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Sidley Austin LLP</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 19, 2024, the Company entered into a Repayment Agreement with Sidley Austin LLP (“Sidley”) for previously provided legal services (the “Sidley Repayment Agreement”). Under the Sidley Repayment Agreement, the Company’s outstanding fees have been lowered from $<span id="xdx_90A_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20240919__srt--RangeAxis__srt--MaximumMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLLPMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zjlULf9thNPa" title="Administrative agent fees">4,816</span> to $<span id="xdx_906_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20240919__srt--RangeAxis__srt--MinimumMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLLPMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_z23SEN3d8dcj" title="Administrative agent fees">1,605</span> (the “Sidley Unpaid Fee”). Under the Sidley Repayment Agreement, the Company agrees to <span id="xdx_90E_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240919__20240919__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLLPMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zU2Ls0ZtNotg" title="Periodic installments payment">12 monthly payments</span> that Sidley applies to the balance of the Sidley <span id="xdx_909_ecustom--UnpaidFeeDescription_c20240919__20240919__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLLPMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zEGTjohdBVeh" title="Unpaid fee description">Unpaid Fee on a 2 for 1 basis, such that for every one dollar ($1.00) paid by Company, Sidley shall reduce the Sidley Unpaid Fee Amount by an additional two dollars ($2.00).</span> If payments are not made in accordance with the Sidley Repayment Agreement, the shortfall shall accrue interest at a rate of <span id="xdx_909_ecustom--ShortfallAccruedInterestRate_pid_dp_uPure_c20240919__20240919__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLLPMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zI6NLGrlBjK3" title="Shortfall accrued interest rate">12</span>% per annum, compounded daily, until such payment is made. As such, in accordance with ASC 470-60, no gain on settlement will be recorded until all payments have been made as required and the potential obligation to pay the amounts written off are eliminated. The Company made all required payments as of March 31, 2025 and accordingly recognized a gain on settlement of approximately $<span id="xdx_90E_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn5n6_c20250101__20250331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLLPMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdateFourSeventySixtyMember_zbPxeIq7IBO6" title="Gain (loss) on extinguishment of liability">3.2</span> million, recognized within gain on extinguishment of liabilities on the <span style="background-color: white">unaudited condensed consolidated statements of operations for the three months ended March 31, 2025.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Donnelley Financial LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 13, 2024, the Company entered into a Repayment Agreement with Donnelley Financial LLC (“Donnelley”) for previously provided services (the “Donnelley Repayment Agreement”). Under the Donnelley Repayment Agreement, the Company’s outstanding fees have been lowered from $<span id="xdx_901_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20240913__srt--RangeAxis__srt--MaximumMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zWWJALJWgEt9" title="Administrative agent fees">1,072</span> to $<span id="xdx_905_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20240913__srt--RangeAxis__srt--MinimumMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zLXQSA7yww87" title="Administrative agent fees">357</span> (the “Donnelley Unpaid Fee”). The Donnelley Unpaid Fee will be paid in <span id="xdx_903_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240913__20240913__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zFfZVMblsCl6" title="Periodic installments payment">12 monthly installments</span>, with the first monthly payment of $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20240913__20240913__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zs5ndoik3mf7" title="Debt instrument, periodic payment">45</span> due on October 1, 2024; the remaining <span id="xdx_904_ecustom--NumberOfInstallmentsRemaining_uInstallment_c20240913__20240913__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zhEQhHqabIE1" title="Number of installments remaining">11</span> payments shall each be in the amount of $<span id="xdx_90E_ecustom--RemainingMonthlyInstallmentAmount_pn3n3_c20240913__20240913__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zZTTaZy2R6Qe" title="Remaining monthly installment amount">28</span>. Under the Donnelly Repayment Agreement, the original outstanding fee balance shall become immediately due and payable upon the occurrence of certain events, including failure to make a payment of the Donnelly Unpaid Fee when due and failure to pay for any additional services. As such, in accordance with ASC 470-60, <span id="xdx_90D_eus-gaap--GainsLossesOnExtinguishmentOfDebt_do_c20240913__20240913__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--AccountingStandardsUpdateFourSeventySixtyMember_zOyFt54e3xH1" title="Gain (loss) on extinguishment of liability">no</span> gain on settlement will be recorded until all payments have been made as required and the potential obligation to pay the amounts written off are eliminated. The remaining unpaid balance of $<span id="xdx_903_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLLCMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__custom--StatementOfFinancialPositionLocationsBalanceAxis__custom--AccruedExpensesAndOtherCurrentLiabilitiesMember_zjKU6wKVJYy" title="Administrative agent fees">85</span> is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Verista Partners, Inc.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 26, 2024, the Company entered into a Repayment Agreement with Verista Partners, Inc. aka Winterberry Group, (“Verista” or “Winterberry”) for previously provided services (the “Verista Repayment Agreement”). Under the Verista Repayment Agreement, the Company’s outstanding fees are $<span id="xdx_902_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zSsl0KpCVI25" title="Administrative agent fees">197</span> (the “Verista Unpaid Fee”). The Company and Verista have agreed that the Verista Unpaid Fee will be repaid with $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20240826__20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zNyshO1hxpu5" title="Aggregate market value of shares issued">67</span> worth of shares of the Company, and $<span id="xdx_904_ecustom--DebtInstrumentFeeRemainingAmount_iI_pn3n3_c20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zirLuKYsFXP4" title="Debt instrument fee remaining amount">130</span> in <span id="xdx_902_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240826__20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zynom5v5gkA2" title="Periodic installments payment">16 equal cash installment</span> payments of $<span id="xdx_90E_ecustom--RemainingMonthlyInstallmentAmount_pn3n3_c20240826__20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_z5xmSP5OCEC4" title="Remaining monthly installment amount">8</span> beginning on October 1, 2024, and on the first day of each month thereafter through January 1, 2026. As of March 31, 2026, the Company had issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zv9jCGcnwJJk" title="Shares issued, shares">3,000</span> shares and made aggregate installment payments of $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zPIDJfErvlp3" title="Debt instrument, periodic payment">78</span> to Verista. The remaining unpaid balance of $<span id="xdx_903_eus-gaap--DebtInstrumentFeeAmount_iI_pn3n3_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--StatementOfFinancialPositionLocationBalanceAxis__us-gaap--AccountsPayableMember_zEZtuxlMINM6" title="Administrative agent fees">46</span> is included in Accounts Payable on the condensed consolidated balance sheets as of March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal Matters</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the regular course of business affairs and operations, the Company is subject to possible loss contingencies arising from third-party litigation and federal, state, and local environmental, labor, health and safety laws and regulations. The Company assesses the probability that they may incur a liability in connection with certain of these lawsuits. The Company’s assessments are made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its subsidiaries. In certain cases that are in the early stages and in light of the uncertainties surrounding them, the Company does not currently possess sufficient information to determine a range of reasonably possible liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p> <p id="xdx_89B_ecustom--ScheduleOfSupplementalCashFlowInformationRelatedToLeasesTableTextBlock_zng0mHa9LKA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has an operating lease for its office space. Supplemental cash flow information related to leases are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_z7tgW5WIwm8a" style="display: none">Schedule of Supplemental Cash Flow Information Related to Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold">Supplemental cash flow information:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260331_zHToGh9ijYGc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250331_z7YzUuWGcsVg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Supplemental cash flow information:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--NoncashLeaseExpenseInOperatingCashFlow_pn3n3_zqRntKX6b5m4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Non-cash lease expense (operating cash flow)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">6</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--IncreaseDecreaseInLeaseLiabilitiesInOperatingCashFlow_pn3n3_zswbmULaiRx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in lease liabilities (operating cash flow)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5</td><td style="text-align: left">)</td></tr> </table> 7000 6000 -7000 -5000 4816000 1605000 12 monthly payments Unpaid Fee on a 2 for 1 basis, such that for every one dollar ($1.00) paid by Company, Sidley shall reduce the Sidley Unpaid Fee Amount by an additional two dollars ($2.00). 0.12 3200000 1072000 357000 12 monthly installments 45000 11 28000 0 85000 197000 67000 130000 16 equal cash installment 8000 3000 78000 46000 <p id="xdx_80B_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z9QfbT6OJjl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>14. <span id="xdx_82C_zzCCEVGhM7M7">Equity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company’s capital stock consists of Class A Common Stock, Class B Common Stock, Preferred Stock and Series FE Preferred Stock. All classes of stock have a par value of $<span id="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z58rcUvMWGOb" title="Preferred stock, par value">0.0001</span> per share. The table below sets forth information about the Company’s equity, as of March 31, 2026:</span></p> <p id="xdx_899_eus-gaap--ScheduleOfStockByClassTextBlock_z5TP8iy6bLfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zCZMv0eKPmqa" style="display: none">Schedule of Equity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Preferred Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zeTeAIUlIBx7" style="width: 12%; text-align: right" title="Preferred Stock, Authorized">75,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zEFEbyApGZA4" style="width: 12%; text-align: right" title="Preferred Stock, Issued"><span style="-sec-ix-hidden: xdx2ixbrl2395">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_ztV4THL2L8j" style="width: 12%; text-align: right" title="Preferred Stock, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl2397">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series FE Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zEcOmNQA5ho8" style="text-align: right" title="Preferred Stock, Authorized">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_z6vTwjEMBbaj" style="text-align: right" title="Preferred Stock, Issued"><span style="-sec-ix-hidden: xdx2ixbrl2401">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zsBWZSZpwkw7" style="text-align: right" title="Preferred Stock, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl2403">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Class A Common Stock</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTwbvkBkFUFl" style="text-align: right" title="Common Stock, Authorized">250,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CommonStockSharesIssued_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zevmpa1EMadl" style="text-align: right" title="Common Stock, Issued">855,799</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztGOmby78xR6" style="text-align: right" title="Common Stock, Outstanding">855,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Class B Common Stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1lwbEta3bJc" style="border-bottom: Black 1pt solid; text-align: right" title="Common Stock, Authorized">25,000,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesIssued_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zWSaiUAjslQc" style="border-bottom: Black 1pt solid; text-align: right" title="Common Stock, Issued">11,556</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zvGyIy218Fi2" style="border-bottom: Black 1pt solid; text-align: right" title="Common Stock, Outstanding">11,556</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_ecustom--SharesAuthorized_iI_pid_c20260331_zSYNhm43UDca" style="border-bottom: Black 2.5pt double; text-align: right" title="Authorized">350,000,001</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--SharesIssued_iI_pid_c20260331_zDGzhAZAYpf7" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued">867,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--SharesOutstanding_iI_pid_c20260331_z2728zOqvkC5" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding">867,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_z0fh5UXvZ0Oh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Class A and B Common Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span id="xdx_90D_eus-gaap--CommonStockVotingRights_c20260101__20260331_zVKSTvKxO7v" title="Common stock voting rights">The Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each matter properly submitted to the stockholders entitled to vote thereon</span>. The holders of shares of Common Stock shall be entitled to receive dividends declared by the Board of Directors (“Board”), on a pro rata basis based on the number of shares of Common Stock held by each such holder, assuming conversion of all Class B Common Stock into Class A Common Stock at a one to one </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conversion ratio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Preferred Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Board has the authority to issue preferred stock and to determine the rights, privileges, preferences, restrictions, and voting rights of those shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Series FE Preferred Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with and as a condition to closing under the Merger Agreement during 2024, on the Closing Date, the Company issued one (<span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zdcScSEpXT73" title="Preferred stock, shares issued">1</span>) share of series FE preferred stock (the “Series FE Preferred Stock”), to one of the OpenReel Stockholders, FE IV OR Aggregator, LLC. The Series FE Preferred Stock has a <span id="xdx_905_eus-gaap--PreferredStockContractTerms_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zToaI2AsIMwc" title="Preferred stock term">two (2) year</span> term and from the issue date to the second anniversary of the issue date, the holder is granted the right upon a subsequent financing resulting in the issuance of new securities by the Company, to participate on a pro-rata basis in such subsequent financing up to the holder’s fully-diluted ownership percentage of the Company. Upon the two-year anniversary of the issue date of the Series FE Preferred Stock, the Series FE Preferred Stock will automatically be canceled and return to the status of authorized but unissued. The Series FE Preferred Stock does not participate in dividends of the Company, is not convertible into any other class of equity securities of the Company, has no voting rights with the Common Stock or other equity securities of the Company, and is not redeemable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yorkville Standby Equity Purchase Agreement (“SEPA”)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 14, 2023, the Company entered into the SEPA with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”) in connection with the Merger. Pursuant to the SEPA, subject to certain conditions, the Company shall have the option, but not the obligation, to sell to Yorkville, and Yorkville shall subscribe for, an aggregate amount of up to $<span id="xdx_900_eus-gaap--AssetAcquisitionConsiderationTransferred_pn6n6_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFlVr2PJhCt5" title="Total consideration payable in shares of class A common stock">100</span> million of the Company’s shares of Class A common stock, par value $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwufVsYmA4Td" title="Common stock par value">0.0001</span> per share, at the Company’s request any time during the commitment period commencing on December 14, 2023 and terminating on the 36-month anniversary of the SEPA (the “SEPA Option”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each advance (each, an “Advance”) the Company requests under the SEPA (notice of such request, an “Advance Notice”) may be for a number of shares of Class A common stock up to the greater of (i) <span id="xdx_90E_eus-gaap--SharesIssued_iI_pid_c20260331__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrY2YHboOWUg" title="Shares, issued">500</span> shares or (ii) such amount as is equal to 100% of the average daily volume traded of the Class A common stock during the five trading days immediately prior to the date the Company requests each Advance; provided, in no event shall the number of shares of Class A common stock issued cause the aggregate shares of Class A common stock held by Yorkville and its affiliates as of any such date to exceed <span id="xdx_90C_ecustom--PercentageOfSharesOutstandingAtTheDateOfAdvanceNotice_pid_dp_uPure_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zf74vQlotidc" title="Percentage of shares outstanding at the date of advance notice">9.99</span>% of the total number of shares of Class A common stock outstanding as of the date of the Advance Notice (less any such shares held by Yorkville and its affiliates as of such date) (the “Exchange Cap”). The shares would be purchased, at the Company’s election, at a purchase price equal to either:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PercentageOfAverageDailyVolumeWeightedAveragePrice_pid_dp_uPure_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRSKIpWy9h2f" title="Percentage of average daily volume weighted average price">95</span>% of the average daily Volume Weighted Average Price (“VWAP”) of the Class A Common Stock on the Nasdaq Stock Market (“Nasdaq”), subject to certain conditions per the SEPA (the “Option 1 Pricing Period; or</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PercentageOfLowestDailyVolumeWeightedAveragePrice_pid_dp_uPure_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4AX5wzXwoue" title="Percentage of lowest daily volume weighted average price">96</span>% of the lowest daily VWAP of the Class A Common Stock during the three trading days commencing on the Advance Notice date, subject to certain conditions per the SEPA (the “Option 2 Pricing Period”).</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any purchase under an Advance would be subject to certain limitations, including that Yorkville shall not purchase or acquire any shares that would result in it and its affiliates beneficially owning more than <span id="xdx_90F_ecustom--PurchaseOfStockPercentageOfVotingPowerOwnershipLimitation_pid_dp_uPure_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhoWz2BL9hTl" title="Percentage of voting power">9.99</span>% of the then outstanding voting power or number of shares of Class A common stock or any shares that, aggregated with shares issued under all other earlier Advances, would exceed <span id="xdx_907_ecustom--PurchaseOfStockPercentageOfOutstandingSharesOwnershipLimitation_pid_dp_uPure_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zaCLrPEhsRah" title="Percentage of outstanding shares">19.99</span>% of all shares of Class A Common Stock and Class B Common Stock of the Company, par value $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zXWwQ9KVcFWi" title="Common stock par value">0.0001</span> per share, outstanding on the date of the SEPA, unless Company shareholder approval was obtained allowing for issuances in excess of such amount.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SEPA Option was determined to be a freestanding financial instrument which did not meet the criteria to be accounted for as a derivative instrument or to be recognized within equity. Pursuant to ASC 815, the Company will therefore recognize the SEPA Option as an asset or liability, measured at fair value at the date of issuance, December 14, 2023, and in subsequent reporting periods, with changes in fair value recognized in earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the execution of the SEPA, the Company agreed to pay a commitment fee of $<span id="xdx_906_ecustom--CommitmentFeePayable_iI_pn3n3_c20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zhh5F7piE7c6" title="Commitment fee payable">500</span> to Yorkville at the earlier of (i) March 14, 2024 or (ii) the termination of the SEPA, which will be payable, at the option of the Company, in cash or shares of Class A Common Stock through an Advance (the “Deferred Fee”). In March 2024 the Company issued <span id="xdx_90D_ecustom--SharesIssuedAsPaymentOfDeferredFee_pid_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5kR4yEmRGn9" title="Shares issued as payment of deferred fee">71</span> shares of Class A Common Stock as payment for the Deferred Fee.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the terms of the SEPA, at any time that there is a balance outstanding under the Yorkville Promissory Notes or Yorkville Note, Yorkville has the right to receive shares to pay down the principal balance, and may select the timing and delivery of such shares (via an “Investor Notice”), in an amount up to the outstanding principal balance on the Yorkville Promissory Notes at a purchase price equal to the lower of (i) $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztiotLchG7A2" title="Common stock price per share">100,000.00</span> per share of Class A common stock (the “Fixed Price”), or (ii) <span id="xdx_909_ecustom--PercentageOfLowestDailyVolumeWeightedAveragePrice_pid_dp_uPure_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zfUUj1d55wY4" title="Percentage of lowest daily volume weighted average price">90</span>% of the lowest daily Volume Weighted Average Price (“VWAP”) of the Class A common stock on Nasdaq during the 10 consecutive Trading Days immediately preceding the Investor Notice date or other date of determination (the “Variable Price”). The Variable Price shall not be lower than $<span id="xdx_900_ecustom--MaximumFloorPrice_iI_pid_c20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zltjRzneOpAl" title="Maximum floor price">20,000.00</span> per share (the “Floor Price”). <span id="xdx_901_ecustom--FloorPriceAdjustment_pid_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zl9Ddi7ZaDZ4" title="Floor price adjustment">The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading days immediately prior to the date of effectiveness of the initial Registration Statement</span>. Notwithstanding the foregoing, the Company may reduce the Floor Price to any amount via written notice to Yorkville, provided that such amount is no more than <span id="xdx_90F_ecustom--MaximumPercentageOfClosingPriceOnTradingDay_pid_dp_uPure_c20231214__20231214__custom--AgreementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zU7J5mIQbxC8" title="Maximum percentage of closing price on trading day">75</span>% of the closing price on the Trading Day immediately prior to the time of such reduction and no greater than $<span id="xdx_90D_eus-gaap--CommonStockConvertibleConversionPriceIncrease_pid_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--AwardTypeAxis__custom--ReverseStockSplitMember_zHOnO7E0Ecok" title="Common stock convertible conversion price increase">20,000.00</span> per share of Class A common stock (the “Conversion Price”). At any time that there is a balance outstanding under the Yorkville Promissory Notes, the Company is not permitted to issue Advance Notices under the SEPA unless an Amortization Event has occurred under the terms of the Yorkville Promissory Notes agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2025, the Company issued Advance Notices to Yorkville pursuant to the SEPA requesting the purchase of shares of the Company’s Class A common stock. The Company elected to issue Advance Notices subject to both the Option 1 Pricing Period (the “Option 1 Advances”) and the Option 2 Pricing Period (the “Option 2 Advances”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended March 31, 2026 the Company requested the purchase of a total of <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260331__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zy8xLMft788j" title="Common stock, shares authorized">15,875</span> shares of the Company’s Class A common stock in connection with the Option 1 Advances, which Yorkville purchased for a total purchase price of approximately $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_z5Awrhz6DYTl" title="Aggregate gross proceeds from offering">336</span>. The Company recognized a loss of approximately $<span id="xdx_90E_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zkX90pcNznt5" title="Gain on extinguishment of liabilities, net">14</span> on the sales during the three months ended March 31, 2026, which represents the difference between the fair value of the shares issued and the proceeds received from the sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended March 31, 2026 the Company requested the purchase of a total of <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260331__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zLxW5elUBozb" title="Common stock, shares authorized">15,875</span> shares of the Company’s Class A common stock in connection the Option 2 Advances. The issuance of the Advance Notices subject to the Option 2 Pricing Period represents the creation of forward share sales contracts, which were determined to meet the definition of a derivative pursuant to ASC 815. As such, upon issuance of the Advance Notices for the Option 2 Advances, the Company recognized derivative liabilities totaling approximately $<span id="xdx_908_eus-gaap--DerivativeInstrumentsInHedgesLiabilitiesAtFairValue_iI_pn3n3_c20260331__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zepcDNle7Nu5" title="Derivative liabilities">14</span> in the aggregate, the fair values of which represented the intrinsic value of the requested number of shares of Class A common stock on the Advance Notice dates. The Company recognized a loss of approximately $<span id="xdx_90C_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zOsoAsHoREg5" title="Gain loss on debt extinguishment">14</span> during the three months ended March 31, 2026 representing the change in fair value of the derivative liabilities during the period from the Advance Notice dates and the settlement dates of the Option 2 Advances. Upon settlement of the Option 2 Advances, the Company sold an aggregate of <span id="xdx_904_ecustom--SharesSold_iI_pid_c20260331__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zFbQ05FCeZDa" title="Shares sold">15,875</span> shares of the Company’s Class A common stock to Yorkville for total proceeds of approximately $<span id="xdx_905_ecustom--GrossProceeds_pn3n3_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zzxDiKzcU3dg" title="Gross proceeds">336</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, during the three months ended March 31, 2026, the Company settled five Advance Notices subject to the Option 2 Pricing Period issued on December 30, 2024, and accordingly sold <span id="xdx_903_ecustom--SharesSold_iI_pid_c20241230__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zYz3lEcIwuU8" title="Shares sold">31,750</span> of the Company’s Class A common stock to Yorkville for proceeds of approximately $<span id="xdx_90A_ecustom--GrossProceeds_pn3n3_c20241230__20241230__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_z9AmG9JHKePg" title="Gross proceeds">701</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued under ATM Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 27, 2025, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &amp; Co., LLC, as sales agent (“Wainwright”), to sell its shares of Class A Common Stock, par value $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250827__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--AgreementAxis__custom--ATMAgreementMember_zczbQNtghnih" title="Common stock par value">0.0001</span> per share, from time to time, in an “at the market offering” program through Wainwright, with certain limitations on the amount of Class A Common Stock that may be offered and sold thereunder. The sales of the Shares made under the ATM Agreement (“the ATM Shares”) will be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Capital Market or on any other existing trading market for the Company’s Class A Common Stock, directly to Wainwright as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or in any other method permitted by law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offers and sales of the ATM shares by the Company will be made through a prospectus supplement, dated August 27, 2025 and an accompanying base prospectus, dated August 8, 2025 (the “ATM Prospectus Supplement”), which ATM Prospectus Supplement forms a part of the Company’s shelf registration statement on Form S-3 (File 333-288908), as amended, initially filed with the SEC on July 23, 2025 (the “Registration Statement”) and declared effective by the SEC on August 8, 2025. The aggregate market value of the shares of Class A Common Stock eligible for sale under the ATM Prospectus Supplement is approximately $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20251205__20261205__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--AgreementAxis__custom--ATMAgreementMember_zv4ftNF6szy4" title="Aggregate market value of shares issued">8.2</span> million as of December 5, 2025, which is based on the limitations of General Instruction I.B.6 of Form S-3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the ATM Agreement, the Company will set the parameters for the sale of the ATM Shares, including the number of ATM Shares to be issued, the time period during which sales are requested to be made, limitation on the number of ATM Shares that may be sold in any one trading day and any minimum price below which sales may not be made. Upon delivery of a placement notice and subject to the terms and conditions of the ATM Agreement, the Manager will use its commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules of Nasdaq, to sell the ATM Shares from time to time based upon the Company’s instructions. The Company has no obligation to sell any the ATM Shares under the ATM Agreement and may at any time suspend solicitation and offers under the ATM Agreement. The Manager is not obligated to purchase any ATM Shares on a principal basis pursuant to the ATM Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATM Agreement provides that the Company will pay the Manager commissions for its services for acting as agent in the sale of the ATM Shares. The Manager will be entitled to compensation at a fixed commission rate equal to up to <span id="xdx_906_ecustom--MaximumCommissionRateAsPercentageOfGrossProceeds_pid_dp_uPure_c20250827__20250827__custom--AgreementAxis__custom--ATMAgreementMember_zaEurcVqJpr7" title="Commission rate percentage">3.0</span>% of the gross proceeds from the sale of the ATM Shares. The Company has agreed to provide the Manager and certain affiliates of the Manager with customary indemnification and contribution rights, including for liabilities under the Securities Act. Pursuant to the ATM Agreement terms, the Company has agreed to reimburse Wainwright for the reasonable fees and expenses of its legal counsel not to exceed $<span id="xdx_90E_eus-gaap--LegalFees_pn3n3_c20251227__20251227__custom--AgreementAxis__custom--ATMAgreementMember__srt--RangeAxis__srt--MaximumMember_zuC2tLnqhZF7" title="Legal fees">100</span> (excluding any periodic due diligence fees) incurred in connection with entering into the transactions contemplated by the ATM Agreement and has agreed to reimburse Wainwright up to a maximum of $<span id="xdx_903_ecustom--WainrightReimbursement_pn3n3_c20251227__20251227__custom--AgreementAxis__custom--ATMAgreementMember__srt--RangeAxis__srt--MaximumMember_zcFpOj8VkU7d" title="Wainright reimbursement">5</span> per Representation Date (as defined in the ATM Agreement) in connection with a new Registration Statement or the filing of the Company’s Annual Report on Form 10-K and approximately $<span id="xdx_909_ecustom--IncidentalExpense_pn3n3_c20251227__20251227__custom--AgreementAxis__custom--ATMAgreementMember_zJ3EF39d9yFf" title="Incidental expense">3</span> in connection with each other Representation Date, plus any incidental expense incurred by the Manager in connection therewith.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATM Agreement contains customary representations and warranties and conditions regarding the placements of the Shares pursuant thereto, obligations to sell Shares under the ATM Agreement are subject to satisfaction of certain conditions, including the effectiveness of the Registration Statement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATM and the ATM Prospectus Supplement will terminate upon the earlier of (i) the sale of the Maximum Amount (as defined in the ATM Agreement) of Shares pursuant to the ATM Agreement, or (b) the termination of the ATM Agreement by us or the Manager as permitted therein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the Company entered into a private placement agreement with certain investors to sell <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--AgreementAxis__custom--ATMAgreementMember_zA0iGwqQZHYa" title="Common stock, shares authorized">1,595</span> shares of Class A common stock at $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJQv4poupjF3" title="Price per share">138.00</span> per share and <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__custom--AgreementAxis__custom--ATMAgreementMember_zaBi4dytiRn6" title="Warrants outstanding">1,618</span> prefunded warrants (the “May 2025 Prefunded Warrants”) at $<span id="xdx_90A_eus-gaap--SharePrice_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__custom--AgreementAxis__custom--ATMAgreementMember_zhRfSFKy4m73" title="Share price per share">68.00</span> per warrant. The May 2025 Prefunded Warrants were immediately exercised, resulting in the issuance of <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__custom--AgreementAxis__custom--ATMAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOtX9WHVmVH3" title="Warrants outstanding">1,618</span> shares of Class A common stock. The Company collected in aggregate $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pid_c20250501__20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__custom--AgreementAxis__custom--ATMAgreementMember_zx7FEDVOySif" title="Proceeds from issuance of private placement">330</span> of gross proceeds from this private placement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended March 31, 2026, the Company issued <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_pid_c20260331__custom--AgreementAxis__custom--ATMAgreementMember_znTQKuDKnpth" title="Common stock, shares issued">107,258</span> shares under the ATM Agreement for net proceeds of approximately $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_pid_c20260101__20260331__custom--AgreementAxis__custom--ATMAgreementMember_zRxp7WGbkFkf" title="Proceeds from common stock">2,636</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued to Hudson</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On January 3, 20</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25, the Company issued <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20250103__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zq5yy346HQzl" title="Common stock, shares issued">750</span> restricted shares of its Common Stock, with a determined fair value of $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20250103__20250103__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zfq9bvcoxUlg" title="Aggregate market value of shares issued">231</span>, partially in exchange for the business advisory services outlined in the consulting agreement with Hudson Global Ventures, LLC, a Nevada limited liability company (“Hudson”). On April 25, 2025, July 1, 2025 and September 3, 2025, the Company issued <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20250425__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zybreKTw4jj1" title="Common stock, shares issued">2,000</span>, <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_pid_c20250701__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zaSiu7cJJah8" title="Common stock, shares issued">1,180</span>, and <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20250903__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zMmwSzEB9Pq7" title="Common stock, shares issued">2,600</span>, respectively, restricted shares of its Class A Common Stock to Hudson, in exchange for certain business advisory services as outlined in a consulting agreement with Hudson, executed on April 1, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued to Verista</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 26, 2024, the Company issued <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_pid_c20240826__us-gaap--TypeOfArrangementAxis__custom--VeristaPartnersIncMember_zCOBbt6124k9" title="Common stock, shares issued">150</span> shares of its Common Stock, with a determined fair value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20240826__20240826__us-gaap--TypeOfArrangementAxis__custom--VeristaPartnersIncMember_zZxDo5r6zp1" title="Grant date fair value of shares issued">50</span>, in partial settlement of amounts owing to Verista. Refer to <i>Note 13 – Commitments and Contingencies</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for RSU</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended March 31, 2026 and 2025, <span id="xdx_90C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zm91RjOHqG9i" title="Shares excercised">38,304</span> and <span id="xdx_904_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_iN_pid_di_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zcZuqrs3HiD8" title="Shares excercised">1,689</span> RSUs vested into shares of Class A Common Stock of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for Vidello Acquisition</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As disclosed above, on January 31, 2025, the Company closed a previously announced merger with Vidello. As part of the consideration paid to the Vidello Shareholders, the Company issued <span id="xdx_903_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEfKUMFX6JCd" title="Number of shares issued">4,491</span> shares of Class A Common Stock, with a determined fair value of $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWNBzvxYI8wa" title="Grant date fair value of shares issued">1,662</span>. Refer to <i>Note 4 – Acquisitions</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for pre-funded warrant exercise</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 7, 2025, the Company issued <span id="xdx_901_eus-gaap--CommonStockSharesIssued_iI_pid_c20250107__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--RelatedAndNonrelatedPartiesAxis__custom--CPBFMember_zLXMmK62Sboj" title="Common stock, shares issued">4</span> shares of Class A Common Stock to CP BF, resulting from the exercise by CP BF of exercise of four (<span id="xdx_903_ecustom--PrefundedWarrantExercised_iI_pid_c20250107__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--RelatedAndNonrelatedPartiesAxis__custom--CPBFMember_zCYHEIHyFQKl" title="Prefunded warrant exercised">4</span>) pre-funded warrants under the CP BF Pre-Funded Warrant. See <i>Note 12 – Warrant Liabilities.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 21, 2025, the Company issued <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_pid_c20250421__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--RelatedAndNonrelatedPartiesAxis__custom--CPBFMember_zWL2kBwtWdMf" title="Common stock, shares issued">5,244</span> shares of Class A Common Stock to Alco, resulting from the exercise by Alco of pre-funded warrants purchased during September 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 26, 2025, the Company issued <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20251126__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--RelatedAndNonrelatedPartiesAxis__custom--CPBFMember_zLdowHEBDGE9" title="Common stock, shares issued">58,832</span> shares of Class A Common Stock to FE IV Aggregator, resulting from the exercise by FE IV Aggregator of Pre-Funded Warrants held by FE Aggregator as part of the OpenReel Merger Consideration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for private placement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the Company entered into a private placement agreement with certain investors to sell <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjxUx8VFp8Xh" title="Common stock, shares authorized">1,594</span> shares of Class A common stock at $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember_zCZTedibDuy6" title="Price per share">138.00</span> per share and <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember_zcmF6LaxoYpk" title="Warrants outstanding">1,618</span> prefunded warrants (the “May 2025 Prefunded Warrants”) at $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember_zdG23cExz768" title="Warrants price per share">68.00</span> per warrant. The May 2025 Prefunded Warrants were immediately exercised, resulting in the issuance of <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20250531__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember_zDHfZXu0Cn09" title="Common stock issued by exercise of warrants">1,618</span> shares of Class A common stock. The Company collected in aggregate $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20250501__20250531__us-gaap--SubsidiarySaleOfStockAxis__custom--SharesIssuedForPrivatePlacementMember_zocYug6VWOI3" title="Proceeds from issuance of private placement">330</span> of gross proceeds from this private placement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0001 <p id="xdx_899_eus-gaap--ScheduleOfStockByClassTextBlock_z5TP8iy6bLfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zCZMv0eKPmqa" style="display: none">Schedule of Equity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Preferred Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zeTeAIUlIBx7" style="width: 12%; text-align: right" title="Preferred Stock, Authorized">75,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zEFEbyApGZA4" style="width: 12%; text-align: right" title="Preferred Stock, Issued"><span style="-sec-ix-hidden: xdx2ixbrl2395">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_ztV4THL2L8j" style="width: 12%; text-align: right" title="Preferred Stock, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl2397">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series FE Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zEcOmNQA5ho8" style="text-align: right" title="Preferred Stock, Authorized">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_z6vTwjEMBbaj" style="text-align: right" title="Preferred Stock, Issued"><span style="-sec-ix-hidden: xdx2ixbrl2401">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zsBWZSZpwkw7" style="text-align: right" title="Preferred Stock, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl2403">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Class A Common Stock</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTwbvkBkFUFl" style="text-align: right" title="Common Stock, Authorized">250,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CommonStockSharesIssued_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zevmpa1EMadl" style="text-align: right" title="Common Stock, Issued">855,799</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztGOmby78xR6" style="text-align: right" title="Common Stock, Outstanding">855,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Class B Common Stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1lwbEta3bJc" style="border-bottom: Black 1pt solid; text-align: right" title="Common Stock, Authorized">25,000,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesIssued_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zWSaiUAjslQc" style="border-bottom: Black 1pt solid; text-align: right" title="Common Stock, Issued">11,556</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zvGyIy218Fi2" style="border-bottom: Black 1pt solid; text-align: right" title="Common Stock, Outstanding">11,556</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_ecustom--SharesAuthorized_iI_pid_c20260331_zSYNhm43UDca" style="border-bottom: Black 2.5pt double; text-align: right" title="Authorized">350,000,001</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--SharesIssued_iI_pid_c20260331_zDGzhAZAYpf7" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued">867,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--SharesOutstanding_iI_pid_c20260331_z2728zOqvkC5" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding">867,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 75000000 1 250000000 855799 855799 25000000 11556 11556 350000001 867355 867355 The Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each matter properly submitted to the stockholders entitled to vote thereon 1 two (2) year 100000000 0.0001 500 0.0999 0.95 0.96 0.0999 0.1999 0.0001 500000 71 100000.00 0.90 20000.00 The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading days immediately prior to the date of effectiveness of the initial Registration Statement 0.75 20000.00 15875 336000 14000 15875 14000 14000 15875 336000 31750 701000 0.0001 8200000 0.030 100000 5000 3000 1595 138.00 1618 68.00 1618 330 107258 2636 750 231 2000 1180 2600 150 50000 -38304 -1689 4491 1662000 4 4 5244 58832 1594 138.00 1618 68.00 1618 330 <p id="xdx_801_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zPKDJBwsxkCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. <span id="xdx_82B_zLn1n8AKepT8">Stock-Based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zXyXojxGWRm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity under the 2021 Equity Incentive Plan (“Plan”) during the three months ended March 31, 2026 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zSpTmWcIN8xf" style="display: none">Summary of Stock Option Activity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331_zI1u6tMDBEAj" style="width: 12%; text-align: right" title="Shares Underlying Options, Beginning balance">628</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260331_zFTIiPADAYK4" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Beginning Balance">6,874.80</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zzvBEaqkYDw7" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.64</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260331_zfTtd1Y3LKi1" style="width: 12%; text-align: right" title="Intrinsic Value Outstanding, Beginning Balance"><span style="-sec-ix-hidden: xdx2ixbrl2563">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_pid_c20260101__20260331_zRbD4Zl94X52" style="text-align: right" title="Shares Underlying Options, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl2565">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331_zftkLft8VN4l" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">1,170.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331_zN2ayCFt9XN1" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Ending balance">628</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260331_zzRn30FMqhT3" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Ending Balance">6,901.20</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331_zIgY0p5YVd7d" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.40</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260331_z6vrsJyrDm5i" style="border-bottom: Black 1pt solid; text-align: right" title="Intrinsic Value Outstanding, Ending Balance"><span style="-sec-ix-hidden: xdx2ixbrl2575">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260331_zuSvADlLeBol" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options, Exercisable">203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260331_zbXsQroxjV0l" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Exercisable">12,959.60</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_zxXabnUE2Thb" title="Weighted Average Remaining Contractual Term (in years), Exercisable">7.90</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260101__20260331_zafaarygqQB" style="border-bottom: Black 2.5pt double; text-align: right" title="Intrinsic Value Outstanding, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl2583">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_z68CTbyvHuMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense related to stock options of $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20260101__20260331__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_zfG7Au9KioU2" title="Stock-based compensation expense">23</span> and $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20250101__20250331__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_z0ZbnqaS5lwb" title="Stock-based compensation expense">22</span>, which is included in general and administrative expense. As of March 31, 2026 and 2025, $<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_c20260331_zC5hjeIMbbF4" title="Unrecognized compensation expense related to unvested options">203</span> and $<span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_c20250331_zHLrIWA8Izc" title="Unrecognized compensation expense related to unvested options">191</span> of unrecognized compensation expense related to non-vested awards is expected to be recognized over the weighted average period of <span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260331_zHD8Mvo9UhHj" title="Period for unrecognized compensation expense related to unvested options yet has not been recognized">8.87</span> and <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20250331_z2ZVlP6k2iP3" title="Period for unrecognized compensation expense related to unvested options yet has not been recognized">9.25</span> years, respectively. The aggregate intrinsic value is calculated as the difference between the fair value of the Company’s stock price and the exercise price of the options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>RSUs</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures the fair value of RSUs using the stock price on the date of grant. Stock-based compensation expense for employee-granted RSUs is generally recorded ratably over their vesting period of (a) <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zkSVoPpKQwg6" title="Vesting period">four years</span>, with <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zeEC3hYLDq61" title="Percentage of vesting">25</span>% of the RSUs vesting on each anniversary, or (b) <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--QuarterlyVestingMember_zAR6fT5oral9" title="Vesting period">one year</span>, with <span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--QuarterlyVestingMember_z576vWAGaxn4" title="Percentage of vesting">25</span>% vesting quarterly, or (c) <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--FirstAnniversaryVestingMember_zIK36YzYVyS" title="Vesting period">one year</span>, with <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--FirstAnniversaryVestingMember_zSS86qwwh0V6" title="Percentage of vesting">100</span>% vesting on the first anniversary of the vesting commencement date until the RSU is fully vested. Stock-based compensation expense for RSUs granted to non-employee directors is recorded ratably over the vesting period which is the earlier of the one (1) year anniversary of the respective grant date, or the next annual meeting of stockholders following the respective grant date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of the RSU activity during the three months ended March 31, 2026 is as follows:</span></p> <p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_z2OEqsn31qSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zMaHblAcX7Ag" style="display: none">Summary of RSU Activity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Units</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zSUXl96GefMb" style="width: 16%; text-align: right" title="Units, Beginning Balance">20,695</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zprggLKQ0kFl" style="width: 16%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning balance Outstanding">149.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z6lFia1G7uFg" style="text-align: right" title="Units, Granted">44,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z47pBnCxRA9k" style="text-align: right" title="Weighted Average Grant Date Fair Value, Granted">21.96</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_za1ugNDly0y6" style="text-align: right" title="Units, Vested">(38,304</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdOPxBt6hzEk" style="text-align: right" title="Weighted Average Grant Date Fair Value, Vested">36.84</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zYUbndLIGwP2" style="border-bottom: Black 1pt solid; text-align: right" title="Units, Forfeited">(240</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zILu2UPwjgh9" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited">206.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjbourwht4Qi" style="border-bottom: Black 2.5pt double; text-align: right" title="Units, Ending Balance">26,708</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOu4Y5Y0vg03" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Grant Date Fair Value, Ending balance Outstanding">71.77</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_z8j69kxahcah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three months ended March 31, 2026 and 2025, the Company recorded total stock-based compensation expense related to RSUs of $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20260101__20260331__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zN6SOyFE4Cw6" title="Stock-based compensation expense">1,065</span> and $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20250101__20250331__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zFFbs0zVbX97" title="Stock-based compensation expense">315</span>, respectively, which is included in general and administrative expense. As of March 31, 2026 and 2025, unrecognized compensation cost related to the grant of RSUs was $<span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z9TcTrm4iBmk" title="Unrecognized compensation cost">1,542</span> and $<span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zHXLYiaTPe51" title="Unrecognized compensation cost">191</span>, respectively. Unvested outstanding RSUs as of March 31, 2026 and 2025 had a weighted average remaining vesting period of <span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXPbIx4dzao1" title="Period for unrecognized compensation expense related to unvested options yet has not been recognized">1.73</span> and <span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zekHLe138Ef5" title="Period for unrecognized compensation expense related to unvested options yet has not been recognized">2.25</span> years, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>CEO Award</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2025, the Board granted an equity award to the Company’s CEO (“CEO Award”) that includes a market condition based on specified market capitalization thresholds ranging from $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_pn5n6_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CEOAwardMember__srt--RangeAxis__srt--MinimumMember_z1hZplhEIiQb" title="Specified market capitalization thresholds">15.0</span> million to $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_pn5n6_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CEOAwardMember__srt--RangeAxis__srt--MaximumMember_zknO48rZRa5c" title="Specified market capitalization thresholds">30.0</span> million, which result in stock grants ranging from $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_pn3n3_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CEOAwardMember__srt--RangeAxis__srt--MinimumMember_znVrGwXrd6I4" title="Stock grants">250</span> to $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_pn3n3_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CEOAwardMember__srt--RangeAxis__srt--MaximumMember_z1GxLSkMaat5" title="Stock grants">750</span>, up to $<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_pn5n6_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CEOAwardMember_zyAsFlhYJxw6" title="Stock grants">2.0</span> million in the aggregate. The CEO Award is equity-classified and the grant-date fair value was estimated using a Monte Carlo simulation model, using historical volatility as a key input. The Company recognized $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20260101__20260331__us-gaap--AwardTypeAxis__custom--CEOAwardMember_zjQcn1bRFDcg" title="Stock-based compensation expense">220</span> of stock-based compensation expense related to this award for the three months ended March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zXyXojxGWRm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity under the 2021 Equity Incentive Plan (“Plan”) during the three months ended March 31, 2026 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zSpTmWcIN8xf" style="display: none">Summary of Stock Option Activity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares Underlying Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331_zI1u6tMDBEAj" style="width: 12%; text-align: right" title="Shares Underlying Options, Beginning balance">628</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260331_zFTIiPADAYK4" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Beginning Balance">6,874.80</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zzvBEaqkYDw7" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.64</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260331_zfTtd1Y3LKi1" style="width: 12%; text-align: right" title="Intrinsic Value Outstanding, Beginning Balance"><span style="-sec-ix-hidden: xdx2ixbrl2563">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_pid_c20260101__20260331_zRbD4Zl94X52" style="text-align: right" title="Shares Underlying Options, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl2565">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331_zftkLft8VN4l" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">1,170.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331_zN2ayCFt9XN1" style="border-bottom: Black 1pt solid; text-align: right" title="Shares Underlying Options, Ending balance">628</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260331_zzRn30FMqhT3" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Ending Balance">6,901.20</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331_zIgY0p5YVd7d" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.40</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260331_z6vrsJyrDm5i" style="border-bottom: Black 1pt solid; text-align: right" title="Intrinsic Value Outstanding, Ending Balance"><span style="-sec-ix-hidden: xdx2ixbrl2575">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260331_zuSvADlLeBol" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares Underlying Options, Exercisable">203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260331_zbXsQroxjV0l" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Exercisable">12,959.60</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_zxXabnUE2Thb" title="Weighted Average Remaining Contractual Term (in years), Exercisable">7.90</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260101__20260331_zafaarygqQB" style="border-bottom: Black 2.5pt double; text-align: right" title="Intrinsic Value Outstanding, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl2583">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 628 6874.80 P8Y7M20D 1170.00 628 6901.20 P8Y4M24D 203 12959.60 P7Y10M24D 23000 22000 203000 191000 P8Y10M13D P9Y3M P4Y 0.25 P1Y 0.25 P1Y 1 <p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_z2OEqsn31qSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_zMaHblAcX7Ag" style="display: none">Summary of RSU Activity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Units</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zSUXl96GefMb" style="width: 16%; text-align: right" title="Units, Beginning Balance">20,695</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zprggLKQ0kFl" style="width: 16%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning balance Outstanding">149.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z6lFia1G7uFg" style="text-align: right" title="Units, Granted">44,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z47pBnCxRA9k" style="text-align: right" title="Weighted Average Grant Date Fair Value, Granted">21.96</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_za1ugNDly0y6" style="text-align: right" title="Units, Vested">(38,304</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdOPxBt6hzEk" style="text-align: right" title="Weighted Average Grant Date Fair Value, Vested">36.84</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zYUbndLIGwP2" style="border-bottom: Black 1pt solid; text-align: right" title="Units, Forfeited">(240</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zILu2UPwjgh9" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited">206.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjbourwht4Qi" style="border-bottom: Black 2.5pt double; text-align: right" title="Units, Ending Balance">26,708</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOu4Y5Y0vg03" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Grant Date Fair Value, Ending balance Outstanding">71.77</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 20695 149.00 44557 21.96 38304 36.84 240 206.00 26708 71.77 1065000 315000 1542000 191000 P1Y8M23D P2Y3M 15000000.0 30000000.0 250000 750000 2000000.0 220000 <p id="xdx_80C_eus-gaap--IncomeTaxDisclosureTextBlock_zVvoa9UkDWBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. <span id="xdx_82A_zuKZ1Mtv9PR">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimates an annual effective tax rate of <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20260101__20261231__srt--StatementGeographicalAxis__country--US__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zHJSe8zI4KXl" title="Effective tax rate, percentage">19</span>% for the year ended December 31, 2026. The effective tax rate for the three months ended March 31, 2026 is <span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20260101__20260331__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zUjAhvmhL2B" title="Effective tax rate, percentage">0.63</span>%. The effective tax rate is due to the Company’s operations in England and Wales derived by the Vidello Merger. The Vidello operations in England and Wales are subject to a statutory corporate tax rate of <span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20260101__20261231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zIMS7aTDDpm1" title="Statutory corporate tax rate">25</span>%. Due to the Company’s history of net losses from historical operations in the U.S., there is no income tax benefit being recorded in relation to the Company’s pre-tax book loss in the U.S. taxing jurisdiction. Therefore, no U.S. federal or state income taxes are expected, and none have been recorded at this time. Income taxes have been accounted for using the liability method in accordance with FASB ASC 740.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets in the U.S. taxing jurisdiction. Accordingly, the deferred tax assets in the US taxing jurisdiction have been reduced by a full valuation allowance, since the Company cannot currently support that realization of its deferred tax assets is more likely than not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At March 31, 2026, the Company had <span id="xdx_908_eus-gaap--UnrecognizedTaxBenefits_iI_pn3n3_do_c20260331_zPBKFhjdsBw8" title="Unrecognized tax benefits">no</span> unrecognized tax benefits that would reduce the Company’s effective tax rate if recognized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.19 0.0063 0.25 0 <p id="xdx_809_eus-gaap--SegmentReportingDisclosureTextBlock_zB5Q2hlUahSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. <span id="xdx_829_zN1HCIboyCQi">Segment Reporting</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has <span id="xdx_907_eus-gaap--NumberOfReportableSegments_dc_uInteger_c20260101__20260331_zOuczH4IhaJ3" title="Number of reportable segments"><span id="xdx_900_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20260101__20260331_zy94VchwfqIe" title="Number of operating segments">three</span></span> reportable operating segments, Banzai Operating Co, Inc., OpenReel, and Vidello. The Company’s segments deliver SaaS tools that leverage data, analytics, and AI to provide marketing and sales solutions, including video production and editing, for businesses of all sizes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our <span id="xdx_901_eus-gaap--SegmentReportingCodmProfitLossMeasureHowUsedDescription_c20260101__20260331_zuJqCGxFpFZg" title="Segment reporting, codm, profit (loss) measure, how used, description">Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”), primarily uses segment revenue, gross profit, and adjusted EBITDA to allocate resources and assess performance. Segment revenue and gross profit are determined on the same basis as consolidated revenue and consolidated gross profit as shown in the Company’s consolidated statements of operations. Segment adjusted EBITDA is defined as revenue less the following expenses associated with each segment: cost of revenue, people, marketing and advertising, technology, and other segment expenses. Segment adjusted EBITDA excludes certain non-cash items or items that management does not consider reflective of ongoing core operations.</span> Currently, the CODM does not review assets in evaluating the results of the operating segments, and therefore, such information is not presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zKkoq1nr4Wwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_z8NBsCDrpUpg" style="display: none">Summary of Information About Reported Segments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Three months ended March 31, 2026</td><td> </td> <td colspan="2" id="xdx_492_20260101__20260331__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zX9PV7uDYgi"> </td><td> </td><td> </td> <td colspan="2" id="xdx_495_20260101__20260331__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zeiFFGAYxpHd"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49F_20260101__20260331__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_ziLfv4JZYFvc"> </td><td> </td><td> </td> <td colspan="2" id="xdx_498_20260101__20260331_zwSXC398KcSf"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vidello</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Consolidated</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zLuvbUldjVnf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,376</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">294</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,696</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CostOfRevenue_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zUBEJIBSKUa8" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">390</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">521</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GrossProfit_iT_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zUVgIcKpahu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">636</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,312</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,175</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingExpensesAbstract_iB_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zyDOVARDil3d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LaborAndRelatedExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zkmCRTI90Gvd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">People</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,944</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,033</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,096</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--MarketingAndAdvertisingExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zsIwsCmi4Gjj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Marketing and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">369</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">533</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CommunicationsAndInformationTechnology_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zGj3I0BCo2wl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Technology</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherExpenses_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z3uNNHmApNQj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F44_z9fkKpnjp4ea">1</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">184</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">224</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingExpenses_i01T_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z3yd4loWMe08" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Total expenses</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,677</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,157</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">249</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,083</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AdjustedEBITDAFromContinuingOperations_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zckcL9o8Gp1e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Segment Adjusted EBITDA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,041</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,908</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--OperatingCostsExpensesAndStockBasedCompensation_zEpcMFAxKlc8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Transaction, PubCo. Expenses and Stock-based compensation</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,567</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2726">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2727">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AdjustedEBITDAFromContinuingOperations_zuZ1JvvOU2k9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Adjusted EBITDA</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,608</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(22</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,475</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0A_ztchHh9G7Tcl" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">¹</span></td><td style="text-align: justify"><span id="xdx_F11_zTL7RF6m2dql" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes provision for credit losses, foreign currency exchange rate changes, travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, insurance expenses, and expenses related to licenses.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the three months ended March 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zIAV4WlNZxYf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zFLF3FvsJ1s2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zTiGpcsMzCPc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b><sup id="xdx_F54_zI34eOCEk8v">1</sup></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20250331_zXqxDQ1kAKw4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Three months ended March 31, 2025</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b>¹</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z6DqliEWd0Jf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,160</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,441</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">778</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CostOfRevenue_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2lLRecqpVik" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cost of revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">377</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">74</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">155</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">606</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GrossProfit_iT_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z44UW4Dagwa6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">783</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,367</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,773</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingExpensesAbstract_iB_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zC7UAVIRCPi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LaborAndRelatedExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zeTBtcjN77Dh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">People</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2758">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,294</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--MarketingAndAdvertisingExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4IfWNASz9Nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Marketing and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">937</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CommunicationsAndInformationTechnology_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zN734CA1RVgh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Technology</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">822</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherExpenses_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zqTtO2TcMMN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F49_zFklrahuxxje">2</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">369</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">73</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">462</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingExpenses_i01T_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zFQokRkhfsVj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,644</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">668</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">203</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,515</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AdjustedEBITDAFromContinuingOperations_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zU2aSGADIlka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Segment Adjusted EBITDA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,861</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,742</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--OperatingCostsExpensesAndStockBasedCompensation_z1q4A6qDEYN7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Transaction, PubCo. Expenses and Stock-based compensation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,616</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">302</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2788">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,918</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AdjustedEBITDAFromContinuingOperations_zlUmpXBU1Q3b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Adjusted EBITDA</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,477</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">397</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,660</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F05_zxGgjq8UITCi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">¹</span></td><td style="text-align: justify"><span id="xdx_F19_zLT25CNCoUYh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello acquisition occurred on January 31, 2025 (refer to <i>Note 4 – Acquisitions</i> and therefore does not represent activity for the full three month period.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0A_z25hjZiQDl41" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">²</span></td><td id="xdx_F10_zogy32ULuUld" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, the SEPA commitment fee expense and deferred fee expense, the GEM warrant expense, and the GEM commitment fee expense.</span></td> </tr></table> <p id="xdx_8AD_zVRbhr2ALCFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zzeJDVmhzqaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation between EBITDA by reportable segment to consolidated net loss before income taxes for the three months ended March 31, 2026, and 2025 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zh1AXia7JsI" style="display: none">Summary of Reconciliation Between EBITDA by Reportable Segment to Consolidated Net Loss Before Income Taxes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20260101__20260331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4ZNHBwuxM41" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zNHnB3ast62e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">EBITDA by segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zNOOKQA9Lpsf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Banzai Operating Co.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,608</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,477</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zAHKPOCgZmka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">OpenReel</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">397</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zl8X3KPHHUB9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Vidello</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">420</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zgG39Eho7sBi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,475</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,660</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestAbstract_iB_zbsN5LnLbuuf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Reconciliation to loss before income taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentIncomeInterest_i01N_di_zkmxBTPZDja7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2816">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InterestExpenseNonoperating_i01_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zXz1ZQoouJTg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2819">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InterestExpenseNonoperating_i01_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zEkHTi1E0S57" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest expense – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">358</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DepreciationDepletionAndAmortization_i01_zdTKPPkLg4y6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i01_zc4F8wXZtDRc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Gain on extinguishment of liabilities, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,573</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--LossOnYorkvilleSepaAdvances_i01_zTiQOmKqXMQa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss on Yorkville SEPA advances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">385</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--GainsLossesOnDebtIssuance_i01_zjA3BnHMYPE9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Loss on debt issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">274</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ChangesInFairValueOfFinancialInstruments_i01_z7S7MP8z1Su7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Changes in fair value of financial instruments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">344</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SegmentReportingOtherItemAmount_i01_z8wI2eIttJli" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">550</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_i01_zASSl8jw6eMh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before income taxes</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8,469</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,570</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A1_zqFeb92AWS6k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Disaggregation of Revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zABQ1LMAEf2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Company’s percentage of revenue generated by SaaS product for the three months ended March 31, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zUjCLkKy3iOd" style="display: none">Summary of Company's Percentage of Revenue Generated by Saas Product</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-style: italic">Revenue %</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260101__20260331_zXydSEUbu67i" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_zXTdDVKZkVRf" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">Revenue %</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td></tr> <tr id="xdx_40E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--ReachMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zDPHVqOBK06d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Reach</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.8</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--DemioMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zg7okIjcaHW9" style="vertical-align: bottom; background-color: White"> <td>Demio</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--OpenReelMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zQaiETpYnm5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OpenReel ¹</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.2</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--VidelloLimitedMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zFUJ6ZrhP476" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vidello ²</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18.6</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2857">—</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zqrkHUPDUAj5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zeRsh3tPWQ1i" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Percentage of Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_8A2_z5ODOc11sMM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For disaggregation of revenue by geographic area, refer to <i>Note 6 – Revenue</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3 3 Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”), primarily uses segment revenue, gross profit, and adjusted EBITDA to allocate resources and assess performance. Segment revenue and gross profit are determined on the same basis as consolidated revenue and consolidated gross profit as shown in the Company’s consolidated statements of operations. Segment adjusted EBITDA is defined as revenue less the following expenses associated with each segment: cost of revenue, people, marketing and advertising, technology, and other segment expenses. Segment adjusted EBITDA excludes certain non-cash items or items that management does not consider reflective of ongoing core operations. <p id="xdx_894_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zKkoq1nr4Wwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the three months ended March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B6_z8NBsCDrpUpg" style="display: none">Summary of Information About Reported Segments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Three months ended March 31, 2026</td><td> </td> <td colspan="2" id="xdx_492_20260101__20260331__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zX9PV7uDYgi"> </td><td> </td><td> </td> <td colspan="2" id="xdx_495_20260101__20260331__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zeiFFGAYxpHd"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49F_20260101__20260331__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_ziLfv4JZYFvc"> </td><td> </td><td> </td> <td colspan="2" id="xdx_498_20260101__20260331_zwSXC398KcSf"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vidello</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Consolidated</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zLuvbUldjVnf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,376</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">294</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,696</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CostOfRevenue_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zUBEJIBSKUa8" style="vertical-align: bottom; background-color: White"> <td>Cost of revenue</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">390</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">521</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GrossProfit_iT_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zUVgIcKpahu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">636</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,312</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,175</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingExpensesAbstract_iB_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zyDOVARDil3d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LaborAndRelatedExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zkmCRTI90Gvd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">People</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,944</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,033</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,096</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--MarketingAndAdvertisingExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zsIwsCmi4Gjj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Marketing and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">369</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">533</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CommunicationsAndInformationTechnology_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zGj3I0BCo2wl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Technology</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherExpenses_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z3uNNHmApNQj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F44_z9fkKpnjp4ea">1</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">184</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">224</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingExpenses_i01T_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z3yd4loWMe08" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Total expenses</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,677</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,157</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">249</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,083</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AdjustedEBITDAFromContinuingOperations_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zckcL9o8Gp1e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Segment Adjusted EBITDA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,041</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,908</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--OperatingCostsExpensesAndStockBasedCompensation_zEpcMFAxKlc8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Transaction, PubCo. Expenses and Stock-based compensation</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,567</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2726">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2727">-</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AdjustedEBITDAFromContinuingOperations_zuZ1JvvOU2k9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Adjusted EBITDA</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,608</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(22</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,475</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0A_ztchHh9G7Tcl" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">¹</span></td><td style="text-align: justify"><span id="xdx_F11_zTL7RF6m2dql" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes provision for credit losses, foreign currency exchange rate changes, travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, insurance expenses, and expenses related to licenses.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BANZAI INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Dollar amounts in thousands unless otherwise stated, except share and per share data)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the three months ended March 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zIAV4WlNZxYf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zFLF3FvsJ1s2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zTiGpcsMzCPc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b><sup id="xdx_F54_zI34eOCEk8v">1</sup></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20250331_zXqxDQ1kAKw4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Three months ended March 31, 2025</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Banzai Operating</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OpenReel</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b>¹</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z6DqliEWd0Jf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,160</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,441</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">778</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CostOfRevenue_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2lLRecqpVik" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cost of revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">377</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">74</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">155</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">606</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GrossProfit_iT_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z44UW4Dagwa6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">783</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,367</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,773</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingExpensesAbstract_iB_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zC7UAVIRCPi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LaborAndRelatedExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zeTBtcjN77Dh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">People</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2758">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,294</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--MarketingAndAdvertisingExpense_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4IfWNASz9Nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Marketing and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">937</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CommunicationsAndInformationTechnology_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zN734CA1RVgh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Technology</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">822</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherExpenses_i01_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zqTtO2TcMMN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F49_zFklrahuxxje">2</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">369</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">73</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">462</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingExpenses_i01T_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zFQokRkhfsVj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,644</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">668</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">203</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,515</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AdjustedEBITDAFromContinuingOperations_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zU2aSGADIlka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Segment Adjusted EBITDA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,861</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,742</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--OperatingCostsExpensesAndStockBasedCompensation_z1q4A6qDEYN7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Transaction, PubCo. Expenses and Stock-based compensation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,616</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">302</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2788">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,918</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AdjustedEBITDAFromContinuingOperations_zlUmpXBU1Q3b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Adjusted EBITDA</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,477</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">397</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,660</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F05_zxGgjq8UITCi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">¹</span></td><td style="text-align: justify"><span id="xdx_F19_zLT25CNCoUYh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello acquisition occurred on January 31, 2025 (refer to <i>Note 4 – Acquisitions</i> and therefore does not represent activity for the full three month period.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0A_z25hjZiQDl41" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">²</span></td><td id="xdx_F10_zogy32ULuUld" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, the SEPA commitment fee expense and deferred fee expense, the GEM warrant expense, and the GEM commitment fee expense.</span></td> </tr></table> 1026000 1376000 294000 2696000 390000 64000 67000 521000 636000 1312000 227000 2175000 1944000 1033000 119000 3096000 369000 51000 113000 533000 180000 37000 13000 230000 184000 36000 4000 224000 2677000 1157000 249000 4083000 -2041000 155000 -22000 -1908000 3567000 3567000 -5608000 155000 -22000 -5475000 1160000 1441000 778000 3379000 377000 74000 155000 606000 783000 1367000 623000 2773000 2204000 90000 2294000 795000 39000 103000 937000 276000 519000 27000 822000 369000 20000 73000 462000 3644000 668000 203000 4515000 -2861000 699000 420000 -1742000 2616000 302000 2918000 -5477000 397000 420000 -4660000 <p id="xdx_89E_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zzeJDVmhzqaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation between EBITDA by reportable segment to consolidated net loss before income taxes for the three months ended March 31, 2026, and 2025 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zh1AXia7JsI" style="display: none">Summary of Reconciliation Between EBITDA by Reportable Segment to Consolidated Net Loss Before Income Taxes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20260101__20260331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4ZNHBwuxM41" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zNHnB3ast62e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">EBITDA by segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zNOOKQA9Lpsf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Banzai Operating Co.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,608</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,477</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zAHKPOCgZmka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">OpenReel</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">397</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zl8X3KPHHUB9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Vidello</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">420</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zgG39Eho7sBi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,475</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,660</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestAbstract_iB_zbsN5LnLbuuf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Reconciliation to loss before income taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentIncomeInterest_i01N_di_zkmxBTPZDja7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2816">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InterestExpenseNonoperating_i01_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zXz1ZQoouJTg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2819">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InterestExpenseNonoperating_i01_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zEkHTi1E0S57" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest expense – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">358</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DepreciationDepletionAndAmortization_i01_zdTKPPkLg4y6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i01_zc4F8wXZtDRc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Gain on extinguishment of liabilities, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,573</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--LossOnYorkvilleSepaAdvances_i01_zTiQOmKqXMQa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss on Yorkville SEPA advances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">385</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--GainsLossesOnDebtIssuance_i01_zjA3BnHMYPE9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Loss on debt issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">274</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ChangesInFairValueOfFinancialInstruments_i01_z7S7MP8z1Su7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Changes in fair value of financial instruments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">344</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SegmentReportingOtherItemAmount_i01_z8wI2eIttJli" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">550</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_i01_zASSl8jw6eMh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before income taxes</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8,469</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,570</td><td style="text-align: left">)</td></tr> </table> -5608000 -5477000 155000 397000 -22000 420000 -5475000 -4660000 3000 9000 194000 358000 305000 247000 6000 -2573000 28000 385000 1647000 274000 258000 344000 550000 -125000 -8469000 -3570000 <p id="xdx_89A_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zABQ1LMAEf2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Company’s percentage of revenue generated by SaaS product for the three months ended March 31, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zUjCLkKy3iOd" style="display: none">Summary of Company's Percentage of Revenue Generated by Saas Product</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-style: italic">Revenue %</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260101__20260331_zXydSEUbu67i" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_zXTdDVKZkVRf" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">Revenue %</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold; font-style: italic"> </td></tr> <tr id="xdx_40E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--ReachMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zDPHVqOBK06d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Reach</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.8</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--DemioMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zg7okIjcaHW9" style="vertical-align: bottom; background-color: White"> <td>Demio</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--OpenReelMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zQaiETpYnm5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OpenReel ¹</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.2</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--ProductOrServiceAxis__custom--VidelloLimitedMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zFUJ6ZrhP476" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vidello ²</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18.6</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2857">—</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zqrkHUPDUAj5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zeRsh3tPWQ1i" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Percentage of Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> 0.022 0.038 0.342 0.910 0.450 0.052 0.186 1.000 1.000 1.000 1.000 <p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zkEU0CyJNqY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. <span id="xdx_820_z3l1hWoCtpf5">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reverse Stock Split</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--StockholdersEquityReverseStockSplit_c20260428__20260428__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zAnUaQyhngX" title="Reverse stock splits description">On April 28, 2026, the stockholders of the Company collectively approved an amendment to the Company’s Certificate of Incorporation, as amended and restated, to effect a reverse stock split (the “Reverse Stock Split”) of the Company’s outstanding Class A Common Stock and Class B Common Stock at a ratio of <span id="xdx_904_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_uPure_c20260428__20260428__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zT4qnmWnnVmh" title="Reverse stock split ratio">1-for-20</span> effective on May 8, 2026.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No cash or fractional shares were issued in connection with the Reverse Stock Split, and instead the Company rounded up to the next whole share in lieu of issuing fractional shares that would have been issued in the reverse split. Proportional adjustments were made to the number of shares of Class A Common Stock issuable upon exercise or conversion of the Company’s outstanding stock options and warrants, the exercise price or conversion price (as applicable) of the Company’s outstanding stock options and warrants, and the number of shares reserved for issuance under the Company’s equity incentive plan. All Class A and Class B Common Stock share and per share information included in this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the impact of the Reverse Stock Split.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Agreements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to March 31, 2026, on April 15, 2026, April 29, 2026 and May 8, 2026, the Company entered into exchange agreements with Agile on substantially similar terms as the Agile Exchange Agreement pursuant to which the Company issued an aggregate of approximately <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260415__20260415__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember_zPG4YfN5g1p" title="Shares issued"><span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260429__20260429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember_z7YC0tUayj15" title="Shares issued"><span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260508__20260508__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwrihfkB6JU8" title="Shares issued">74,948</span></span></span> shares of its Class A Common Stock at conversion prices per share of $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260415__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember__srt--RangeAxis__srt--MinimumMember_zDlvfxbDy495" title="Debt instrument conversion price per share"><span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember__srt--RangeAxis__srt--MinimumMember_zxQQvasuA1p1" title="Debt instrument conversion price per share"><span id="xdx_906_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260508__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember__srt--RangeAxis__srt--MinimumMember_zuCl0Ut0sVD" title="Debt instrument conversion price per share">5.82</span></span></span> and $<span id="xdx_900_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260415__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember__srt--RangeAxis__srt--MaximumMember_zQSLFPfeFoI5" title="Debt instrument conversion price per share"><span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember__srt--RangeAxis__srt--MaximumMember_zZ5sFxY0fCHa" title="Debt instrument conversion price per share"><span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260508__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember__srt--RangeAxis__srt--MaximumMember_zzY1OarVeyua" title="Debt instrument conversion price per share">12.40</span></span></span>, respectively, in exchange for aggregate reductions of approximately $<span id="xdx_90C_ecustom--AggregateReductionsOfInOutstandingBalanceDebt_pn3n3_c20260415__20260415__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember_zQqaJIdB6vAc" title="Aggregate reductions of in outstanding balance debt"><span id="xdx_908_ecustom--AggregateReductionsOfInOutstandingBalanceDebt_pn3n3_c20260429__20260429__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember_zGsStPgBYAj1" title="Aggregate reductions of in outstanding balance debt"><span id="xdx_901_ecustom--AggregateReductionsOfInOutstandingBalanceDebt_pn3n3_c20260508__20260508__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember_zwiuNmLE1ym7" title="Aggregate reductions of in outstanding balance debt">540</span></span></span> in the outstanding balance of the March Agile Note. Following these exchanges, the outstanding balance of the March Agile Note was reduced to approximately $<span id="xdx_90B_eus-gaap--LongTermNotesPayable_iI_pn3n3_c20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgileExchangeAgreementMember_zuuk2L75AjVl" title="Outstanding principal balance">639</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vesting of Employee Awards</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 2, 2026 the Company modified the terms of the CEO Award and issued <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20260402__20260402__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zn3G7FDoDDyj" title="Aggregate number of shares of common stock issued, determined">22,300</span> shares of Class B Common Stock to the Company’s CEO, of which, approximately <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20260402__20260402__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--AchievingMarketCapitalizationThresholdMember_zXeDckU6FMI2" title="Aggregate number of shares of common stock issued, determined">14,867</span> shares relate to a tranche of the CEO Award vesting upon achieving a market capitalization threshold, and the remaining <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20260402__20260402__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--PlanNameAxis__custom--BonusPaymentMember_zbvB3WswY9Aa" title="Aggregate number of shares of common stock issued, determined">7,433</span> shares relate to the CEO’s 2025 bonus payment. See <i>Note 15 – Stock-Based Compensation</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Yorkville Advanced Notice Settlements and Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between April 24, 2026 and May 6, 2026, the Company issued Advance Notices to Yorkville pursuant to the SEPA in which the Company requested the purchase of approximately <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20260424__20260506__custom--DebtConversionDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zLiiwunsPmWh" title="Common stock shares issued">155,000</span> shares of the Company’s Class A Common Stock at an aggregate gross value of approximately $<span id="xdx_90B_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn3n3_c20260424__20260506__custom--DebtConversionDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhKwHKS3Dc52" title="Consideration received on transaction">896</span>, and net proceeds of approximately $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20260424__20260506__custom--DebtConversionDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrJylqRMDfc1" title="Aggregate gross proceeds from offering">368</span> were applied against the outstanding Yorkville Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CP BF Letter Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Conversion Price of CP BF Convertible Note was proportionately adjusted to reflect the Reverse Stock Split effective at the close of business on May 8, 2026, pursuant to Section 2.3(a)(i) of the Note. On May 15, 2026, the Company, the Guarantors and CP BF entered into a letter agreement (the “Floor Price Amendment”), further amending the Loan Agreement and the Note. <span id="xdx_90E_eus-gaap--StockholdersEquityReverseStockSplit_c20260515__20260515__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zQVcC9uHv8Ol" title="Reverse stock splits description">Pursuant to the Floor Price Amendment, the Floor Price applicable to the Conversion Price under the Note was reduced from $50.00 (as adjusted for the Reverse Stock Split) to $4.50 (on a post-Reverse Stock Split basis).</span> For the avoidance of doubt, the Conversion Price remains equal to <span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentRate_dp_uPure_c20260515__20260515__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zniAbYI7gxD6" title="Conversion rate percentage of common stock outstanding">95</span>% of the price of the Class A Common Stock on the Trading Day immediately preceding delivery of any Conversion Notice, subject to the Floor Price as amended by the Floor Price Amendment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>1800 Diagonal Issuance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 4, 2026, the Company issued the thirteenth promissory note for an aggregate principal amount of approximately $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260504__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_znRdb37GXsqf" title="Aggregate principal amount">206</span> and received net proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20260504__20260504__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zWPERse5uBLh" title="Cash proceeds from issuance of convertible notes">150</span>, after discount and transaction fees. The note has a maturity date of <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_c20260504__20260504__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQD7eE9vgkp" title="Debt instrument, maturity date">January 30, 2027</span>, and bears interest at <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260504__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zSR6HW6JrxM" title="Debt instrument, interest rate stated percentage">14</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Venture Issuance and Payoff</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 31, 2026, the Company executed a promissory note for an aggregate principal amount of approximately $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260331__us-gaap--LongtermDebtTypeAxis__custom--VentureIssuanceAndPayoffMember_zToSwzq5bL4f" title="Aggregate principal amount">487</span> and on April 8, 2026 received net proceeds of approximately $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20260408__20260408__us-gaap--LongtermDebtTypeAxis__custom--VentureIssuanceAndPayoffMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zmwGegB27pbf" title="Cash proceeds from issuance of convertible notes">333</span>, after discount and transaction fees. The note has a maturity date of <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20260408__20260408__us-gaap--LongtermDebtTypeAxis__custom--VentureIssuanceAndPayoffMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zuXWZyyPRAll" title="Debt instrument, maturity date">August 18, 2026</span>, and bears interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260408__us-gaap--LongtermDebtTypeAxis__custom--VentureIssuanceAndPayoffMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zcJGSVaObAS4" title="Debt instrument, interest rate stated percentage">198.5</span>% per annum. The Company paid off this note on <span id="xdx_901_ecustom--NotePayOffDate_dd_c20260408__20260408__us-gaap--LongtermDebtTypeAxis__custom--VentureIssuanceAndPayoffMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJJkuNsI4nP1" title="Note pay off date">May 6, 2026</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TVT Capital Issuance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 28, 2026, the Company executed a promissory note for an aggregate principal amount of approximately $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260428__us-gaap--LongtermDebtTypeAxis__custom--TVTCapitalIssuanceMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zwwyrvs2hv89" title="Aggregate principal amount">834</span> and received net proceeds of approximately $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20260428__20260428__us-gaap--LongtermDebtTypeAxis__custom--TVTCapitalIssuanceMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGCxXVpwoQad" title="Proceeds from issuance of debt">579</span>, after discount and transaction fees. The note has a maturity date of <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20260408__20260408__us-gaap--LongtermDebtTypeAxis__custom--TVTCapitalIssuanceMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z25punQj6am1" title="Debt instrument, maturity date">January 5, 2027</span>, and bears interest at <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260408__us-gaap--LongtermDebtTypeAxis__custom--TVTCapitalIssuanceMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrEHg7wnnCFa" title="Debt instrument, interest rate stated percentage">106.71</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common Stock Issuances</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3i, LP Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between April 2, 2026 and May 12, 2026, the Buyer exercised its contractual conversion option multiple times under the February 3i Note and received an aggregate of approximately <span id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20260505__20260511__custom--DebtConversionDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__custom--LenderNameAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdW500haD4al" title="Debt conversion converted instrument, shares issued">145</span> thousand shares of Class A Common Stock at conversion prices per share ranging from $<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260502__custom--DebtConversionDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__custom--LenderNameAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zHVEUgl53qAl" title="Conversion Price">5.08</span> to $<span id="xdx_907_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260512__custom--DebtConversionDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__custom--LenderNameAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zTqgfL1kHhl" title="Conversion Price">15.39</span> in satisfaction of approximately $<span id="xdx_90F_eus-gaap--DebtInstrumentCarryingAmount_iI_pn5n6_c20260512__custom--DebtConversionDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__custom--LenderNameAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUhQDWwwm0xb" title="Carrying value of the convertible notes">1.2</span> million of the Company’s obligations under the respective Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>1800 Diagonal Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between May 5, 2026 and May 11, 2026, the Lender exercised its contractual conversion option multiple times under the November 1800 Diagonal Note and September 1800 Diagonal Note and received an aggregate of approximately <span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20260505__20260511__custom--DebtConversionDescriptionAxis__custom--NovemberAndSeptember1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhgyjaDYNfkj" title="Number of shares issued upon conversion of promissory note">36</span> thousand shares of Class A Common Stock at conversion prices ranging from $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20260505__custom--DebtConversionDescriptionAxis__custom--NovemberAndSeptember1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2jNZjVJgsjc" title="Conversion Price">3.303</span> to $<span id="xdx_907_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20260511__custom--DebtConversionDescriptionAxis__custom--NovemberAndSeptember1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zd7C02puCBCj" title="Conversion Price">4.520</span> in satisfaction of approximately $<span id="xdx_905_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20260511__custom--DebtConversionDescriptionAxis__custom--NovemberAndSeptember1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQ0IwyNoUQ0a" title="Outstanding principal amount">136</span> thousand of the Company’s obligations under the respective Notes.</span></p> On April 28, 2026, the stockholders of the Company collectively approved an amendment to the Company’s Certificate of Incorporation, as amended and restated, to effect a reverse stock split (the “Reverse Stock Split”) of the Company’s outstanding Class A Common Stock and Class B Common Stock at a ratio of 1-for-20 effective on May 8, 2026. 1 74948 74948 74948 5.82 5.82 5.82 12.40 12.40 12.40 540000 540000 540000 639000 22300 14867 7433 155000 896000 368000 Pursuant to the Floor Price Amendment, the Floor Price applicable to the Conversion Price under the Note was reduced from $50.00 (as adjusted for the Reverse Stock Split) to $4.50 (on a post-Reverse Stock Split basis). 0.95 206000 150000 2027-01-30 0.14 487000 333000 2026-08-18 1.985 2026-05-06 834000 579000 2027-01-05 1.0671 145 5.08 15.39 1200000 36 3.303 4.520 136000 259205 1087497 41341 24210 709203 936321 445089 643674 1413497 2667492 8246 3539 8027391 3883853 21991721 18972475 55871 72565 9000 63000 121788 4000 11154 31631514 25674078 2494451 7782746 4353943 3891018 4922601 8639701 215057 215057 1856000 1200501 2591310 3575000 378 15000 2300 2300 295603 990673 14850 167118 3642527 3934627 22823 22731 22370810 28260148 93726 117643 1078055 10115 33922 49974 23576513 28437880 0.0001 0.0001 275000000 275000000 250000000 250000000 25000000 25000000 527317 527317 515761 515761 11556 11556 40976 40976 29420 29420 11556 11556 53 4 53 4 0.0001 0.0001 75000000 75000000 1 1 1 1 108912113 75515907 -85377 -100771787 -78279713 8055001 -2763802 31631514 25674078 12161419 4527879 2188583 1422542 9972836 3105337 27287345 16548902 1150471 24179 28437816 16573081 -18464980 -13467744 200000 2955 10 1227509 1156984 3047101 1156984 3047101 4488627 680762 973000 444000 653208 4873509 110500 152826 4808882 6529402 2402732 1071563 -1243528 -626000 -2300 -572700 -2300 -572700 -54000 51000 -54000 51000 1987203 -693000 -173055 -88588 46253 10176 -80760 974079 485720 1382002 2725460 726572 -88329 -3966478 -18045645 -22431458 -31513389 60617 -22492075 -31513389 -418360 -22492075 -31095029 -118.91 -118.91 -1394.94 -1394.94 189150 189150 22291 22291 40976 4 75515907 -78279713 -2763802 144100 15 18603205 18603220 90820 9 3429248 3429257 58831 6 -6 3212 329996 329996 6530 974261 974261 150 49800 49800 650 30810 30810 6500 2 365298 365300 658 22632 22632 4491 1661677 1661677 12044 1 457492 457493 128289 13 4343103 4343116 11639 1 283999 284000 3135 165461 165461 2679231 2679231 10048 1 -1 5244 1 -1 -85377 -85377 -22492075 -22492075 1 527317 53 108912113 -85377 -100771788 8055001 12926 1 14890194 -46766324 -31876129 12926 1 14890194 -46766324 -31876129 949 89 2540091 2540091 2271 4130000 4130000 71 500000 500000 60 115800 115800 194 578833 578833 950 784943 784943 47 334772 334772 -10 523 6257368 6257368 418360 418360 -418360 -418360 866 866 866 1654 1287003 1287003 4079225 4079225 2763161 2763161 120 94800 94800 145 115000 115000 1412 8866620 8866620 4000000 4000000 4653 1 1526114 1526115 19300805 19300805 1 397 225 166501 166501 278 216284 216284 3000 1 919699 919700 2750 880943 880943 5882 1 1175 1176 1524 30 30 1165680 1165680 -31513389 -31513389 1 40976 4 75515907 -78279713 -2763802 1 40976 4 75515907 -78279713 -2763802 -22492075 -31513389 1150471 24179 17131 18462 245252 974261 200000 1671996 747962 80760 1532475 1177033 1177033 1393785 16694 137717 2679231 1165680 973000 4488627 680762 67118 -4808882 -6529402 444000 653208 -110500 -152826 4873509 2402732 1071563 2725460 -1243528 -626000 -2300 -572700 -2300 -572700 -54000 51000 1987203 -693000 -173055 -88588 46253 10176 -209987 -15828 -198585 -551645 -7154 -27227 -381632 1012281 -740066 -6315 110421 498051 -15960 -237607 587784 -44549 -23917 10573 256310 -10115 -75000 -15706619 -9575403 2677480 1500 82219 -2678980 82219 215057 1200000 500000 4514664 750000 100000 100000 5412050 2782438 8694757 1939583 1291516 4728672 283315 35040 9975654 2602000 2072 18603220 880943 49800 238330 329996 3545799 6257368 17633523 8486963 -76216 -828292 -1006221 1087497 2093718 259205 1087497 1095395 338393 10621 5113 578833 784943 334772 94800 115000 2072 418360 1287003 2763161 4079225 1098614 7768006 974261 166501 49800 919700 200000 115800 4000000 1661677 8393172 3986464 20826920 24484460 3657540 76269 4343116 396110 444317 500000 1000000 12000 4130000 2540091 <p id="xdx_80C_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zN7QpjS0PGD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_823_zjUJb0gHBQMf">Organization</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The Business</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banzai International, Inc. (the “Company” or “Banzai”) was incorporated in Delaware on <span id="xdx_900_edei--EntityIncorporationDateOfIncorporation_c20250101__20251231_zjBZkYxM41Zk" title="Entity incorporated date">September 30, 2015</span>. Banzai is a leading enterprise SaaS Video Engagement platform used by marketers to power webinars, trainings, virtual events, and on-demand video content.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reverse Stock Splits</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--StockholdersEquityReverseStockSplit_c20250101__20251231_zzq3Sx6n1IY7" title="Reverse stock splits, description">On August 29, 2024, the stockholders of the Company collectively approved an amendment to the Company’s Certificate of Incorporation, as amended and restated, to effect a reverse stock split (the “2024 Reverse Stock Split”) of the Company’s outstanding Class A Common Stock at a ratio of <span id="xdx_90E_eus-gaap--StockholdersEquityNoteStockSplitConversionRatio1_uPure_c20240829__20240829_zU3TL6WYZ9Vl" title="Reverse stock split ratio">1-for-50</span> effective as of September 19, 2024. The Class B Common Stock was not affected by the 2024 Reverse Stock Split.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 27, 2025, the stockholders of the Company collectively approved an amendment to the Company’s Certificate of Incorporation, as amended and restated, to effect a reverse stock split (the “2025 Reverse Stock Split”) of the Company’s outstanding Class A Common Stock and Class B Common Stock at a ratio of <span id="xdx_904_eus-gaap--StockholdersEquityReverseStockSplit_c20250627__20250627_zOYxuPN8ROS6" title="Stockholders equity, reverse stock split">1-for-10</span> effective on July 8, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On April 28, 2026, the stockholders of the Company collectively approved an amendment to the Company’s Certificate of Incorporation, as amended and restated, to effect a reverse stock split (the “2026 Reverse Stock Split”) of the Company’s outstanding Class A Common Stock and Class B Common Stock at a ratio of 1-for-20 effective on May 8, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No cash or fractional shares were issued in connection with the 2024 Reverse Stock Split, 2025 Reverse Stock Split, and the 2026 Reverse Stock Split (collectively, the “Reverse Stock Splits”) and instead the Company rounded up to the next whole share in lieu of issuing fractional shares that would have been issued in the reverse split. The par value per share remained unchanged, and the reduction in the Common Stock account was credited to Additional Paid-in Capital. No change was made to total shareholders’ equity as a result of the Reverse Stock Splits. Proportional adjustments were made to the number of shares of Class A Common Stock issuable upon exercise or conversion of the Company’s outstanding stock options and warrants, the exercise price or conversion price (as applicable) of the Company’s outstanding stock options and warrants, and the number of shares reserved for issuance under the Company’s equity incentive plan. All Class A and Class B Common Stock share and per share information included in this prospectus has been retroactively adjusted to reflect the impact of the Reverse Stock Splits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Smaller Reporting Company</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “smaller reporting company,” as defined by SEC rules, and it may take advantage of reduced financial statement disclosure requirements in our SEC filings. Therefore, the Company’s financial statements may not be comparable to certain public companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> 2015-09-30 On August 29, 2024, the stockholders of the Company collectively approved an amendment to the Company’s Certificate of Incorporation, as amended and restated, to effect a reverse stock split (the “2024 Reverse Stock Split”) of the Company’s outstanding Class A Common Stock at a ratio of 1-for-50 effective as of September 19, 2024. The Class B Common Stock was not affected by the 2024 Reverse Stock Split. 1-for-10 <p id="xdx_80B_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_ziPTzxQRW8Zf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_82A_z0RoOGRnxqpf">Going Concern</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025 the Company had cash of approximately $<span id="xdx_90F_eus-gaap--Cash_iI_pn5n6_c20251231_zBTsVMnGlsu1" title="Cash">0.3</span> million. For the year ended December 31, 2025, the Company used approximately $<span id="xdx_905_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_c20250101__20251231_zcEGSZX4iB81" title="Cash flows from operating activities">15.7</span> million in cash for operating activities. The Company has incurred recurring net losses from operations and negative cash flows from operating activities since inception. As of December 31, 2025, the Company had an accumulated deficit of approximately $<span id="xdx_907_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20251231_zKjD3d4vntKe" title="Accumulated deficit">100.8</span> million. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year of the date these financial statements were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders. Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or debt financing to continue operations, and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s plans include obtaining future debt financings (see <i>Note 12 – Debt</i>) and equity financings associated with the Yorkville SEPA and the ATM (as defined in <i>Note 15 – Equity</i>)<i>.</i> If the Company is unsuccessful in completing these planned transactions, it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions. It may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management’s plans cannot be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 300000 -15700000 -100800000 <p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zqfzSeiSIUC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span id="xdx_82D_ze9OvTveNzl2">Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_84E_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zetkVuwmjPk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span><span id="xdx_86E_zvYedFoks0Ie">Basis of Presentation</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s audited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--ConsolidationPolicyTextBlock_zzIN1ebC60ha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zbfaaugOaa8g">Principles of Consolidation</span> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying audited consolidated financial statements include the accounts of Banzai and its subsidiaries. The Company consolidates all entities over which the Company has the power to govern the financial and operating policies and therefore exercises control, and upon which the Company has a controlling financial interest. The existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered when assessing whether control of an entity is exercised. The subsidiary is consolidated from the date at which the Company obtains control and is de-consolidated from the date at which control ceases. All intercompany balances and transactions have been eliminated. The accounting policies of the subsidiary has been changed where necessary to ensure consistency with the policies adopted by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of management, all necessary adjustments (consisting of normal recurring adjustments, intercompany adjustments, reclassifications and non-recurring adjustments) have been recorded to present fairly our financial position as of December 31, 2025 and 2024, respectively, and the results of operations and cash flows for the years ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--UseOfEstimates_zeH10MUkUxUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zDAD4pwAOYMl">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that estimates made as of the date of the financial statements could change in the near term due to one or more future events. Actual results could differ significantly from these estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include estimates of impairment of goodwill, recognition and measurement of convertible notes, including the associated embedded derivatives, determination of the fair value of the warrant liabilities and debt instruments reported at fair value, determination of the consideration transferred and purchase price allocated to assets acquired and liabilities assumed for acquisitions which are based on their estimated fair values at the date of acquisition, estimated useful lives of finite-lived intangible assets, and recognition and measurement of stock compensation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_ecustom--CertainRisksAndUncertaintiesPolicyTextBlock_zVnM8UO7CZjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zBxAaBcwn6W9">Certain Risks and Uncertainties</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s business and operations are sensitive to general business and economic conditions. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the world economy. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments in these general business and economic conditions could have a material adverse effect on the Company’s financial condition and the results of its operations. In addition, the Company will compete with many companies that currently have extensive and well-funded products, marketing and sales operations. The Company may be unable to compete successfully against these companies. The Company’s industry is characterized by rapid changes in technology and market demands. As a result, the Company’s products, services, or expertise may become obsolete or unmarketable. The Company’s future success will depend on its ability to adapt to technological advances, anticipate customer and market demands, and enhance its current technology. The Company is also subject to risks which include, but are not limited to, dependence on key personnel, reliance on third parties, successful integration of business acquisitions, protection of proprietary technology, and compliance with regulatory requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zHax7H1MOfPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. As of December 31, 2025 and 2024, respectively, the Company does <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20251231_z0Q6cFXhFZWi" title="Cash equivalents"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20241231_zoyQHkv02NCi" title="Cash equivalents">no</span></span>t have any cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company holds cash in banks in excess of federally insured limits. However, the Company believes risk of loss is minimal as the cash is held by large highly rated financial institutions. To reduce its risk associated with the failure of such financial institutions, the Company evaluates at least annually the rating of the financial institutions in which it holds cash. Any material loss that the Company may experience in the future could have an adverse effect on its ability to pay its operational expenses or make other payments and may require the Company to move its cash to other high quality financial institutions. Currently, the Company is reviewing its bank relationships in order to mitigate its risk to ensure that its exposure is limited or reduced to the FDIC protection limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_zaxPe5Wv0kBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_z9jqyE4SCi76">Accounts Receivable and Allowance for Credit Losses</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consist of balances due from customers as well as from payment service providers. Payment terms range from due upon receipt, to net 30 days. Accounts receivable are stated net of an allowance for credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allowance for expected credit losses is based on the probability of future collection under the current expected credited loss (“CECL”) impairment model. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to credit losses in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_z6cfMlIi3ohl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes in the allowance for credit losses for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zIWkNmex8mw1" style="display: none">Summary of Changes in Allowance for Credit Losses</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B1_zERsm9To02y8" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr id="xdx_432_c20250101__20251231_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_zAq8dL4eyfW5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance - December 31, 2024</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,210</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_zmHpXnmqrOt2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in provision for credit losses</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,131</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_znU5gdcqM6N4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance - December 31, 2025</span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,341</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A1_zBbu1pbOntG" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_848_eus-gaap--CommissionsPolicy_z4iuZ8bfu3kd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zFQIOoqKJPak">Costs to Obtain a Contract</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales commissions earned by the Company’s sales force are the primary costs incurred to obtain a contract with a customer, and are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized on a straight-line basis over a period of benefit the Company has determined to be three (3) years. The Company determined the period of benefit by taking into consideration the average contractual customer term, technology obsolescence and other factors. Certain commission expenses are not capitalized and are instead directly expensed. Capitalized commissions are included within prepaid expenses and other current assets on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z5xd0uIgsTdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zHEJZSK9ABF8">Property and Equipment</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are recorded at cost and presented net of accumulated depreciation. Major additions and betterments are capitalized while maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed. Property and equipment are depreciated on the straight-line basis over their estimated useful lives (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zIm6lJ9f8n05" title="Property and equipment estimated useful lives">3 years</span> for computer equipment).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_84A_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_z20qtyY4ITA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zX7noka24Kog">Goodwill and Intangible Assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill is reviewed for impairment at least annually, or more frequently if a triggering event occurs between impairment testing dates. Our annual impairment testing date is December 31.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We identify our reporting units in accordance with the FASB ASC 280, <i>Segment Reporting</i>. At December 31, 2025, the Company has <span id="xdx_908_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20250101__20251231_zXZpBzPY5Xff" title="Number of operating segments">three</span> operating segments which were deemed to be its reporting units, and goodwill is allocated to each reporting unit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s impairment assessment begins with a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity and Company specific events. If, based on the qualitative test, the Company determines that it is “more likely than not” that the fair value of a reporting unit is less than its carrying value, then we evaluate goodwill for impairment by comparing the fair value of our reporting unit to its respective carrying value, including its goodwill. If it is determined that it is not likely that the fair value of the reporting unit is less than its carrying value, then no further testing is required.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgment and estimates. Fair values may be determined using a combination of both income and market-based approaches.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible assets, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net consists of identifiable intangible assets that are subject to amortization such as customer relationships, trade names and developed technology resulting from acquisitions. Intangible assets are initially recorded at fair value on the date of acquisition and subsequently amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company periodically evaluates its long-lived assets for potential impairment in accordance with FASB ASC 360, <i>Property, Plant and Equipment</i>. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company has <span id="xdx_901_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_do_c20250101__20251231_zua2ILd0fDL7" title="Impairment of intangible assets">no</span>t recognized any impairment charges on intangible assets through December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_ecustom--WarrantLiabilitiesPolicyTextBlock_zWJvMjXAkqR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zUzz0JBs1RTi">Warrant Liabilities</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant Liability – related party</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants originally issued in 7GC’s initial public offering (the “Public Warrants”) are recognized as derivative liabilities in accordance with FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise or expiration, and any change in fair value is recognized in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the consolidated balance sheets. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities – related party” in the accompanying consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>GEM Warrant Liability </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with subsequent changes in fair value recognized in earnings each reporting period. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities” in the accompanying consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zRt2dxEF3og1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_z1MYqCe76Fed">Concentration of Business and Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company has no financial instruments with off-balance sheet risk of loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2025, one customer accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MinimumMember_zHhL8FlsHCvd" title="Concentration risk, percentage">10</span>% or more of accounts receivable with a concentration of <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zlH3xqevxRGh" title="Concentration risk, percentage">13</span>% of the total accounts receivable balance. At December 31, 2024, one customer accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MinimumMember_zY5iOEIWBDXk" title="Concentration risk, percentage">10</span>% or more of accounts receivable with a concentration of <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zRcCerkWFrbb" title="Concentration risk, percentage">14</span>% of the total accounts receivable balance. For the years ended December 31, 2025 and 2024, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dpo_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zdMcLMvh3sUe" title="Concentration risk, percentage">no</span> customers accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember__srt--RangeAxis__srt--MaximumMember_zoQWoXPwZpBd" title="Concentration risk, percentage">10</span>% or more of total revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2025 and 2024, no suppliers and two suppliers accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--NoSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LiabilitiesTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zdxQG9ku6RFc" title="Concentration risk, percentage"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--TwoSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LiabilitiesTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zekU6yoAaOBl" title="Concentration risk, percentage">10</span></span>% or more of accounts payable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_zkRXJTpR9Jh6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zcjImVSa5ljj">Loss Per Share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding and pre-funded warrants outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zjy09mJG05sb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation of basic and diluted net loss per share attributable to common stock was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_z1h4EfrbkMCf" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Numerator:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss attributable to common shareholders—basic and diluted</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20250101__20251231_zxluPIOyzt2l" title="Net loss attributable to common shareholders - basic"><span id="xdx_906_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_c20250101__20251231_zxGPvzm8oZ66" title="Net loss attributable to common shareholders - diluted">(22,492,075</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20240101__20241231_zFVOSSYiHTkg" title="Net loss attributable to common shareholders - basic"><span id="xdx_900_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_c20240101__20241231_ztgslrA11Xmk" title="Net loss attributable to common shareholders - diluted">(31,095,029</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Denominator:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Weighted average shares—basic and diluted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231_zOIEMnD4l0qh" style="font-family: Times New Roman, Times, Serif">189,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231_zjQ509HIgHWl" style="font-family: Times New Roman, Times, Serif">22,291</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss per share attributable to common shareholders—basic and diluted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_c20250101__20251231_zF6PHzMJljTd" style="font-family: Times New Roman, Times, Serif">(118.91</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_c20240101__20241231_zRKdukcb8Ted" style="font-family: Times New Roman, Times, Serif">(1,394.94</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p id="xdx_8A4_z5P6ATxOZUo4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z11df9bMJIg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities that were excluded from loss per share as their effect would be anti-dilutive due to the net loss that could potentially be dilutive in future periods are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zXeGoMGcX7Yc" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zhsOOG42R1rk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zKxJ4Jo19bfg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zeOyKh6zxcw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">Options</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">627</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">129</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zp6WFsgvqoua" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">RSUs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,704</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zYLFSvNT8N07" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Public warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zHV0ppfCncsd" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">GEM warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zQJ8aOx8CRC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Common warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_znWrwvCS75cb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Placement agent warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,591</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">525</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrefundedWarrantsMember_zuZeT0x0HuR5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Pre-funded warrants</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4295">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4296">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zLbU0C0b64m2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,952</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,230</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zjTlvrnmPJ54" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Antidilutive Securities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,952</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,230</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A4_zNEqdh1wd6uj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_849_eus-gaap--CostOfSalesPolicyTextBlock_zuUC2w6LW943" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zGjiHWvjvgKe">Costs of Revenue</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs of revenue consist primarily of infrastructure, streaming service, data license and contracted services costs, as well as merchant fees and payroll costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--AdvertisingCostsPolicyTextBlock_zgcsoLSrAfne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zzlFvSywwCM4">Advertising Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred. Advertising costs were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--AdvertisingExpense_c20250101__20251231_zx6467Co03zj" title="Advertising costs">659,877</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_904_eus-gaap--AdvertisingExpense_c20240101__20241231_z6q4vF1Xi8ad" title="Advertising costs">467,897</span> for the years ended December 31, 2025 and 2024, respectively, which are included in general and administrative expenses on the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zK63qyYK1Yq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_z2me0RnjVOcc">Stock-Based Compensation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expenses stock-based compensation to employees and non-employees over the requisite service period based on the estimated grant-date fair value of the awards in accordance with FASB ASC 718, <i>Stock Compensation</i>. The Company accounts for forfeitures as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_z4b2usGQP9Lj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zBPclDN1TfTb">Income Taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes are recorded in accordance with FASB ASC 740, <i>Income Taxes </i>(“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--DerivativesPolicyTextBlock_zIHt1JoQjLgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zle2RaHbbpo8">Derivative Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the consolidated statements of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the consolidated balance sheets. Refer to <i>Note 7 – Fair Value Measurements</i> and <i>Note 12 – Debt</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zFdeNVVEEMQ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zJjANErxP6Jk">Fair Value of Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 820, <i>Fair Value Measurement</i>, the Company uses a three-level hierarchy for fair value measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy is divided into three levels based on the source of inputs as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Quoted prices in active markets for identical assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management during the years ended December 31, 2025 and 2024. The carrying amount of cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values as of December 31, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--FairValueOptionElectionPolicyTextBlock_zfiQM3U9Bz15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zUnHaLihvExc">Fair Value Option Election</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined the January 2025 Yorkville Note, the September 2025 Yorkville Note, the Agile Notes, the 1800 Diagonal Notes, the Private Placement Convertible Notes, and the Boot Capital Convertible Notes (each as defined in <i>Note 12 – Debt</i>, and together the “FVO Notes”) were eligible for the fair value option, in accordance with FASB ASC 825-10-50-28, and made such election to account for these instruments at fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. Additional term or other notes may be issued in subsequent periods where the Company would be able to make a fair value option election upon issuance provided eligibility criteria are met. The fair value option election was made to align the accounting for the FVO Notes with the Company’s financial reporting objectives and reduce operational effort to account for embedded features that otherwise would require bifurcation as a separate unit of account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the fair value option election, direct and incremental debt issuance costs and consideration paid to the respective lender were expensed as incurred and recorded in other income (expense), net in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Losses recognized upon issuance of debt represent the difference between issuance date fair value and the proceeds received net of discount or premium, which are recorded in loss on debt issuance in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records the portion of the FVO Notes that are issued and outstanding for accounting purposes at fair value with changes in fair value recorded in change in fair value in the consolidated statements of operations, except for the portion of the total change in fair value that results from a change in the instrument-specific credit risk of FVO Notes, which is recorded in other comprehensive income (loss), if applicable. Measurement of the change in fair value of the FVO Notes includes accrued interest, whether paid-in-kind or cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest on the FVO Notes is included in the respective debt instrument’s balance on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--LesseeLeasesPolicyTextBlock_zqC1Gc2rdIbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_z36l3DgNWdsd">Leases</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines if an arrangement is a lease at inception and classifies its leases at commencement. Operating leases are presented as right-of-use (“ROU”) assets and the corresponding lease liabilities are included in operating lease liabilities, current and operating lease liabilities, non-current on the Company’s balance sheets. ROU assets represent the Company’s right to use an underlying asset, and lease liabilities represent the Company’s obligation for lease payments in exchange for the ability to use the asset for the duration of the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU assets and lease liabilities are recognized at commencement date and determined using the present value of the future minimum lease payments over the lease term. The Company uses an incremental borrowing rate based on estimated rate of interest for collateralized borrowing since the Company’s leases do not include an implicit interest rate. The estimated incremental borrowing rate considers market data, actual lease economic environment, and actual lease term at commencement date. The lease term may include options to extend when it is reasonably certain that the Company will exercise that option. In addition, the Company does not recognize short-term leases that have a term of twelve months or less as ROU assets or lease liabilities. The Company recognizes operating lease expense on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component when the payments are fixed. As such, variable lease payments, including those not dependent on an index or rate, such as real estate taxes, common area maintenance, and other costs that are subject to fluctuation from period to period are not included in lease measurement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates long-lived assets for recoverability if there are indicators of potential impairment. Indicators of potential impairment may include subleasing a location for less than the head lease cost. If there are indicators of potential impairment, the Company will test the assets for recoverability. If the undiscounted cash flows estimated to be generated are less than the carrying value of the underlying assets, the assets are deemed impaired. If it is determined that assets are impaired, an impairment loss is calculated based on the amount that the asset’s book value exceeds its fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zKt8EGfpvq7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zCz41HIdvYI8">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements not yet effective</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the <span style="background-color: white">FASB</span> issued <span style="background-color: white">Accounting Standards Update (“</span>ASU”) ASU No. 2024-03, <i>Disaggregation of Income Statement Expenses (Subtopic 220-40)</i>. The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption of the amendment is permitted. The Company is currently evaluating the guidance and its impact to its consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In July 2025, the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB <span>issued </span>ASU 2025-05<span>, <i>Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,</i> which provides a practical expedient to measure credit losses on accounts receivable and contract assets. This guidance is effective for periods beginning after December 15, 2025 and will be adopted prospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recently adopted accounting pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, <i>Income Taxes (Topic 740), Improvements to Income Tax Disclosures</i>, which enhances the disclosure requirements for the income tax rate reconciliation, domestic and foreign income taxes paid, requiring disclosure of disaggregated income taxes paid by jurisdiction, unrecognized tax benefits, and modifies other income tax-related disclosures. The Company adopted this guidance effective January 1, 2025, on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.</span></p> <p id="xdx_85F_z2xK4fwrVJVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zetkVuwmjPk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span><span id="xdx_86E_zvYedFoks0Ie">Basis of Presentation</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s audited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--ConsolidationPolicyTextBlock_zzIN1ebC60ha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zbfaaugOaa8g">Principles of Consolidation</span> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying audited consolidated financial statements include the accounts of Banzai and its subsidiaries. The Company consolidates all entities over which the Company has the power to govern the financial and operating policies and therefore exercises control, and upon which the Company has a controlling financial interest. The existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered when assessing whether control of an entity is exercised. The subsidiary is consolidated from the date at which the Company obtains control and is de-consolidated from the date at which control ceases. All intercompany balances and transactions have been eliminated. The accounting policies of the subsidiary has been changed where necessary to ensure consistency with the policies adopted by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of management, all necessary adjustments (consisting of normal recurring adjustments, intercompany adjustments, reclassifications and non-recurring adjustments) have been recorded to present fairly our financial position as of December 31, 2025 and 2024, respectively, and the results of operations and cash flows for the years ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--UseOfEstimates_zeH10MUkUxUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zDAD4pwAOYMl">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that estimates made as of the date of the financial statements could change in the near term due to one or more future events. Actual results could differ significantly from these estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include estimates of impairment of goodwill, recognition and measurement of convertible notes, including the associated embedded derivatives, determination of the fair value of the warrant liabilities and debt instruments reported at fair value, determination of the consideration transferred and purchase price allocated to assets acquired and liabilities assumed for acquisitions which are based on their estimated fair values at the date of acquisition, estimated useful lives of finite-lived intangible assets, and recognition and measurement of stock compensation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_ecustom--CertainRisksAndUncertaintiesPolicyTextBlock_zVnM8UO7CZjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zBxAaBcwn6W9">Certain Risks and Uncertainties</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s business and operations are sensitive to general business and economic conditions. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the world economy. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments in these general business and economic conditions could have a material adverse effect on the Company’s financial condition and the results of its operations. In addition, the Company will compete with many companies that currently have extensive and well-funded products, marketing and sales operations. The Company may be unable to compete successfully against these companies. The Company’s industry is characterized by rapid changes in technology and market demands. As a result, the Company’s products, services, or expertise may become obsolete or unmarketable. The Company’s future success will depend on its ability to adapt to technological advances, anticipate customer and market demands, and enhance its current technology. The Company is also subject to risks which include, but are not limited to, dependence on key personnel, reliance on third parties, successful integration of business acquisitions, protection of proprietary technology, and compliance with regulatory requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zHax7H1MOfPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. As of December 31, 2025 and 2024, respectively, the Company does <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20251231_z0Q6cFXhFZWi" title="Cash equivalents"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20241231_zoyQHkv02NCi" title="Cash equivalents">no</span></span>t have any cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company holds cash in banks in excess of federally insured limits. However, the Company believes risk of loss is minimal as the cash is held by large highly rated financial institutions. To reduce its risk associated with the failure of such financial institutions, the Company evaluates at least annually the rating of the financial institutions in which it holds cash. Any material loss that the Company may experience in the future could have an adverse effect on its ability to pay its operational expenses or make other payments and may require the Company to move its cash to other high quality financial institutions. Currently, the Company is reviewing its bank relationships in order to mitigate its risk to ensure that its exposure is limited or reduced to the FDIC protection limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 <p id="xdx_842_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_zaxPe5Wv0kBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_z9jqyE4SCi76">Accounts Receivable and Allowance for Credit Losses</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consist of balances due from customers as well as from payment service providers. Payment terms range from due upon receipt, to net 30 days. Accounts receivable are stated net of an allowance for credit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allowance for expected credit losses is based on the probability of future collection under the current expected credited loss (“CECL”) impairment model. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to credit losses in the period incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_z6cfMlIi3ohl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes in the allowance for credit losses for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zIWkNmex8mw1" style="display: none">Summary of Changes in Allowance for Credit Losses</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B1_zERsm9To02y8" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr id="xdx_432_c20250101__20251231_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_zAq8dL4eyfW5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance - December 31, 2024</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,210</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_zmHpXnmqrOt2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in provision for credit losses</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,131</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_znU5gdcqM6N4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance - December 31, 2025</span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,341</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A1_zBbu1pbOntG" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_89D_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_z6cfMlIi3ohl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes in the allowance for credit losses for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zIWkNmex8mw1" style="display: none">Summary of Changes in Allowance for Credit Losses</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B1_zERsm9To02y8" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr id="xdx_432_c20250101__20251231_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iS_zAq8dL4eyfW5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance - December 31, 2024</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,210</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease_zmHpXnmqrOt2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in provision for credit losses</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,131</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iE_znU5gdcqM6N4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance - December 31, 2025</span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,341</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 24210 17131 41341 <p id="xdx_848_eus-gaap--CommissionsPolicy_z4iuZ8bfu3kd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zFQIOoqKJPak">Costs to Obtain a Contract</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales commissions earned by the Company’s sales force are the primary costs incurred to obtain a contract with a customer, and are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized on a straight-line basis over a period of benefit the Company has determined to be three (3) years. The Company determined the period of benefit by taking into consideration the average contractual customer term, technology obsolescence and other factors. Certain commission expenses are not capitalized and are instead directly expensed. Capitalized commissions are included within prepaid expenses and other current assets on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z5xd0uIgsTdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zHEJZSK9ABF8">Property and Equipment</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are recorded at cost and presented net of accumulated depreciation. Major additions and betterments are capitalized while maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed. Property and equipment are depreciated on the straight-line basis over their estimated useful lives (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zIm6lJ9f8n05" title="Property and equipment estimated useful lives">3 years</span> for computer equipment).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> P3Y <p id="xdx_84A_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_z20qtyY4ITA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zX7noka24Kog">Goodwill and Intangible Assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill is reviewed for impairment at least annually, or more frequently if a triggering event occurs between impairment testing dates. Our annual impairment testing date is December 31.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We identify our reporting units in accordance with the FASB ASC 280, <i>Segment Reporting</i>. At December 31, 2025, the Company has <span id="xdx_908_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20250101__20251231_zXZpBzPY5Xff" title="Number of operating segments">three</span> operating segments which were deemed to be its reporting units, and goodwill is allocated to each reporting unit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s impairment assessment begins with a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity and Company specific events. If, based on the qualitative test, the Company determines that it is “more likely than not” that the fair value of a reporting unit is less than its carrying value, then we evaluate goodwill for impairment by comparing the fair value of our reporting unit to its respective carrying value, including its goodwill. If it is determined that it is not likely that the fair value of the reporting unit is less than its carrying value, then no further testing is required.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgment and estimates. Fair values may be determined using a combination of both income and market-based approaches.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible assets, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net consists of identifiable intangible assets that are subject to amortization such as customer relationships, trade names and developed technology resulting from acquisitions. Intangible assets are initially recorded at fair value on the date of acquisition and subsequently amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company periodically evaluates its long-lived assets for potential impairment in accordance with FASB ASC 360, <i>Property, Plant and Equipment</i>. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company has <span id="xdx_901_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_do_c20250101__20251231_zua2ILd0fDL7" title="Impairment of intangible assets">no</span>t recognized any impairment charges on intangible assets through December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3 0 <p id="xdx_84A_ecustom--WarrantLiabilitiesPolicyTextBlock_zWJvMjXAkqR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zUzz0JBs1RTi">Warrant Liabilities</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant Liability – related party</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants originally issued in 7GC’s initial public offering (the “Public Warrants”) are recognized as derivative liabilities in accordance with FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise or expiration, and any change in fair value is recognized in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the consolidated balance sheets. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities – related party” in the accompanying consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>GEM Warrant Liability </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with subsequent changes in fair value recognized in earnings each reporting period. The changes in the fair value of the derivative warrant liability is presented in the line item “change in fair value of warrant liabilities” in the accompanying consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zRt2dxEF3og1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_z1MYqCe76Fed">Concentration of Business and Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company has no financial instruments with off-balance sheet risk of loss.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2025, one customer accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MinimumMember_zHhL8FlsHCvd" title="Concentration risk, percentage">10</span>% or more of accounts receivable with a concentration of <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zlH3xqevxRGh" title="Concentration risk, percentage">13</span>% of the total accounts receivable balance. At December 31, 2024, one customer accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MinimumMember_zY5iOEIWBDXk" title="Concentration risk, percentage">10</span>% or more of accounts receivable with a concentration of <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zRcCerkWFrbb" title="Concentration risk, percentage">14</span>% of the total accounts receivable balance. For the years ended December 31, 2025 and 2024, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dpo_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zdMcLMvh3sUe" title="Concentration risk, percentage">no</span> customers accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember__srt--RangeAxis__srt--MaximumMember_zoQWoXPwZpBd" title="Concentration risk, percentage">10</span>% or more of total revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2025 and 2024, no suppliers and two suppliers accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--NoSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LiabilitiesTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zdxQG9ku6RFc" title="Concentration risk, percentage"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--TwoSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LiabilitiesTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--RangeAxis__srt--MaximumMember_zekU6yoAaOBl" title="Concentration risk, percentage">10</span></span>% or more of accounts payable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.10 0.13 0.10 0.14 0 0.10 0.10 0.10 <p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_zkRXJTpR9Jh6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zcjImVSa5ljj">Loss Per Share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding and pre-funded warrants outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zjy09mJG05sb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation of basic and diluted net loss per share attributable to common stock was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_z1h4EfrbkMCf" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Numerator:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss attributable to common shareholders—basic and diluted</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20250101__20251231_zxluPIOyzt2l" title="Net loss attributable to common shareholders - basic"><span id="xdx_906_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_c20250101__20251231_zxGPvzm8oZ66" title="Net loss attributable to common shareholders - diluted">(22,492,075</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20240101__20241231_zFVOSSYiHTkg" title="Net loss attributable to common shareholders - basic"><span id="xdx_900_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_c20240101__20241231_ztgslrA11Xmk" title="Net loss attributable to common shareholders - diluted">(31,095,029</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Denominator:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Weighted average shares—basic and diluted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231_zOIEMnD4l0qh" style="font-family: Times New Roman, Times, Serif">189,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231_zjQ509HIgHWl" style="font-family: Times New Roman, Times, Serif">22,291</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss per share attributable to common shareholders—basic and diluted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_c20250101__20251231_zF6PHzMJljTd" style="font-family: Times New Roman, Times, Serif">(118.91</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_c20240101__20241231_zRKdukcb8Ted" style="font-family: Times New Roman, Times, Serif">(1,394.94</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p id="xdx_8A4_z5P6ATxOZUo4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z11df9bMJIg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities that were excluded from loss per share as their effect would be anti-dilutive due to the net loss that could potentially be dilutive in future periods are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zXeGoMGcX7Yc" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zhsOOG42R1rk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zKxJ4Jo19bfg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zeOyKh6zxcw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">Options</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">627</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">129</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zp6WFsgvqoua" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">RSUs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,704</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zYLFSvNT8N07" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Public warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zHV0ppfCncsd" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">GEM warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zQJ8aOx8CRC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Common warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_znWrwvCS75cb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Placement agent warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,591</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">525</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrefundedWarrantsMember_zuZeT0x0HuR5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Pre-funded warrants</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4295">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4296">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zLbU0C0b64m2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,952</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,230</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zjTlvrnmPJ54" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Antidilutive Securities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,952</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,230</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A4_zNEqdh1wd6uj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_894_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zjy09mJG05sb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation of basic and diluted net loss per share attributable to common stock was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_z1h4EfrbkMCf" style="display: none">Schedule of Basic and Diluted Net Loss Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Numerator:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss attributable to common shareholders—basic and diluted</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20250101__20251231_zxluPIOyzt2l" title="Net loss attributable to common shareholders - basic"><span id="xdx_906_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_c20250101__20251231_zxGPvzm8oZ66" title="Net loss attributable to common shareholders - diluted">(22,492,075</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20240101__20241231_zFVOSSYiHTkg" title="Net loss attributable to common shareholders - basic"><span id="xdx_900_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_c20240101__20241231_ztgslrA11Xmk" title="Net loss attributable to common shareholders - diluted">(31,095,029</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Denominator:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Weighted average shares—basic and diluted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20251231_zOIEMnD4l0qh" style="font-family: Times New Roman, Times, Serif">189,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20241231_zjQ509HIgHWl" style="font-family: Times New Roman, Times, Serif">22,291</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss per share attributable to common shareholders—basic and diluted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_c20250101__20251231_zF6PHzMJljTd" style="font-family: Times New Roman, Times, Serif">(118.91</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_c20240101__20241231_zRKdukcb8Ted" style="font-family: Times New Roman, Times, Serif">(1,394.94</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> -22492075 -22492075 -31095029 -31095029 189150 22291 -118.91 -1394.94 <p id="xdx_89F_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z11df9bMJIg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities that were excluded from loss per share as their effect would be anti-dilutive due to the net loss that could potentially be dilutive in future periods are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zXeGoMGcX7Yc" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zhsOOG42R1rk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zKxJ4Jo19bfg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zeOyKh6zxcw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">Options</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">627</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">129</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zp6WFsgvqoua" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">RSUs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,704</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantSharesMember_zYLFSvNT8N07" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Public warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--GEMWarrantSharesMember_zHV0ppfCncsd" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">GEM warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonWarrantSharesMember_zQJ8aOx8CRC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Common warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantSharesMember_znWrwvCS75cb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Placement agent warrant shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,591</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">525</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrefundedWarrantsMember_zuZeT0x0HuR5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Pre-funded warrants</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4295">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4296">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zLbU0C0b64m2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,952</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,230</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zjTlvrnmPJ54" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Antidilutive Securities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,952</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,230</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 627 129 20695 1704 1150 1150 83 83 36800 22639 3591 525 62952 26230 62952 26230 <p id="xdx_849_eus-gaap--CostOfSalesPolicyTextBlock_zuUC2w6LW943" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zGjiHWvjvgKe">Costs of Revenue</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs of revenue consist primarily of infrastructure, streaming service, data license and contracted services costs, as well as merchant fees and payroll costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--AdvertisingCostsPolicyTextBlock_zgcsoLSrAfne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zzlFvSywwCM4">Advertising Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred. Advertising costs were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--AdvertisingExpense_c20250101__20251231_zx6467Co03zj" title="Advertising costs">659,877</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2lnbmlmaWNhbnQgQWNjb3VudGluZyBQb2xpY2llcyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_904_eus-gaap--AdvertisingExpense_c20240101__20241231_z6q4vF1Xi8ad" title="Advertising costs">467,897</span> for the years ended December 31, 2025 and 2024, respectively, which are included in general and administrative expenses on the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 659877 467897 <p id="xdx_84E_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zK63qyYK1Yq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_z2me0RnjVOcc">Stock-Based Compensation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expenses stock-based compensation to employees and non-employees over the requisite service period based on the estimated grant-date fair value of the awards in accordance with FASB ASC 718, <i>Stock Compensation</i>. The Company accounts for forfeitures as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_z4b2usGQP9Lj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zBPclDN1TfTb">Income Taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes are recorded in accordance with FASB ASC 740, <i>Income Taxes </i>(“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--DerivativesPolicyTextBlock_zIHt1JoQjLgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zle2RaHbbpo8">Derivative Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the consolidated statements of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the consolidated balance sheets. Refer to <i>Note 7 – Fair Value Measurements</i> and <i>Note 12 – Debt</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zFdeNVVEEMQ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zJjANErxP6Jk">Fair Value of Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 820, <i>Fair Value Measurement</i>, the Company uses a three-level hierarchy for fair value measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy is divided into three levels based on the source of inputs as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Quoted prices in active markets for identical assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management during the years ended December 31, 2025 and 2024. The carrying amount of cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values as of December 31, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_ecustom--FairValueOptionElectionPolicyTextBlock_zfiQM3U9Bz15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zUnHaLihvExc">Fair Value Option Election</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined the January 2025 Yorkville Note, the September 2025 Yorkville Note, the Agile Notes, the 1800 Diagonal Notes, the Private Placement Convertible Notes, and the Boot Capital Convertible Notes (each as defined in <i>Note 12 – Debt</i>, and together the “FVO Notes”) were eligible for the fair value option, in accordance with FASB ASC 825-10-50-28, and made such election to account for these instruments at fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. Additional term or other notes may be issued in subsequent periods where the Company would be able to make a fair value option election upon issuance provided eligibility criteria are met. The fair value option election was made to align the accounting for the FVO Notes with the Company’s financial reporting objectives and reduce operational effort to account for embedded features that otherwise would require bifurcation as a separate unit of account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the fair value option election, direct and incremental debt issuance costs and consideration paid to the respective lender were expensed as incurred and recorded in other income (expense), net in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Losses recognized upon issuance of debt represent the difference between issuance date fair value and the proceeds received net of discount or premium, which are recorded in loss on debt issuance in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records the portion of the FVO Notes that are issued and outstanding for accounting purposes at fair value with changes in fair value recorded in change in fair value in the consolidated statements of operations, except for the portion of the total change in fair value that results from a change in the instrument-specific credit risk of FVO Notes, which is recorded in other comprehensive income (loss), if applicable. Measurement of the change in fair value of the FVO Notes includes accrued interest, whether paid-in-kind or cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest on the FVO Notes is included in the respective debt instrument’s balance on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--LesseeLeasesPolicyTextBlock_zqC1Gc2rdIbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_z36l3DgNWdsd">Leases</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines if an arrangement is a lease at inception and classifies its leases at commencement. Operating leases are presented as right-of-use (“ROU”) assets and the corresponding lease liabilities are included in operating lease liabilities, current and operating lease liabilities, non-current on the Company’s balance sheets. ROU assets represent the Company’s right to use an underlying asset, and lease liabilities represent the Company’s obligation for lease payments in exchange for the ability to use the asset for the duration of the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU assets and lease liabilities are recognized at commencement date and determined using the present value of the future minimum lease payments over the lease term. The Company uses an incremental borrowing rate based on estimated rate of interest for collateralized borrowing since the Company’s leases do not include an implicit interest rate. The estimated incremental borrowing rate considers market data, actual lease economic environment, and actual lease term at commencement date. The lease term may include options to extend when it is reasonably certain that the Company will exercise that option. In addition, the Company does not recognize short-term leases that have a term of twelve months or less as ROU assets or lease liabilities. The Company recognizes operating lease expense on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component when the payments are fixed. As such, variable lease payments, including those not dependent on an index or rate, such as real estate taxes, common area maintenance, and other costs that are subject to fluctuation from period to period are not included in lease measurement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates long-lived assets for recoverability if there are indicators of potential impairment. Indicators of potential impairment may include subleasing a location for less than the head lease cost. If there are indicators of potential impairment, the Company will test the assets for recoverability. If the undiscounted cash flows estimated to be generated are less than the carrying value of the underlying assets, the assets are deemed impaired. If it is determined that assets are impaired, an impairment loss is calculated based on the amount that the asset’s book value exceeds its fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zKt8EGfpvq7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zCz41HIdvYI8">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements not yet effective</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the <span style="background-color: white">FASB</span> issued <span style="background-color: white">Accounting Standards Update (“</span>ASU”) ASU No. 2024-03, <i>Disaggregation of Income Statement Expenses (Subtopic 220-40)</i>. The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption of the amendment is permitted. The Company is currently evaluating the guidance and its impact to its consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In July 2025, the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB <span>issued </span>ASU 2025-05<span>, <i>Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,</i> which provides a practical expedient to measure credit losses on accounts receivable and contract assets. This guidance is effective for periods beginning after December 15, 2025 and will be adopted prospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recently adopted accounting pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, <i>Income Taxes (Topic 740), Improvements to Income Tax Disclosures</i>, which enhances the disclosure requirements for the income tax rate reconciliation, domestic and foreign income taxes paid, requiring disclosure of disaggregated income taxes paid by jurisdiction, unrecognized tax benefits, and modifies other income tax-related disclosures. The Company adopted this guidance effective January 1, 2025, on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.</span></p> <p id="xdx_80B_eus-gaap--BusinessCombinationDisclosureTextBlock_zvYKWmglbrii" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_825_znHVsj91ErOd">Acquisitions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vidello</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 31, 2025, the Company closed a previously announced merger with Vidello Limited (“Vidello”), a private limited company registered in England and Wales (the “Vidello Merger”), pursuant to an Agreement and Plan of Merger (the “Vidello Merger Agreement”), dated December 19, 2024, by and among the Company, Vidello, and certain shareholders of Vidello (the “Vidello Shareholders”). At the closing, Vidello Shareholders transferred all the outstanding shares of Vidello to the Company, and Vidello became a direct and wholly owned subsidiary of the Company. At the closing, the Company paid to the Vidello Shareholders, $<span id="xdx_906_eus-gaap--PaymentsToAcquireBusinessesGross_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zjKIlkioQLqe">2,745,031</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in cash (the “Vidello Cash Consideration”), whereby $<span id="xdx_901_ecustom--BusinessAcquisitionAmountWithheldForIndemnificationExpensesAndOtherHoldbackProvisions_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zBrB95rOMhBc">2,500,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are withheld for indemnification expenses and other holdback provisions in accordance with the Vidello Merger Agreement, and issued <span id="xdx_902_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zPHFE7gIkaql">4,491</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock (the “Share Consideration,” together with the Cash Consideration, the “Vidello Closing Consideration”). The Company’s primary reason for acquiring Vidello was to enhance revenue growth and strengthen the Company’s competitive market position through cross selling opportunities. Vidello is a video hosting and marketing platform designed to help businesses manage, customize, and optimize their video content.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the holdback amount, this consists of three distinct components, being (1) the withholding of $<span id="xdx_90A_ecustom--BusinessAcquisitionAmountWithheldAsSecurityForObligationsOfCompanyShareholders_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zwEkPmii5T3k" title="Business acquisition, amount for obligations of company shareholders">1,000,000</span> as security for the obligations of Company Shareholders for a period of twelve months (the “Indemnification Holdback Amount”), (2) the withholding of $<span id="xdx_901_ecustom--BusinessAcquisitionAmountWithheldAsSecurityForObligationsOfCompanyShareholdersToCompleteTheTransitionIntegrationAndRelatedMatters_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zKHLnLyBgpv6" title="Business acquisition, amount withheld for obligations of company shareholders to complete the transition">500,000</span> as security for the obligations of Company Shareholders to cooperate with best efforts and in good faith with to complete the transition, integration and related matters of Vidello’s business with Banzai, including, but not limited to (a) the transition of data of Vidello managed and/or held by Vidello to Banzai, (b) certain services relating to the continued operations of Vidello, and (c) the training of certain employees of Banzai regarding the operations of Vidello including any proprietary business processes and trade secrets following the Closing, during the six months following the Closing (the “Transition Holdback Period”), and (3) the withholding of $<span id="xdx_90B_ecustom--BusinessAcquisitionAmountWithheldSubjectToCertainRevenueRelatedConditions_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_ze7OcKVJ2oyg" title="Business acquisition, amount withheld subject to certain revenue related conditions">1,000,000</span> subject to certain revenue related conditions being met during the <span id="xdx_90A_ecustom--BusinessAcquisitionRevenueHoldbackPeriod_dtD_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zSGeNV4f7qTe" title="Business acquisition revenue holdback period">180</span> day period following the Closing (the “Revenue Holdback Amount” and together with the Indemnification Holdback Amount and the Transition Holdback Amount, the “Holdback Amount”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Company recognized $<span id="xdx_902_eus-gaap--BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zg3lg69MTvHj" title="Business combination separely recognized transactions expenses and losses recognized">485,720</span> of expense after foreign currency translation in the consolidated statements of operations related to the Transition Holdback Amount in the line Vidello earnout expense. As of December 31, 2025, the Company had paid the contractual amount of $<span id="xdx_902_eus-gaap--PaymentForContingentConsiderationLiabilityInvestingActivities_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_znyEmZK0M3ai" title="Payment for contingent consideration liability, investing activities">500,000</span> to the Vidello Shareholders for the Transition Holdback Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the <span id="xdx_90E_ecustom--BusinessCombinationHoldbackMeasurementPeriod_dtD_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zQ8bP52Tpz5" title="Business combination holdback measurement period">180</span> day measurement period for the Revenue Holdback had lapsed and the revenue conditions as defined in the Vidello Merger Agreement had not been met. As such the Company recognized a gain on the extinguishment of Vidello revenue holdback of $<span id="xdx_90E_eus-gaap--BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zvbStYeobR16" title="Business combination contingent consideration change in contingent consideration liability increase decrease">973,000</span> for the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with and as a condition of closing pursuant to the Vidello Merger Agreement, the Company executed and delivered to each Vidello Shareholder a lock-up agreement (the “Vidello Lock-Up Agreement”), pursuant to which, the shareholders of Class A Common Stock and any other securities convertible or exercisable into the shares of Class A Common Stock beneficially owned by them, during the <span id="xdx_90B_ecustom--BusinessAcquisitionLockUpAgreementPeriod_dtD_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zDYWNNxKkgB4" title="Business acquisition, lockup agreement period">180</span>-day period following the closing of the Vidello Merger, cannot complete any Prohibited Transfer (as defined in the Vidello Merger Agreement).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately prior to the closing of the Vidello Merger, the directors, and officers of Vidello tendered their resignation, effective at the closing. Pursuant to the Vidello Merger Agreement, the CEO of the Company shall be the sole member of the board of directors of Vidello effective upon the closing of the Vidello Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incurred transaction costs of approximately $<span id="xdx_909_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_c20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zEr5EUGBcAtf" title="Business acquisition cost of acquired entity transaction costs">730,000</span> which are included in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello Merger was accounted for as a business combination under the acquisition method pursuant to FASB ASC 805, <i>Business Combinations</i> (“ASC 805”), with the Company as the accounting acquirer. Under the acquisition method, the total purchase price of the acquisition is allocated to the net identifiable tangible and intangible assets acquired and liabilities assumed based on the fair values as of the acquisition date. The preliminary fair value of the consideration transferred totaled $<span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_znj92XPi39gf" title="Business combination, consideration transferred">6,267,747</span> summarized as follows:</span></p> <p id="xdx_897_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionEquityInterestIssuedOrIssuableTextBlock_zobH24LKpwI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zExFxU5TCHR3" style="display: none">Summary of Preliminary Fair Value of the Consideration Transferred</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash paid at closing</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--BusinessCombinationCashPaidAtClosing_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zhkDpVjkSdF5" style="width: 16%; text-align: right" title="Business combination cash paid at closing"><span style="font-family: Times New Roman, Times, Serif">2,745,031</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Common stock issued to Vidello Stockholders</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--BusinessCombinationConsiderationTransferred1_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcfONCBRFJV8" style="text-align: right" title="Business combination common stock issued to vidello stockholders"><span style="font-family: Times New Roman, Times, Serif">1,661,677</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Fair value of Holdback Amount</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_ecustom--BusinessCombinationFairValueOfHoldbackAmount_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zDTLBmZIS6ea" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination fair value of holdback amount"><span style="font-family: Times New Roman, Times, Serif">1,861,039</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total consideration paid</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--BusinessCombinationConsiderationTransferred1_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z6K6sQqSfSn" style="border-bottom: Black 2.5pt double; text-align: right" title="Business combination total consideration paid"><span style="font-family: Times New Roman, Times, Serif">6,267,747</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AE_zMbHGTceSOVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zWL1RdCp9nI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company made a provisional allocation of the purchase price of the Vidello Merger to the assets acquired and liabilities assumed as of the acquisition date. The following table summarizes the provisional purchase price allocation relating to the Vidello Merger:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_z5pn2dcb7ft4" style="display: none">Summary of Provisional Purchase Price Allocation Relating to Vidello Merger</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Assets acquired:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zior6ZuZd9g5" style="width: 16%; text-align: right" title="Business combination recognized asset acquired, cash and cash equivalents"><span style="font-family: Times New Roman, Times, Serif">67,551</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property and equipment, net</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_987_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zDfVQeo97jel" style="text-align: right" title="Business combination recognized asset acquired, property plant and equipment"><span style="font-family: Times New Roman, Times, Serif">9,375</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible assets – customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zlUU4A9hDrma" style="text-align: right" title="Business combination recognized asset acquired identifiable intangible asset, excluding goodwill"><span style="font-family: Times New Roman, Times, Serif">551,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible Assets – trade name</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zlgBYrT0nRtf" style="text-align: right" title="Business combination recognized asset acquired identifiable intangible asset, excluding goodwill"><span style="font-family: Times New Roman, Times, Serif">736,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Intangible Assets – developed technology</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember_z3wqauMBbpM9" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination recognized asset acquired identifiable intangible asset, excluding goodwill"><span style="font-family: Times New Roman, Times, Serif">4,010,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z3tFRv7NBTt5" style="text-align: right" title="Business combination recognized asset acquired asset"><span style="font-family: Times New Roman, Times, Serif">5,373,926</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities assumed:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zuSQxtzPnoJl" style="text-align: right" title="Business combination recognized liability assumed accounts payable"><span style="font-family: Times New Roman, Times, Serif">705</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses and other current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpensesAndOtherCurrentLiabilities_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zb9iZiiDbEgc" style="text-align: right" title="Business combination recognized identifiable assets acquired and liabilities assumed accrued expenses and other current liabilities"><span style="font-family: Times New Roman, Times, Serif">15,377</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unearned revenue, current</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zxQ66uT3dvw5" style="text-align: right" title="Business combination recognized liability assumed deferred revenue current"><span style="font-family: Times New Roman, Times, Serif">447,966</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax liability</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z8B4T8TNDN17" style="text-align: right" title="Business combination recognized liability assumed deferred tax liability"><span style="font-family: Times New Roman, Times, Serif">1,324,250</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Taxes payable</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTaxesPayable_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z6M7UbWj9h9g" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination, recognized identifiable assets acquired and liabilities assumed, taxes payable"><span style="font-family: Times New Roman, Times, Serif">337,127</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total liabilities</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zX6W0A1ZlpOb" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination, recognized liability assumed liability"><span style="font-family: Times New Roman, Times, Serif">2,125,425</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total identifiable net assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zD169gbE4jT4" style="text-align: right" title="Business combination, recognized asset acquired to liabiltiy assumed excess"><span style="font-family: Times New Roman, Times, Serif">3,248,501</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Goodwill recorded:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--Goodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zIvFuMrB8jYc" style="border-bottom: Black 1pt solid; text-align: right" title="Goodwill"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total consideration</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zCN1qNx2IvF4" style="border-bottom: Black 2.5pt double; text-align: right" title="Business combination, recognized asset acquired to liability assumed excess and goodwill"><span style="font-family: Times New Roman, Times, Serif">6,267,747</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A3_z8nzh1CY0tE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill recognized is not expected to be deductible for tax purposes. We believe that in this acquisition goodwill represents the value of Vidello’s existing products, combined with the added business synergies of integrating with the existing Banzai products and customer base.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date these consolidated financial statements were issued, the purchase accounting related to this acquisition was incomplete as certain working capital balances were subject to potential change. The Company has reflected the provisional amounts in these consolidated financial statements. As such, the above balances may be adjusted in a future period, not to exceed one (1) year from the acquisition date pursuant to ASC 805, as the Company finalizes and/or updates for any identified working capital adjustments, which may be material to the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_zlKvZTlDwRJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All intangible assets acquired are subject to amortization and their associated estimated useful lives are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_z8gz87uoxfNg" style="display: none">Summary of Intangible Assets Acquired and their Associated Estimated Useful Lives</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Estimated</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; width: 80%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible Assets</span></td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Useful Life</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zybdZnTBzoLd" title="Intangible assets estimated useful life, customer relationships">6</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade name</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zU0SSPMrJiD1" title="Intangible assets estimated useful life, trade name">10</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Developed technology</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember__srt--RangeAxis__srt--MinimumMember_znNSE15o6ys1" title="Intangible assets estimated useful life, developed technology">7</span> - <span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember__srt--RangeAxis__srt--MaximumMember_zVdmJO90KKK4" title="Intangible assets estimated useful life, developed technology">8</span> years</span></td></tr> </table> <p id="xdx_8A6_zepXHhs3L4X2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income in the consolidated statements of operations for the year ended December 31, 2025 and 2024 includes net loss of approximately $<span id="xdx_906_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z3gV1BAJantk" title="Net Income (Loss)">250</span> thousand and net income of $<span id="xdx_907_eus-gaap--NetIncomeLoss_pn3n3_c20240101__20241231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zUDtUGgGQx2c" title="Net Income (Loss)">734</span> thousand, respectively, of Vidello from the date of acquisition to December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pro forma disclosure for the Vidello acquisition</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the Merger with Vidello had taken place on January 1, 2024. The pro forma results presented are the result of combining the revenues and earnings of the Company with the revenues and earnings of Vidello. The Company did not have any material, non-recurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_zWJ5VmXHgBoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zRdSx5AE4mc7" style="display: none">Summary of Pro Forma Financial Information</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z9d0H35uZaD1" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20241231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z9T6sDyIPCx5" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the year ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--BusinessAcquisitionsProFormaRevenue_zCM6ZIHFp3Hc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,391,854</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,006,674</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--BusinessAcquisitionProFormaCostOfRevenue_zZqOOOAVvLK8" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,379,038</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,114,675</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--BusinessAcquisitionProFormaOperatingExpenses_zQKgDmXR0qN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,511,163</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,795,088</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--BusinessAcquisitionProFormaOtherExpensesIncomeNet_z5LR2P2YuGK4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total other expenses (income), net</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,966,478</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,045,645</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_iT_zDn4KITcFHLk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss before income taxes attributable to common stockholders</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(22,464,825</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(29,948,734</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p id="xdx_8A3_zly8BAvy7558" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2745031 2500000 4491 1000000 500000 1000000 P180D 485720 500000 P180D 973000 P180D 730000 6267747 <p id="xdx_897_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionEquityInterestIssuedOrIssuableTextBlock_zobH24LKpwI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zExFxU5TCHR3" style="display: none">Summary of Preliminary Fair Value of the Consideration Transferred</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash paid at closing</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--BusinessCombinationCashPaidAtClosing_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zhkDpVjkSdF5" style="width: 16%; text-align: right" title="Business combination cash paid at closing"><span style="font-family: Times New Roman, Times, Serif">2,745,031</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Common stock issued to Vidello Stockholders</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--BusinessCombinationConsiderationTransferred1_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcfONCBRFJV8" style="text-align: right" title="Business combination common stock issued to vidello stockholders"><span style="font-family: Times New Roman, Times, Serif">1,661,677</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Fair value of Holdback Amount</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_ecustom--BusinessCombinationFairValueOfHoldbackAmount_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zDTLBmZIS6ea" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination fair value of holdback amount"><span style="font-family: Times New Roman, Times, Serif">1,861,039</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total consideration paid</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--BusinessCombinationConsiderationTransferred1_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z6K6sQqSfSn" style="border-bottom: Black 2.5pt double; text-align: right" title="Business combination total consideration paid"><span style="font-family: Times New Roman, Times, Serif">6,267,747</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2745031 1661677 1861039 6267747 <p id="xdx_894_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zWL1RdCp9nI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company made a provisional allocation of the purchase price of the Vidello Merger to the assets acquired and liabilities assumed as of the acquisition date. The following table summarizes the provisional purchase price allocation relating to the Vidello Merger:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_z5pn2dcb7ft4" style="display: none">Summary of Provisional Purchase Price Allocation Relating to Vidello Merger</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Assets acquired:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zior6ZuZd9g5" style="width: 16%; text-align: right" title="Business combination recognized asset acquired, cash and cash equivalents"><span style="font-family: Times New Roman, Times, Serif">67,551</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property and equipment, net</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_987_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zDfVQeo97jel" style="text-align: right" title="Business combination recognized asset acquired, property plant and equipment"><span style="font-family: Times New Roman, Times, Serif">9,375</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible assets – customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zlUU4A9hDrma" style="text-align: right" title="Business combination recognized asset acquired identifiable intangible asset, excluding goodwill"><span style="font-family: Times New Roman, Times, Serif">551,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible Assets – trade name</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zlgBYrT0nRtf" style="text-align: right" title="Business combination recognized asset acquired identifiable intangible asset, excluding goodwill"><span style="font-family: Times New Roman, Times, Serif">736,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Intangible Assets – developed technology</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember_z3wqauMBbpM9" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination recognized asset acquired identifiable intangible asset, excluding goodwill"><span style="font-family: Times New Roman, Times, Serif">4,010,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z3tFRv7NBTt5" style="text-align: right" title="Business combination recognized asset acquired asset"><span style="font-family: Times New Roman, Times, Serif">5,373,926</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities assumed:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zuSQxtzPnoJl" style="text-align: right" title="Business combination recognized liability assumed accounts payable"><span style="font-family: Times New Roman, Times, Serif">705</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses and other current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpensesAndOtherCurrentLiabilities_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zb9iZiiDbEgc" style="text-align: right" title="Business combination recognized identifiable assets acquired and liabilities assumed accrued expenses and other current liabilities"><span style="font-family: Times New Roman, Times, Serif">15,377</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unearned revenue, current</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zxQ66uT3dvw5" style="text-align: right" title="Business combination recognized liability assumed deferred revenue current"><span style="font-family: Times New Roman, Times, Serif">447,966</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax liability</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z8B4T8TNDN17" style="text-align: right" title="Business combination recognized liability assumed deferred tax liability"><span style="font-family: Times New Roman, Times, Serif">1,324,250</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Taxes payable</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTaxesPayable_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z6M7UbWj9h9g" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination, recognized identifiable assets acquired and liabilities assumed, taxes payable"><span style="font-family: Times New Roman, Times, Serif">337,127</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total liabilities</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zX6W0A1ZlpOb" style="border-bottom: Black 1pt solid; text-align: right" title="Business combination, recognized liability assumed liability"><span style="font-family: Times New Roman, Times, Serif">2,125,425</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total identifiable net assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zD169gbE4jT4" style="text-align: right" title="Business combination, recognized asset acquired to liabiltiy assumed excess"><span style="font-family: Times New Roman, Times, Serif">3,248,501</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Goodwill recorded:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--Goodwill_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zIvFuMrB8jYc" style="border-bottom: Black 1pt solid; text-align: right" title="Goodwill"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total consideration</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_c20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zCN1qNx2IvF4" style="border-bottom: Black 2.5pt double; text-align: right" title="Business combination, recognized asset acquired to liability assumed excess and goodwill"><span style="font-family: Times New Roman, Times, Serif">6,267,747</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 67551 9375 551000 736000 4010000 5373926 705 15377 447966 1324250 337127 2125425 3248501 3019246 6267747 <p id="xdx_89C_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_zlKvZTlDwRJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All intangible assets acquired are subject to amortization and their associated estimated useful lives are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_z8gz87uoxfNg" style="display: none">Summary of Intangible Assets Acquired and their Associated Estimated Useful Lives</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Estimated</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; width: 80%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible Assets</span></td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Useful Life</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zybdZnTBzoLd" title="Intangible assets estimated useful life, customer relationships">6</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade name</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zU0SSPMrJiD1" title="Intangible assets estimated useful life, trade name">10</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Developed technology</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember__srt--RangeAxis__srt--MinimumMember_znNSE15o6ys1" title="Intangible assets estimated useful life, developed technology">7</span> - <span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember__srt--RangeAxis__srt--MaximumMember_zVdmJO90KKK4" title="Intangible assets estimated useful life, developed technology">8</span> years</span></td></tr> </table> P6Y P10Y P7Y P8Y 250000 734000 <p id="xdx_89D_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_zWJ5VmXHgBoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zRdSx5AE4mc7" style="display: none">Summary of Pro Forma Financial Information</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z9d0H35uZaD1" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20241231__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z9T6sDyIPCx5" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the year ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--BusinessAcquisitionsProFormaRevenue_zCM6ZIHFp3Hc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,391,854</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,006,674</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--BusinessAcquisitionProFormaCostOfRevenue_zZqOOOAVvLK8" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,379,038</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,114,675</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--BusinessAcquisitionProFormaOperatingExpenses_zQKgDmXR0qN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,511,163</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,795,088</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--BusinessAcquisitionProFormaOtherExpensesIncomeNet_z5LR2P2YuGK4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total other expenses (income), net</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,966,478</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,045,645</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_iT_zDn4KITcFHLk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss before income taxes attributable to common stockholders</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(22,464,825</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(29,948,734</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> 12391854 10006674 2379038 2114675 28511163 19795088 3966478 18045645 -22464825 -29948734 <p id="xdx_800_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zuShJi1tVWdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. <span id="xdx_82B_zUXxESq0Jufb">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due to Related Party of 7GC</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Sponsor paid certain expenses on behalf of 7GC. Upon Closing of the Merger, Banzai assumed the $<span id="xdx_90F_eus-gaap--OtherLiabilitiesCurrent_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMember_z5OSvmygYt95" title="Other current liabilities">67,118</span> liability. As of December 31, 2025, there is <span id="xdx_90E_eus-gaap--OtherLiabilitiesCurrent_iI_do_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMember_z1yMloZ086Lb" title="Other current liabilities">no</span> remaining balance outstanding related to this liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legacy Banzai Related Party Transactions</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, Legacy Banzai issued Promissory Notes and Convertible Notes to related parties. See <i>Note 12 – Debt </i>for further details related to these transactions and associated balances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt Restructuring Agreement with CP BF</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 5, 2024, the Company and CP BF agreed to amend the outstanding balance of all debt previously in the form of <span id="xdx_903_eus-gaap--DebtInstrumentConvertibleNumberOfEquityInstruments_uInteger_c20240905__20240905__us-gaap--DebtInstrumentAxis__us-gaap--NotesPayableToBanksMember_zlGV2mdGDVi6" style="display: none" title="Debt instrument convertible, number of equity instruments">1</span>one term note and <span id="xdx_903_eus-gaap--DebtInstrumentConvertibleNumberOfEquityInstruments_uInteger_c20240905__20240905__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleNotesPayableMember_zJBR8v4XqPo" style="display: none" title="Debt instrument convertible, number of equity instruments">2</span>two convertible notes into <span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleNumberOfEquityInstruments_uInteger_c20240905__20240905__us-gaap--DebtInstrumentAxis__us-gaap--NotesPayableToBanksMember_zfgLu1f96dG5" style="display: none" title="Debt instrument convertible, number of equity instruments">1</span>one new consolidated convertible note. The newly issued consolidated convertible note was issued on <span id="xdx_90D_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20240905__20240905_zQzAveqMl0ua" title="Debt instrument, issuance date">September 23, 2024</span>. Additionally on September 23, 2024, the Company and CP BF entered into a share purchase agreement where the Company issued equity in the form of common stock, common stock warrants and pre-funded warrants to CP BF for the reduction of $<span id="xdx_900_ecustom--ReductionOfDebt_iI_pn5n6_c20240923__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z0UzwX24Xgul" title="Reduction of debt">2</span> million of debt under the newly issued consolidated convertible note. See <i>Note 12 – Debt</i>, for further details related to the transaction and associated balances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due to Related Party of Company CEO</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 12, 2024, the CEO of the Company loaned the Company an advance of $<span id="xdx_903_eus-gaap--ProceedsFromRelatedPartyDebt_c20240912__20240912__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zrZ8PsQSI1R1" title="Proceeds from related party debt">100,000</span>. The advance is non-interest bearing, and matures one year from issuance. During the year ended December 31, 2025, the outstanding balance was repaid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 67118 0 1 2 1 2024-09-23 2000000 100000 <p id="xdx_801_eus-gaap--RevenueFromContractWithCustomerTextBlock_zzxjL2IXaNxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_82B_zyQDHPVPogGb">Revenue</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is generated through Banzai providing marketing and webinar platform subscription software service for a set period of time. The Company’s services include providing end-to-end video engagement solutions that provide a fast, intuitive and powerful platform of marketing tools that create more intent-driven videos, webinars, virtual events and other digital and in-person marketing campaigns. As noted within the statements of work and/or invoices, agreements range from monthly, to annual, to multi-year and Banzai generally provides for net 30-day payment terms with the payment made directly through check or electronic means. Banzai’s Management believes its exposure to credit risk is sufficiently mitigated by collection through credit card sales or direct payment from established clients.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At contract inception, once the contract is determined to be within the scope of FASB ASC 606, <i>Revenue from Contracts with Customers</i>, (“ASC 606”), the Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company recognizes revenues following the five-step model prescribed under ASC 606:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify contract(s) with a customer;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify the performance obligation(s) in the contract;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determine the transaction price;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">allocate the transaction price to the performance obligation(s) in the contract; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize revenues when (or as) the Company satisfies a performance obligation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from contracts with customers are not recorded until the Company has the approval and commitment from the parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and collectability of the consideration is probable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. When an arrangement contains more than one performance obligation, the Company will allocate the transaction price to each performance obligation on a relative standalone selling price basis. The Company utilizes the observable price of products and services when they are sold separately to similar customers in order to estimate standalone selling price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised services to its customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is recognized when a performance obligation is satisfied by transferring control of the service to the customer, which occurs over time. The Company considers this method a faithful depiction of the transfer of control as services are substantially the same and have the same pattern of transfer over the life of the contract. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following indicators are evaluated in determining when control has passed to the customer: (i) whether the Company has a right to payment for the product or service, (ii) whether the customer has legal title to the product or service, (iii) whether the Company has transferred physical possession of the product or service to the customer, (iv) whether the customer has the significant risk and rewards of ownership of the product or service and (v) whether the customer has accepted the product or service.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also evaluates the following indicators, amongst others, when determining whether it is acting as a principal in the transaction (and therefore whether to record revenue on a gross basis): (i) whether the Company is primarily responsible for fulfilling the promise to provide the specified good or service, (ii) whether the Company has the inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) whether the Company has the discretion to establish the price for the specified good or service. If the terms of a transaction do not indicate that the Company is acting as a principal in the transaction, then the Company is acting as an agent in the transaction and therefore, the associated revenue is recognized on a net basis (that is revenue net of costs).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nature of Products and Services</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each, as applicable:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Demio</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Demio product is a full-stack technology that marketers can leverage live and automated for video marketing content such as webinars and virtual events. Software products are provided to Demio customers for a range of attendees and hosts within a specified time frame at a specified established price. <span id="xdx_907_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20250101__20251231__srt--ProductOrServiceAxis__custom--DemioMember_zBysk6Ss3w9j" title="Revenue performance obligation description of timing">The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services over time which corresponds with the period of time that access to the service is provided.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reach</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the Reach product is in the process of being phased out, the Company continues to generate revenues from the product. The Reach product provides a multi-channel targeted audience acquisition (via Reach) to bolster engagement and Return on Investment (ROI). Banzai enables marketing teams to create winning webinars and virtual and in-person events that increase marketing efficiency and drive additional revenue. Software products are provided to Reach customers for a range of simultaneous events and registrations within a specified time frame at a specified established price. <span id="xdx_908_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20250101__20251231__srt--ProductOrServiceAxis__custom--ReachMember_zBunloELo8M5" title="Revenue performance obligation description of timing">The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Reach services over time which corresponds with the timing the service is rendered.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>OpenReel</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The OpenReel product offers subscription-based software as a service (SaaS) offerings to enterprise, media, entertainment and agency teams to remotely control, direct, script, film, and collaborate on high definition video projects from a mobile device or webcam. <span id="xdx_900_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20250101__20251231__srt--ProductOrServiceAxis__custom--OpenReelMember_zZSge3yCQO51" title="Revenue performance obligation description of timing">The Company enters into fixed price subscription contracts with customers, which can be monthly, annual, or multi-year agreements which auto-renew without discount for additional periods of the same duration as the initial term, unless either party requests termination in writing at least thirty (30) days prior to the end of the initial service term. The subscription revenues are recognized ratably over the term of the service agreement, which is considered an output method, as the obligation of hosting the SaaS product is fulfilled over the course of the agreement. The Company does not charge for implementation or recognize any revenues upfront due to minimal effort required. There are no financing components and payments are typically net 30 of date of receipt of invoice, or typically net 90 date of receipt of invoice for customers on multi-year subscription agreement contracts. It is nearly 100% certain that a significant revenue reversal will not occur.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vidello</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello product is a video hosting and marketing platform designed to help businesses manage, customize, and optimize their video content. Revenue is generated through Vidello providing video hosting and marketing platform subscription software service for a set period of time. <span id="xdx_909_eus-gaap--RevenuePerformanceObligationDescriptionOfTiming_c20250101__20251231__srt--ProductOrServiceAxis__custom--VidelloMember_z2ZexX8xZ4mb" title="Revenue performance obligation description of timing">Customer contracting is achieved via self-service and invoicing is initiated automatically once the customer accepts the terms and conditions on the platform, based on their selection of the desired subscription product. When execution or completion of the contract occurs, the contract is valid and revenue is earned when the service is provided for each period of performance, daily. The amount is paid by the customer based on the contract terms monthly, annually or indefinite with the majority paid via credit card processing.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Service Trade Revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has one customer for which the customer is also a vendor. For this one customer, the Company exchanged services for approximately $<span id="xdx_90E_ecustom--ServicesRevenueFromVendorCustomer_c20250101__20251231_zHvIWd6hswy" title="Services revenue from vendor customer">125,000</span> and $<span id="xdx_90B_ecustom--ServicesRevenueFromVendorCustomer_c20240101__20241231_zpszlqnAB7b9" title="Services revenue from vendor customer">239,000</span>, during the years ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disaggregation of Revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_zTnRfByAiwCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes revenue by region based on the billing address of customers for the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_znesNF5RLcnj" style="display: none">Summary of Revenue by Region</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage of Revenue</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage of Revenue</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Americas</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231__srt--StatementGeographicalAxis__srt--AmericasMember_zpmTdUdxdR7l" style="width: 11%; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">9,193,173</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AmericasMember_ze4POSjDJko" title="Concentration risk percentage">76</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231__srt--StatementGeographicalAxis__srt--AmericasMember_zRzzGLLCwaug" style="width: 11%; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">2,564,074</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AmericasMember_zIRlJqxmTUJa" title="Concentration risk percentage">57</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Europe, Middle East and Africa (EMEA)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231__srt--StatementGeographicalAxis__us-gaap--EMEAMember_zZWLXOco34m7" style="text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">1,066,254</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember_z82aENMIgedc" title="Concentration risk percentage">9</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231__srt--StatementGeographicalAxis__us-gaap--EMEAMember_zMrYL1E83tM3" style="text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">1,492,561</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember_zk4VVd4Tym5" title="Concentration risk percentage">33</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Asia Pacific</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zcZ2IHyPW22c" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">1,901,992</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zVtGmdhmWNbg" title="Concentration risk percentage">15</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zPs8fmEMCs0b" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">471,244</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zop1LG9hjj49" title="Concentration risk percentage">10</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231_zRHuuOcr9RK" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">12,161,419</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zpGNcosVPz65" title="Concentration risk percentage">100</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231_zAVP7au8Gf9i" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">4,527,879</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zfIUNBEd0GKd" title="Concentration risk percentage">100</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p id="xdx_8A4_znnR9OOHFix9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contract Balances</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts Receivable, Net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. The Company receives payments from customers based upon agreed-upon contractual terms, typically within 30 days of invoicing the customer. The timing of revenue recognition may differ from the timing of invoicing to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_z3d65P6w9xyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes accounts receivable, net as of the dates presented:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_zCyKfVaDgfIg" style="display: none">Summary of Accounts Receivable, Net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance – January 1, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--AccountsReceivableNetCurrent_iS_c20240101__20241231_zZmBGjIuUnYa" style="width: 16%; text-align: right" title="Balance - January 1, 2024"><span style="font-family: Times New Roman, Times, Serif">105,049</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--AccountsReceivableNetCurrent_iS_c20250101__20251231_zOSJZYYk5G7f" style="text-align: right" title="Balance - December 31, 2024"><span style="font-family: Times New Roman, Times, Serif">936,321</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--AccountsReceivableNetCurrent_iE_c20250101__20251231_zA1G6arPbxyf" style="text-align: right" title="Balance - December 31, 2025"><span style="font-family: Times New Roman, Times, Serif">709,203</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A1_zJAoTnkSwxO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Costs to Obtain a Contract</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_898_eus-gaap--CapitalizedContractCostTableTextBlock_zgVhSqizMJe7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission expenses were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgQWN0aXZpdHkgUmVsYXRlZCB0byBDb3N0cyB0byBPYnRhaW4gQ29udHJhY3QgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_907_eus-gaap--SalesCommissionsAndFees_c20250101__20251231_ztF2nvzwc5T7" title="Sales commissions and fees">466,951</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgQWN0aXZpdHkgUmVsYXRlZCB0byBDb3N0cyB0byBPYnRhaW4gQ29udHJhY3QgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_904_eus-gaap--SalesCommissionsAndFees_c20240101__20241231_z5GGrM11KTJ6" title="Sales commissions and fees">193,995</span> for the years ended December 31, 2025 and 2024, respectively. The following summarizes the activity related to costs to obtain a contract during the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zVTNZDsPPe8k" style="display: none">Summary of Activity Related to Costs to Obtain Contract</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2023</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--CapitalizedContractCostNetCurrent_iS_c20240101__20241231_zx0QWqgh1J0k" style="width: 16%; text-align: right" title="Beginning balance"><span style="font-family: Times New Roman, Times, Serif">51,472</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Commissions incurred</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_ecustom--CommissionsIncurred_c20240101__20241231_zs5k1wt5oMW5" style="text-align: right" title="Commission incurred"><span style="font-family: Times New Roman, Times, Serif">180,141</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Deferred commissions recognized</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--DeferredCommissionsRecognized_c20240101__20241231_zyM7B9fCQET1" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized"><span style="font-family: Times New Roman, Times, Serif">(200,109</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--CapitalizedContractCostNetCurrent_iS_c20250101__20251231_zV1fYXAd3y86" style="text-align: right" title="Beginning balance"><span style="font-family: Times New Roman, Times, Serif">31,504</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Commissions incurred</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_ecustom--CommissionsIncurred_c20250101__20251231_zP48yogRJjTd" style="text-align: right" title="Commission incurred"><span style="font-family: Times New Roman, Times, Serif">286,311</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Deferred commissions recognized</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_ecustom--DeferredCommissionsRecognized_c20250101__20251231_zqpKuux5Qruj" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized"><span style="font-family: Times New Roman, Times, Serif">(221,609</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--CapitalizedContractCostNetCurrent_iE_c20250101__20251231_zuMnLW3AEgTe" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance"><span style="font-family: Times New Roman, Times, Serif">96,206</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A7_ziQFHmesCg9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deferred Revenue</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue represents amounts that have been collected in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The deferred revenue balance does not represent the total contract value of annual or multi-year, non-cancelable revenue agreements. Differences between the revenue recognized per the below schedule, and the revenue recognized per the consolidated statement of operations, reflect amounts not recognized through the deferred revenue process, and which have been determined to be insignificant. For the year ended December 31, 2025 and the year ended December 31, 2024, the Company recognized $<span id="xdx_901_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_c20250101__20251231_zdYxML7MVkn7" title="Contract with customer liability revenue recognized">3,867,853</span> and <span style="background-color: white">$<span id="xdx_908_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_c20240101__20241231_zvuZD32aIrAe" title="Contract with customer liability revenue recognized">1,214,096</span></span> in revenue that was included in the prior year deferred revenue balance, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zS16tSgOSgA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The change in total deferred revenue was as follows for the periods indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zIf6EXzCIT1g" style="display: none">Summary of Changes in Total Deferred Revenue</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20250101__20251231_zUstySWQbrhh" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20240101__20241231_zHB1dX9URzSe" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--ContractWithCustomerLiability_iS_zuTu8vZzWz08" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total deferred revenue, beginning of period</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,052,270</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,214,096</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--ContractWithCustomerLiabilityBillings_zBIbRhsJ3HR9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Billings</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,487,029</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,362,730</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenuePriorYear_ztljegkAYlyb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue recognized (prior year deferred revenue)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,867,853</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,214,096</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenueCurrentYear_zA37Msp7OW36" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue recognized (current year deferred revenue)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,383,159</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,091,333</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_eus-gaap--ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination_hus-gaap--BusinessAcquisitionAxis__custom--OpenReelMember_zc38pVzlRD8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Acquired deferred revenue of OpenReel (see Note 4 – Acquisitions)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4538">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,780,873</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zokhZcijvFzc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Acquired deferred revenue of Vidello (see Note 4 – Acquisitions)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">447,966</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4542">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--ContractWithCustomerLiability_iE_zI2EYmFI7Ye6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total deferred revenue, end of period</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,736,253</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,052,270</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services over time which corresponds with the period of time that access to the service is provided. The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Reach services over time which corresponds with the timing the service is rendered. The Company enters into fixed price subscription contracts with customers, which can be monthly, annual, or multi-year agreements which auto-renew without discount for additional periods of the same duration as the initial term, unless either party requests termination in writing at least thirty (30) days prior to the end of the initial service term. The subscription revenues are recognized ratably over the term of the service agreement, which is considered an output method, as the obligation of hosting the SaaS product is fulfilled over the course of the agreement. The Company does not charge for implementation or recognize any revenues upfront due to minimal effort required. There are no financing components and payments are typically net 30 of date of receipt of invoice, or typically net 90 date of receipt of invoice for customers on multi-year subscription agreement contracts. It is nearly 100% certain that a significant revenue reversal will not occur. Customer contracting is achieved via self-service and invoicing is initiated automatically once the customer accepts the terms and conditions on the platform, based on their selection of the desired subscription product. When execution or completion of the contract occurs, the contract is valid and revenue is earned when the service is provided for each period of performance, daily. The amount is paid by the customer based on the contract terms monthly, annually or indefinite with the majority paid via credit card processing. 125000 239000 <p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_zTnRfByAiwCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes revenue by region based on the billing address of customers for the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_znesNF5RLcnj" style="display: none">Summary of Revenue by Region</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage of Revenue</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage of Revenue</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Americas</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231__srt--StatementGeographicalAxis__srt--AmericasMember_zpmTdUdxdR7l" style="width: 11%; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">9,193,173</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AmericasMember_ze4POSjDJko" title="Concentration risk percentage">76</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231__srt--StatementGeographicalAxis__srt--AmericasMember_zRzzGLLCwaug" style="width: 11%; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">2,564,074</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AmericasMember_zIRlJqxmTUJa" title="Concentration risk percentage">57</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Europe, Middle East and Africa (EMEA)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231__srt--StatementGeographicalAxis__us-gaap--EMEAMember_zZWLXOco34m7" style="text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">1,066,254</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember_z82aENMIgedc" title="Concentration risk percentage">9</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231__srt--StatementGeographicalAxis__us-gaap--EMEAMember_zMrYL1E83tM3" style="text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">1,492,561</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__us-gaap--EMEAMember_zk4VVd4Tym5" title="Concentration risk percentage">33</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Asia Pacific</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zcZ2IHyPW22c" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">1,901,992</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zVtGmdhmWNbg" title="Concentration risk percentage">15</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zPs8fmEMCs0b" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">471,244</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__srt--AsiaPacificMember_zop1LG9hjj49" title="Concentration risk percentage">10</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20250101__20251231_zRHuuOcr9RK" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">12,161,419</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20251231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zpGNcosVPz65" title="Concentration risk percentage">100</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20240101__20241231_zAVP7au8Gf9i" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue from contract with customer, excluding assessed tax"><span style="font-family: Times New Roman, Times, Serif">4,527,879</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember_zfIUNBEd0GKd" title="Concentration risk percentage">100</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> 9193173 0.76 2564074 0.57 1066254 0.09 1492561 0.33 1901992 0.15 471244 0.10 12161419 1 4527879 1 <p id="xdx_897_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_z3d65P6w9xyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes accounts receivable, net as of the dates presented:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_zCyKfVaDgfIg" style="display: none">Summary of Accounts Receivable, Net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance – January 1, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--AccountsReceivableNetCurrent_iS_c20240101__20241231_zZmBGjIuUnYa" style="width: 16%; text-align: right" title="Balance - January 1, 2024"><span style="font-family: Times New Roman, Times, Serif">105,049</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--AccountsReceivableNetCurrent_iS_c20250101__20251231_zOSJZYYk5G7f" style="text-align: right" title="Balance - December 31, 2024"><span style="font-family: Times New Roman, Times, Serif">936,321</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--AccountsReceivableNetCurrent_iE_c20250101__20251231_zA1G6arPbxyf" style="text-align: right" title="Balance - December 31, 2025"><span style="font-family: Times New Roman, Times, Serif">709,203</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 105049 936321 709203 <p id="xdx_898_eus-gaap--CapitalizedContractCostTableTextBlock_zgVhSqizMJe7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission expenses were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgQWN0aXZpdHkgUmVsYXRlZCB0byBDb3N0cyB0byBPYnRhaW4gQ29udHJhY3QgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_907_eus-gaap--SalesCommissionsAndFees_c20250101__20251231_ztF2nvzwc5T7" title="Sales commissions and fees">466,951</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgQWN0aXZpdHkgUmVsYXRlZCB0byBDb3N0cyB0byBPYnRhaW4gQ29udHJhY3QgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_904_eus-gaap--SalesCommissionsAndFees_c20240101__20241231_z5GGrM11KTJ6" title="Sales commissions and fees">193,995</span> for the years ended December 31, 2025 and 2024, respectively. The following summarizes the activity related to costs to obtain a contract during the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zVTNZDsPPe8k" style="display: none">Summary of Activity Related to Costs to Obtain Contract</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2023</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--CapitalizedContractCostNetCurrent_iS_c20240101__20241231_zx0QWqgh1J0k" style="width: 16%; text-align: right" title="Beginning balance"><span style="font-family: Times New Roman, Times, Serif">51,472</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Commissions incurred</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_ecustom--CommissionsIncurred_c20240101__20241231_zs5k1wt5oMW5" style="text-align: right" title="Commission incurred"><span style="font-family: Times New Roman, Times, Serif">180,141</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Deferred commissions recognized</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--DeferredCommissionsRecognized_c20240101__20241231_zyM7B9fCQET1" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized"><span style="font-family: Times New Roman, Times, Serif">(200,109</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--CapitalizedContractCostNetCurrent_iS_c20250101__20251231_zV1fYXAd3y86" style="text-align: right" title="Beginning balance"><span style="font-family: Times New Roman, Times, Serif">31,504</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Commissions incurred</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_ecustom--CommissionsIncurred_c20250101__20251231_zP48yogRJjTd" style="text-align: right" title="Commission incurred"><span style="font-family: Times New Roman, Times, Serif">286,311</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Deferred commissions recognized</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_ecustom--DeferredCommissionsRecognized_c20250101__20251231_zqpKuux5Qruj" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred commissions recognized"><span style="font-family: Times New Roman, Times, Serif">(221,609</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance – December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--CapitalizedContractCostNetCurrent_iE_c20250101__20251231_zuMnLW3AEgTe" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance"><span style="font-family: Times New Roman, Times, Serif">96,206</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 466951 193995 51472 180141 -200109 31504 286311 -221609 96206 3867853 1214096 <p id="xdx_898_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zS16tSgOSgA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The change in total deferred revenue was as follows for the periods indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zIf6EXzCIT1g" style="display: none">Summary of Changes in Total Deferred Revenue</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20250101__20251231_zUstySWQbrhh" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20240101__20241231_zHB1dX9URzSe" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--ContractWithCustomerLiability_iS_zuTu8vZzWz08" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total deferred revenue, beginning of period</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,052,270</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,214,096</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--ContractWithCustomerLiabilityBillings_zBIbRhsJ3HR9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Billings</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,487,029</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,362,730</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenuePriorYear_ztljegkAYlyb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue recognized (prior year deferred revenue)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,867,853</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,214,096</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_ecustom--ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenueCurrentYear_zA37Msp7OW36" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue recognized (current year deferred revenue)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,383,159</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,091,333</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_eus-gaap--ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination_hus-gaap--BusinessAcquisitionAxis__custom--OpenReelMember_zc38pVzlRD8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Acquired deferred revenue of OpenReel (see Note 4 – Acquisitions)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4538">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,780,873</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination_hus-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zokhZcijvFzc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Acquired deferred revenue of Vidello (see Note 4 – Acquisitions)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">447,966</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4542">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--ContractWithCustomerLiability_iE_zI2EYmFI7Ye6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total deferred revenue, end of period</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,736,253</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,052,270</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4052270 1214096 9487029 4362730 -3867853 -1214096 -6383159 -3091333 2780873 447966 3736253 4052270 <p id="xdx_80F_eus-gaap--FairValueDisclosuresTextBlock_zrCWyAnemGbk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. <span id="xdx_829_zKezHtFRI3si">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the periods ended December 31, 2025 and the year ended December 31, 2024. The carrying amount of accounts payable approximated fair value as they are short term in nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair Value on a Recurring Basis</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the guidance in FASB ASC 820, <i>Fair Value Measurement</i> for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the Public Warrants liabilities represent Level 1 measurements. The estimated fair value of the convertible notes bifurcated embedded derivative asset, GEM warrant liabilities, Yorkville convertible note, Agile term notes, 1800 Diagonal convertible notes, Private Placement Convertible Notes, Private Placement Warrants and Goodwill and Definite-lived intangible assets recognized as part of acquisitions, represent Level 3 measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_z9Uvhb5bqRVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zg0sxR6tcfP2">Schedule of Fair Value on Recurring Basis</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Description</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20251231_zo4rTzyrE77k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_496_20241231_za4ZBVzF78C9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Description</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--EmbeddedDerivativeFairValueOfEmbeddedDerivativeAsset_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zjXwpFoLq913" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 50%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bifurcated embedded derivative asset – related party</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">63,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_ecustom--DefiniteLivedIntangiblesAtAcquisitionDate_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zHg6ADWoRFC9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Definite-lived intangibles</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,027,391</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,883,853</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--Goodwill_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zpBeMmOGYRVk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,991,721</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,972,475</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--WarrantLiabilitiesPublic_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwOXtDXAsLPe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrant liabilities – public</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4560">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--GemWarransLiabilities_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6TPrUu9baFj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">GEM warrant liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">378</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--EarnoutLiabilityCurrent_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1ZfXsHeY2ri" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnout liability (<i>Note 4</i>)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">990,673</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4567">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--ConvertibleDebts_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIeuslrvNHO7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Yorkville convertible note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,200,501</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4570">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--NotesPayable_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z4QQjICWAa4f" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Agile term notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,728,487</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,143,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--ConvertibleNotesPayable_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_znshhaRBhyVf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">746,987</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">432,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zDUo9Bja03ig" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Private Placement Convertible Notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,856,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4579">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--PrivatePlacementWarrants_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIKUH6C7mT9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Private Placement Warrants</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">295,603</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4582">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--BootCapitalNote_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zVlxPYj7qy53" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">115,836</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4585">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A8_zwJC7RPLxXif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For assets and liabilities that are measured at fair value on the acquisition date, see <i>Note 4 – Acquisitions</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liability - Public Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the Public Warrants liability for the year ended December 31, 2025. See also <i>Note 13 – Warrant Liabilities.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_89B_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_znHrOsgPe1yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i><span id="xdx_8B2_zBJbaJYJtYMg" style="display: none">Summary of Changes in the Fair Value of the Warrants Liability</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20250101__20251231_zx6HHtaCyFEf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Public Warrants</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--PublicWarrantsLiability_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsLiabilityMember_zxFg7Ebe6QBc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,300</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--ChangeInFairValueOfPublicWarrantsLiability_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsLiabilityMember_zBjwUVgLWB0d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,300</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40F_ecustom--PublicWarrantsLiability_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsLiabilityMember_z4iodHRoQAok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4593">—</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A1_zZURuLAQF0Ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liability - GEM Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value of the GEM Warrants was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance, including share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected time to conversion. See also <i>Note 13 – Warrant Liabilities.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the GEM Warrants liability for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember_zT8y5VgsZLB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BE_zURThKEwXMxd" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Changes in the Fair Value of the Warrants Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20250101__20251231_zYaTDwwIzwYk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">GEM Warrants</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--GemWarrantsLiability_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsMember_zMQJaDo3eLJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--ChangeInFairValueOfGemWarrantsLiability_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsMember_zJzlrozQYrV8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,622</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_ecustom--GemWarrantsLiability_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsMember_zzxK5DJpxiQa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">378</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AB_zya4xqbQhbha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yorkville Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value of the Yorkville convertible notes were determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance, including the Company’s share price, remaining term, volatility, risk-free rate, market interest rate, and probability of optional redemption). See also <i>Note 12 – Debt</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the Yorkville convertible notes for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_ecustom--SummaryOfChangesInFairValueOfConvertibleNoteTableTextBlock_zyPF7lvm3wY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zsCDeUtsjyr3" style="display: none"> Summary of Changes in Fair Value of Yorkville Convertible Note</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20250101__20251231_z0NMnx7Z5Uo1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Yorkville Convertible Note</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--ConvertibleDebt_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--ConvertibleDebtMember_zQSPZVdO2HBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4605">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--IssuanceOfYorkvilleConvertibleNote_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhEQ8egxjfNf" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Yorkville convertible note</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,950,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--GainsLossesOnDebtIssuance_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zzYXGOEu56v1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">444,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--PaymentInSharesToSettleYorkvilleConvertibleNotes_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zW9RChtewcH4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payment in shares to settle Yorkville convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4611">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--RepaymentsOfConvertibleDebt_iN_di_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ztkSOivT2tQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayment in cash of Yorkville convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,514,664</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40A_ecustom--Conversions_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zQDbg6gF5lM4" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4615">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--ChangeInFairValueOfYorkvilleConvertibleNote_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zj1jGrTq7IVb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">321,165</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--ConvertibleDebt_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--ConvertibleDebtMember_zokJ1Au4nnOh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,200,501</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A1_zXYFHlyniVC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bifurcated Embedded Derivative Assets - related party</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of the fair value of the embedded put options relating to the related party CP BF Convertible Note issued on September 23, 2024 was determined using the Black-Scholes option pricing model. Key inputs into these models included the timing and probability of the identified scenarios, and for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimating fair values of embedded conversion features requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Because the embedded conversion features are initially and subsequently carried at fair values, the Company’s consolidated statements of operations will reflect the volatility in these estimate and assumption changes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The related party CP BF Convertible Note has an embedded redemption put feature upon a Prepayment and Default Interest triggering events that are unrelated to the creditworthiness of the Company are not clearly and closely related to the debt host instrument, were separated and bundled together as a derivative and assigned probabilities of being affected and initially measured at fair value in the amount of $<span id="xdx_906_eus-gaap--DerivativeFairValueOfDerivativeNet_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember_z76db6PDKxO2" title="Derivative fair value, net">12,000</span>. The fair value of the bifurcated derivative asset was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the changes in the fair value of the bifurcated embedded derivative asset for the year ended December 31, 2025, relating to the Convertible Note to CP BF issued on September 23, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_ecustom--ScheduleOfDerivativeAssetLiabilityAtFairValueTableTextBlock_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember_zEpgfdNnLuYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zCS7Mg3L3qkd" style="display: none">Schedule of Derivate Assets</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20250101__20251231_zHbC7AwyYBH7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Fair Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iS_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_ziC7j3dglrj8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">63,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGSWfc23WvEg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(54,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40F_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iE_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zrv9n1qhFlAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AD_zdKrFvOhlTbg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agile Term Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value of the Agile term notes (“Agile Notes”) was determined using a discounted cash flow model to calculate the fair value. Key inputs for the discounted cash flow model include the contractual term of the note and a market participant interest rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Agile Notes include contingent redemption (put) rights which trigger mandatory prepayment and a make-whole premium upon certain events including an event of default, and defaulted contingent interest upon an event of default. Due to the contingent redemption put feature and default interest embedded feature within the Agile Notes, the Company elected the fair value option for the Agile Notes at their respective dates of issuance pursuant to ASC 825 <i>Financial Instruments</i> (“ASC 825”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to <i>Note 12 – Debt</i> for a summary of the changes in the fair value of the Agile Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>1800 Diagonal Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of the fair value of each of the convertible promissory notes with 1800 Diagonal Lending was determined using the Black-Scholes option pricing model. Key inputs used for the model include the stock price, volatility, the contractual term of the note, risk-free interest rates and dividend yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to <i>Note 12 – Debt</i> for a summary of the changes in the fair value of the 1800 Diagonal Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>3i, LP Private Placement Offering</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of the fair value of the Private Placement Convertible Notes was determined using a Monte Carlo simulation. Key inputs into the simulation include the remaining term, the market interest rate, risk-free rate, equity volatility, and probability of default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to <i>Note 12 – Debt</i> for a summary of the changes in the fair value of the Private Placement Convertible Notes, and to <i>Note 13 – Warrant Liabilities</i> for a description of the warrants issued in connection with the Private Placement Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant Liability - Private Placement Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu of the Warrant, cash in an amount equal to the Black Scholes Value (“Black Scholes Value”) in connection with a Change of Control, adjusts the settlement value based on items outside the Company’s control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with subsequent changes in fair value recognized in earnings each reporting period. Refer to <i>Note 13 – Warrant Liabilities</i> for further details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance, including share price, term, risk-free rate, exercise price and dividend yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables summarize the ranges of inputs to and the changes in the fair value of the Private Placement Warrant liability for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_zSXDxOD9hUb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_znkuPS2jWKWk">Summary of Ranges of Inputs in Fair Value of the Private Placement Warrant Liability</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Key Inputs</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49F_20251231_zNxa1kP6pJO1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Stock price</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zPH9bNQTYjo4" style="font-family: Times New Roman, Times, Serif">19.40</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contractual term (years)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MinimumMember_zrYLkRPz5YN9" title="Contractual term (years)">2.50</span> - <span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MaximumMember_z0ZZK20WYKZe" title="Contractual term (years)">4.77</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free rate</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MinimumMember_zaJlCRlnk9uf" title="Risk-free rate">3.5</span>% - <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MaximumMember_zQSUEZ0qfc3f" title="Risk-free rate">3.7</span>%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Volatility⁽¹⁾</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zwkldbuvPHa1" title="Volatility">125</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Exercise Price</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">$<span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__srt--RangeAxis__srt--MinimumMember_z1XQbE0gYpzk">50.00</span></span><span style="font-family: Times New Roman, Times, Serif">-$<span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__srt--RangeAxis__srt--MaximumMember_zlgviZJ0rzzl">87.20</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dividend yield</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_z3MmasjD2Xdi" title="Warrants and rights outstanding, measurement input">0.00</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p id="xdx_8A4_znEp5NvYvHFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_896_ecustom--FairValueChangeOfPrivatePlacementWarrantTableTextBlock_zPc38M3TyH4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif"> <span id="xdx_8BF_zjiI8WExjyFk">Summary of Changes in Fair Value of Private Placement Warrant Liability</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20250101__20251231_zh4v7CDFLPI1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Private Placement Warrants</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zuZEZjDIKKfd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4650">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_zVvHbj2TZ1C" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance – June Warrant</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">361,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_z8FfF2ooAfij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance – August Warrant</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">356,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zRmeQQpPfgU5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance – October Warrant</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">807,509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zC2GyrmAvMhd" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">807,509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6eRAaQqS31l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,228,906</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zgsXoq4Dn3G1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">295,603</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AE_zNIhmLcRuJXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_z9Uvhb5bqRVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zg0sxR6tcfP2">Schedule of Fair Value on Recurring Basis</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Description</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20251231_zo4rTzyrE77k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_496_20241231_za4ZBVzF78C9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Description</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--EmbeddedDerivativeFairValueOfEmbeddedDerivativeAsset_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zjXwpFoLq913" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 50%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bifurcated embedded derivative asset – related party</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">63,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_ecustom--DefiniteLivedIntangiblesAtAcquisitionDate_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zHg6ADWoRFC9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Definite-lived intangibles</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,027,391</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,883,853</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--Goodwill_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zpBeMmOGYRVk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,991,721</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,972,475</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--WarrantLiabilitiesPublic_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwOXtDXAsLPe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrant liabilities – public</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4560">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--GemWarransLiabilities_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6TPrUu9baFj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">GEM warrant liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">378</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--EarnoutLiabilityCurrent_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1ZfXsHeY2ri" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnout liability (<i>Note 4</i>)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">990,673</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4567">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--ConvertibleDebts_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIeuslrvNHO7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Yorkville convertible note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,200,501</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4570">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--NotesPayable_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z4QQjICWAa4f" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Agile term notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,728,487</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,143,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--ConvertibleNotesPayable_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_znshhaRBhyVf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">746,987</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">432,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zDUo9Bja03ig" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Private Placement Convertible Notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,856,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4579">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--PrivatePlacementWarrants_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIKUH6C7mT9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Private Placement Warrants</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">295,603</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4582">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--BootCapitalNote_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zVlxPYj7qy53" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">115,836</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4585">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 9000 63000 8027391 3883853 21991721 18972475 2300 378 15000 990673 1200501 1728487 3143000 746987 432000 1856000 295603 115836 <p id="xdx_89B_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_znHrOsgPe1yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i><span id="xdx_8B2_zBJbaJYJtYMg" style="display: none">Summary of Changes in the Fair Value of the Warrants Liability</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20250101__20251231_zx6HHtaCyFEf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Public Warrants</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--PublicWarrantsLiability_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsLiabilityMember_zxFg7Ebe6QBc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,300</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--ChangeInFairValueOfPublicWarrantsLiability_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsLiabilityMember_zBjwUVgLWB0d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,300</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40F_ecustom--PublicWarrantsLiability_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsLiabilityMember_z4iodHRoQAok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4593">—</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2300 -2300 <p id="xdx_897_ecustom--SummaryOfChangesInTheFairValueOfTheWarrantsLiabilityTableTextBlock_hus-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsLiabilityMember_zT8y5VgsZLB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BE_zURThKEwXMxd" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Changes in the Fair Value of the Warrants Liability</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20250101__20251231_zYaTDwwIzwYk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">GEM Warrants</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--GemWarrantsLiability_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsMember_zMQJaDo3eLJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--ChangeInFairValueOfGemWarrantsLiability_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsMember_zJzlrozQYrV8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,622</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_ecustom--GemWarrantsLiability_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--GemWarrantsMember_zzxK5DJpxiQa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">378</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 15000 -14622 378 <p id="xdx_89A_ecustom--SummaryOfChangesInFairValueOfConvertibleNoteTableTextBlock_zyPF7lvm3wY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zsCDeUtsjyr3" style="display: none"> Summary of Changes in Fair Value of Yorkville Convertible Note</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20250101__20251231_z0NMnx7Z5Uo1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Yorkville Convertible Note</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--ConvertibleDebt_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--ConvertibleDebtMember_zQSPZVdO2HBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4605">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--IssuanceOfYorkvilleConvertibleNote_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhEQ8egxjfNf" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Yorkville convertible note</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,950,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--GainsLossesOnDebtIssuance_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zzYXGOEu56v1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">444,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--PaymentInSharesToSettleYorkvilleConvertibleNotes_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zW9RChtewcH4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payment in shares to settle Yorkville convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4611">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--RepaymentsOfConvertibleDebt_iN_di_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ztkSOivT2tQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayment in cash of Yorkville convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,514,664</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40A_ecustom--Conversions_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zQDbg6gF5lM4" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4615">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--ChangeInFairValueOfYorkvilleConvertibleNote_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zj1jGrTq7IVb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">321,165</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--ConvertibleDebt_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--ConvertibleDebtMember_zokJ1Au4nnOh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,200,501</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 4950000 444000 4514664 321165 1200501 12000 <p id="xdx_89D_ecustom--ScheduleOfDerivativeAssetLiabilityAtFairValueTableTextBlock_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember_zEpgfdNnLuYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zCS7Mg3L3qkd" style="display: none">Schedule of Derivate Assets</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20250101__20251231_zHbC7AwyYBH7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Fair Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iS_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_ziC7j3dglrj8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">63,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGSWfc23WvEg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(54,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40F_eus-gaap--DerivativeAssetsLiabilitiesAtFairValueNet_iE_hus-gaap--DebtInstrumentAxis__custom--CPBFConvertibleNotesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zrv9n1qhFlAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 63000 -54000 9000 <p id="xdx_899_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_zSXDxOD9hUb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_znkuPS2jWKWk">Summary of Ranges of Inputs in Fair Value of the Private Placement Warrant Liability</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Key Inputs</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49F_20251231_zNxa1kP6pJO1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Stock price</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zPH9bNQTYjo4" style="font-family: Times New Roman, Times, Serif">19.40</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contractual term (years)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MinimumMember_zrYLkRPz5YN9" title="Contractual term (years)">2.50</span> - <span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MaximumMember_z0ZZK20WYKZe" title="Contractual term (years)">4.77</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free rate</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MinimumMember_zaJlCRlnk9uf" title="Risk-free rate">3.5</span>% - <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MaximumMember_zQSUEZ0qfc3f" title="Risk-free rate">3.7</span>%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Volatility⁽¹⁾</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zwkldbuvPHa1" title="Volatility">125</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Exercise Price</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">$<span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__srt--RangeAxis__srt--MinimumMember_z1XQbE0gYpzk">50.00</span></span><span style="font-family: Times New Roman, Times, Serif">-$<span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__srt--RangeAxis__srt--MaximumMember_zlgviZJ0rzzl">87.20</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dividend yield</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_z3MmasjD2Xdi" title="Warrants and rights outstanding, measurement input">0.00</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> 19.40 2.50 4.77 3.5 3.7 125 50.00 87.20 0.00 <p id="xdx_896_ecustom--FairValueChangeOfPrivatePlacementWarrantTableTextBlock_zPc38M3TyH4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif"> <span id="xdx_8BF_zjiI8WExjyFk">Summary of Changes in Fair Value of Private Placement Warrant Liability</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20250101__20251231_zh4v7CDFLPI1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Private Placement Warrants</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zuZEZjDIKKfd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl4650">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_zVvHbj2TZ1C" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance – June Warrant</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">361,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_z8FfF2ooAfij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance – August Warrant</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">356,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zRmeQQpPfgU5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance – October Warrant</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">807,509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--IssuanceOfPrivatePlacement_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zC2GyrmAvMhd" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">807,509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6eRAaQqS31l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,228,906</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zgsXoq4Dn3G1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">295,603</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 361000 356000 807509 807509 -1228906 295603 <p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zv20NYcewVI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_82C_ztAw06Wupp35">Property and Equipment</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--PropertyPlantAndEquipmentTextBlock_z92ZJBIlcDTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zuEMySCgGqk8" style="display: none">Summary of Property and Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231_zBOseNl5CHe8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_496_20241231_zB5Uftqmefyi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zpRQTccv6cqk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Computers and equipment</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,782</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,474</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_zfbVf62EPzY6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: accumulated depreciation</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,536</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,935</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_iTI_zXE19djSMJu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Property and equipment, net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,246</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,539</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense for the year ended December 31, 2025 and 2024 was $<span id="xdx_906_eus-gaap--Depreciation_c20250101__20251231_zf65UiCHCdB6" title="Depreciation expense">4,424</span> and $<span id="xdx_905_eus-gaap--Depreciation_c20240101__20241231_zpjI1q3TvIlb" title="Depreciation expense">2,825</span> respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--PropertyPlantAndEquipmentTextBlock_z92ZJBIlcDTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zuEMySCgGqk8" style="display: none">Summary of Property and Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231_zBOseNl5CHe8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_496_20241231_zB5Uftqmefyi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zpRQTccv6cqk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Computers and equipment</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,782</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,474</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_zfbVf62EPzY6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: accumulated depreciation</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,536</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,935</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_iTI_zXE19djSMJu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Property and equipment, net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,246</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,539</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense for the year ended December 31, 2025 and 2024 was $<span id="xdx_906_eus-gaap--Depreciation_c20250101__20251231_zf65UiCHCdB6" title="Depreciation expense">4,424</span> and $<span id="xdx_905_eus-gaap--Depreciation_c20240101__20241231_zpjI1q3TvIlb" title="Depreciation expense">2,825</span> respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 12782 34474 4536 30935 8246 3539 4424 2825 <p id="xdx_800_ecustom--PrepaidExpensesAndOtherCurrentAssetsTextBlock_zJlodbpDdkH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_820_zYZtymuaMJti">Prepaid Expenses and Other Current Assets</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_897_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zoP6qZz5Ml39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zhSKhB63WmSc" style="display: none">Summary of Prepaid Expenses and Other Current Assets </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20251231_zvVwo7IWDRsf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49B_20241231_zgLRSUWNmh3a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid expenses and other current assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--PrepaidSoftwareCosts_iI_zFpMeGh9b3hj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid software costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">153,526</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">59,855</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--ServiceTrade_iI_zcO09Lzj7Bv7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Service trade</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">114,041</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">239,041</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--EmployeeReceivable_iI_zfE5CoDbZV4l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Employee receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,863</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--PrepaidInsurance_iI_z09Pfojvg3gl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid insurance costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,228</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">130,345</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_ecustom--PrepaidCommissions_iI_z88Huvl2qZP9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid commissions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">96,206</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">31,504</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--PrepaidConsultingCosts_iI_zBXrNio0uS64" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid consulting costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4700">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">76,767</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--PrepaidAdvertising_iI_zWAbrlV22GUj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid advertising and marketing costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4703">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,133</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_ecustom--PrepaidMerchantFees_iI_zPyHeiIicDI6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid merchant fees</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,774</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,690</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--PrepaidDataLicenseAndSubscriptionCosts_iI_zecMYJDWnR99" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid data license and subscription costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4709">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,125</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--OtherAsset_iI_zAdr8FlYVr1g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other current assets</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">451</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,414</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_zWLwQ1BLQpBd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total prepaid expenses and other current assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">445,089</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">643,674</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A8_zSxjbOndzB03" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zoP6qZz5Ml39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zhSKhB63WmSc" style="display: none">Summary of Prepaid Expenses and Other Current Assets </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20251231_zvVwo7IWDRsf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49B_20241231_zgLRSUWNmh3a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid expenses and other current assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--PrepaidSoftwareCosts_iI_zFpMeGh9b3hj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid software costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">153,526</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">59,855</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--ServiceTrade_iI_zcO09Lzj7Bv7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Service trade</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">114,041</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">239,041</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--EmployeeReceivable_iI_zfE5CoDbZV4l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Employee receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,863</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--PrepaidInsurance_iI_z09Pfojvg3gl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid insurance costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,228</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">130,345</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_ecustom--PrepaidCommissions_iI_z88Huvl2qZP9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid commissions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">96,206</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">31,504</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--PrepaidConsultingCosts_iI_zBXrNio0uS64" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid consulting costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4700">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">76,767</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--PrepaidAdvertising_iI_zWAbrlV22GUj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid advertising and marketing costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4703">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,133</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_ecustom--PrepaidMerchantFees_iI_zPyHeiIicDI6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid merchant fees</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,774</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,690</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--PrepaidDataLicenseAndSubscriptionCosts_iI_zecMYJDWnR99" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid data license and subscription costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4709">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,125</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--OtherAsset_iI_zAdr8FlYVr1g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other current assets</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">451</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,414</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_zWLwQ1BLQpBd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total prepaid expenses and other current assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">445,089</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">643,674</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 153526 59855 114041 239041 12863 800 7228 130345 96206 31504 76767 29133 60774 26690 3125 451 46414 445089 643674 <p id="xdx_80F_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_ztf1LUxW2CJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_82E_zS6nMzqy7hL3">Goodwill and Intangible Assets, Net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_895_eus-gaap--ScheduleOfGoodwillTextBlock_z0TdGkhnzra2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of goodwill by reportable segment as of and for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zqcqxquttLc" style="display: none">Summary of Goodwill</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20250101__20251231__dei--LegalEntityAxis__custom--BanzaiOperatingMember_zU668YYk4zP9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Banzai Operating Co.</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20250101__20251231__dei--LegalEntityAxis__custom--VidelloMember_zRTUWEdnlMy" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Vidello</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20250101__20251231__dei--LegalEntityAxis__custom--OpenReelMember_z8qP9qleaoTl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20250101__20251231_zpL7YB8Jk0wd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--Goodwill_iS_zr0dIxW3qA74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">Goodwill – December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,171,526</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4723">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,800,949</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,972,475</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--GoodwillAcquiredDuringPeriod_zhBCT9LA2go7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions to goodwill (<i>Note 4</i>)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4727">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4729">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--Goodwill_iE_z4TJNvjVEuVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill – December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,171,526</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,800,949</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,991,721</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A5_z7finwPACdH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_894_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zfdK30nyOCYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zRhoZgRtJwmi" style="display: none"> Schedule of Identifiable Intangible Assets Subject to Amortization</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Estimated Useful Life (years):</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20251231_zt0FQBMn48ee" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zfsxyIke8mh3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer relationships</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zvDVWOV0sLB8" title="Estimated Useful Life (years)">6</span> - <span id="xdx_903_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zkNfIzgpUlF8" title="Estimated Useful Life (years)">7</span></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 21%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,139,710</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z6oPvViQFc47" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade name</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zNgCIkHub816" title="Estimated Useful Life (years)">10</span> - <span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zuGMzIrBfH3b" title="Estimated Useful Life (years)">15</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,637,100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_z0VlvQKDZIHc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Technology</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zkMpdOWU3jj7" title="Estimated Useful Life (years)">6</span> - <span id="xdx_90F_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_z5cdupd5zc3e" title="Estimated Useful Life (years)">8</span></span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,425,010</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_zzSvHpmLRTW4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, gross</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,201,820</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_z1K6treOc5sk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: Accumulated amortization</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,174,429</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_z79BlErnwzq4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,027,391</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A8_zppQBOVojExe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total amortization expense related to intangible assets was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIEdvb2R3aWxsIGFuZCBJbnRhbmdpYmxlIEFzc2V0cywgTmV0IChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_901_eus-gaap--AmortizationOfIntangibleAssets_c20250101__20251231_zxhcbnvk5J4e" title="Intangible assets">1,146,066</span> for the <span style="background-color: white">year ended December 31, 2025</span>. Expected amortization expense is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z9OE0etzeele" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_8B2_zexh4YYINiPd">Schedule of Expected Amortization Expense</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20251231_zrqoazeNFX2h" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_c20251231_zW4qORm8Av1e" style="width: 16%; text-align: right" title="Year 1"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_c20251231_zhHk0AEAPv68" style="text-align: right" title="Year 2"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2028</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_c20251231_zv3kyuUVBOM8" style="text-align: right" title="Year 3"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2029</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_c20251231_zXgTao6b5dGc" style="text-align: right" title="Year 4"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2030</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_c20251231_z0akBAjYrGwc" style="text-align: right" title="Year 5"><span style="font-family: Times New Roman, Times, Serif">1,205,547</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_zzB1qAyMiuD" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,962,162</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--FiniteLivedIntangibleAssetsNetExcludingSignatureDebtFees_iI_zbtoDM08XHn8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,027,391</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A9_zxMc3CFIfAfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfGoodwillTextBlock_z0TdGkhnzra2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of goodwill by reportable segment as of and for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zqcqxquttLc" style="display: none">Summary of Goodwill</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20250101__20251231__dei--LegalEntityAxis__custom--BanzaiOperatingMember_zU668YYk4zP9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Banzai Operating Co.</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20250101__20251231__dei--LegalEntityAxis__custom--VidelloMember_zRTUWEdnlMy" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Vidello</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20250101__20251231__dei--LegalEntityAxis__custom--OpenReelMember_z8qP9qleaoTl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20250101__20251231_zpL7YB8Jk0wd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--Goodwill_iS_zr0dIxW3qA74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">Goodwill – December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,171,526</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4723">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,800,949</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,972,475</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--GoodwillAcquiredDuringPeriod_zhBCT9LA2go7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions to goodwill (<i>Note 4</i>)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4727">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4729">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--Goodwill_iE_z4TJNvjVEuVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill – December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,171,526</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,019,246</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,800,949</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,991,721</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2171526 16800949 18972475 3019246 3019246 2171526 3019246 16800949 21991721 <p id="xdx_894_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zfdK30nyOCYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets subject to amortization consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zRhoZgRtJwmi" style="display: none"> Schedule of Identifiable Intangible Assets Subject to Amortization</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Estimated Useful Life (years):</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20251231_zt0FQBMn48ee" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zfsxyIke8mh3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer relationships</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zvDVWOV0sLB8" title="Estimated Useful Life (years)">6</span> - <span id="xdx_903_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zkNfIzgpUlF8" title="Estimated Useful Life (years)">7</span></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 21%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,139,710</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z6oPvViQFc47" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade name</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zNgCIkHub816" title="Estimated Useful Life (years)">10</span> - <span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zuGMzIrBfH3b" title="Estimated Useful Life (years)">15</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,637,100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_z0VlvQKDZIHc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Technology</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zkMpdOWU3jj7" title="Estimated Useful Life (years)">6</span> - <span id="xdx_90F_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20250101__20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_z5cdupd5zc3e" title="Estimated Useful Life (years)">8</span></span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,425,010</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_zzSvHpmLRTW4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, gross</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,201,820</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_z1K6treOc5sk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: Accumulated amortization</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,174,429</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_z79BlErnwzq4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,027,391</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> P6Y P7Y 1139710 P10Y P15Y 1637100 P6Y P8Y 6425010 9201820 -1174429 8027391 1146066 <p id="xdx_894_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z9OE0etzeele" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_8B2_zexh4YYINiPd">Schedule of Expected Amortization Expense</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20251231_zrqoazeNFX2h" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_c20251231_zW4qORm8Av1e" style="width: 16%; text-align: right" title="Year 1"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_c20251231_zhHk0AEAPv68" style="text-align: right" title="Year 2"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2028</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_c20251231_zv3kyuUVBOM8" style="text-align: right" title="Year 3"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2029</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_c20251231_zXgTao6b5dGc" style="text-align: right" title="Year 4"><span style="font-family: Times New Roman, Times, Serif">1,214,920</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2030</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_c20251231_z0akBAjYrGwc" style="text-align: right" title="Year 5"><span style="font-family: Times New Roman, Times, Serif">1,205,547</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_zzB1qAyMiuD" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,962,162</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--FiniteLivedIntangibleAssetsNetExcludingSignatureDebtFees_iI_zbtoDM08XHn8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,027,391</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 1214920 1214920 1214920 1214920 1205547 1962162 8027391 <p id="xdx_80A_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zwXumZI4PNz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_82D_z9qOGz4Dx83k">Accrued and Other Current Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_894_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zHIETzXmje6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zlvwfdB1wgUa" style="display: none"> Schedule of Accrued Expenses and Other Current Liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20251231_zqs0jzxXc0B3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20241231_zh69oFAIOKBg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses and other current liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--AccruedAccountingAndProfessionalServicesCosts_iI_maALAOLzyRY_zJFxh6AFYXHa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued accounting and professional services costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,365,081</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,419,829</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--SalesTaxPayableCurrent_iI_maALAOLzyRY_zqMhbZNJin0j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales tax payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">250,672</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">452,508</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--ExciseTaxPayableCurrent_iI_maALAOLzyRY_zJg9CUXozDW4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Excise tax payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,717</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,717</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALAOLzyRY_zTEpUXDeGN3h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision for tax payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">577,726</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4795">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--AccruedPayrollAndBenefitCosts_iI_maALAOLzyRY_zapWYtDVUX6i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued payroll and benefit costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">439,693</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">207,970</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_ecustom--AccruedLegalCosts_iI_maALAOLzyRY_zgvn4NSHnJJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued legal costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">167,936</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">315,764</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--AccruedSubscriptionCosts_iI_maALAOLzyRY_zPbgpn9OXj4c" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued subscription costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">53,369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,759</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--AccruedStreamingServiceCost_iI_maALAOLzyRY_zDYcWk5IvOaj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued streaming service costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51,563</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51,308</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--OtherLiabilitiesCurrent_iI_maALAOLzyRY_zn206lhNO6da" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other current liabilities</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">224,186</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">173,163</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzyRY_zif58DtPELR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total accrued expenses and other current liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,353,943</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,891,018</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AA_zgLFCcP7fI2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zHIETzXmje6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following at the dates indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zlvwfdB1wgUa" style="display: none"> Schedule of Accrued Expenses and Other Current Liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20251231_zqs0jzxXc0B3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20241231_zh69oFAIOKBg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses and other current liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--AccruedAccountingAndProfessionalServicesCosts_iI_maALAOLzyRY_zJFxh6AFYXHa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued accounting and professional services costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,365,081</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,419,829</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--SalesTaxPayableCurrent_iI_maALAOLzyRY_zqMhbZNJin0j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales tax payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">250,672</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">452,508</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--ExciseTaxPayableCurrent_iI_maALAOLzyRY_zJg9CUXozDW4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Excise tax payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,717</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,717</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALAOLzyRY_zTEpUXDeGN3h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision for tax payable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">577,726</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl4795">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--AccruedPayrollAndBenefitCosts_iI_maALAOLzyRY_zapWYtDVUX6i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued payroll and benefit costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">439,693</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">207,970</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_ecustom--AccruedLegalCosts_iI_maALAOLzyRY_zgvn4NSHnJJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued legal costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">167,936</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">315,764</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--AccruedSubscriptionCosts_iI_maALAOLzyRY_zPbgpn9OXj4c" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued subscription costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">53,369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,759</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--AccruedStreamingServiceCost_iI_maALAOLzyRY_zDYcWk5IvOaj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued streaming service costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51,563</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51,308</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--OtherLiabilitiesCurrent_iI_maALAOLzyRY_zn206lhNO6da" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other current liabilities</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">224,186</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">173,163</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzyRY_zif58DtPELR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total accrued expenses and other current liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,353,943</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,891,018</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2365081 2419829 250672 452508 223717 223717 577726 439693 207970 167936 315764 53369 46759 51563 51308 224186 173163 4353943 3891018 <p id="xdx_801_eus-gaap--DebtDisclosureTextBlock_zReSsRdlRv69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. <span id="xdx_827_zIvTAKZ2RXml">Debt</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Promissory Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Promissory Notes - Related Party</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 30, 2023, the Company issued a subordinate promissory note (“Alco August Promissory Note”) in the aggregate principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20230830__us-gaap--LongtermDebtTypeAxis__custom--AlcoAugustPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_z0jA7hYaOmK1" title="Aggregate principal amount">150,000</span> to Alco Investment Company (“Alco”), a related party. Alco held its ownership of over <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20230830__us-gaap--LongtermDebtTypeAxis__custom--AlcoAugustPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zuep3r90IVDl" title="Equity percentage owned percentage">10</span>% of the issued equity of the Company, through its ownership of Series A preferred stock. The Alco August Promissory Note bears interest at a rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20230830__us-gaap--LongtermDebtTypeAxis__custom--AlcoAugustPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zVLyIdOhpfyi" title="Debt instrument, interest rate, stated percentage">8</span>% per annum. The outstanding principal and accrued interest are due and payable on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20230830__20230830__us-gaap--LongtermDebtTypeAxis__custom--AlcoAugustPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zxAyWs5i31mf" title="Maturity date">April 29, 2024</span>. For the year ended December 31, 2024, interest expense on the Alco August Promissory Note totaled $<span id="xdx_905_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoAugustPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_z1ErrdBhgzjb" title="Interest expense">11,284</span>, comprised of $<span id="xdx_908_eus-gaap--InterestExpenseDebt_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoAugustPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zL8UMilLASHi" title="Interest expense debt">8,022</span> of contractual accrued interest and $<span id="xdx_90D_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoAugustPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zkQzyYSvpicb" title="Debt related commitement fees and debt issuance costs">3,261</span> for the amortization of the discount. As of December 31, 2024 the Alco August Promissory Note was converted in full (see below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 13, 2023, the Company issued a subordinate promissory note (“Alco September Promissory Note”) in the aggregate principal amount of up to $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20230830__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zGUZiD2rSU8a" title="Aggregate principal amount">1,500,000</span> to Alco. The Alco September Promissory Note bears interest at a rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20230830__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zHe4GeZDaQpe" title="Debt instrument, interest rate, stated percentage">8</span>% per annum. The outstanding principal and accrued interest were due and payable on <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20230913__20230913__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zqUbZX4k7Qw2" title="Maturity date">September 30, 2024</span>, however the due date was extended and the debt subsequently settled (see below). For the year ended December 31, 2024, interest expense on the Alco September Promissory Note totaled $<span id="xdx_904_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zzELdHR7eUL5" title="Interest expense">283,188</span>, comprised of $<span id="xdx_901_eus-gaap--InterestExpenseDebt_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zIK6Qmjt6rvj" title="Interest expense debt">92,822</span> of contractual accrued interest and $<span id="xdx_90A_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zi6L7hdTkrB2" title="Debt related commitement fees and debt issuance costs">190,366</span> for the amortization of the discount. As of December 31, 2024 the Alco September Promissory Note was converted in full (see below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 16, 2023, the Company issued a subordinate promissory note (“Alco November Promissory Note”) in the aggregate principal amount of up to $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20231116__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember__srt--RangeAxis__srt--MaximumMember_zxRrrz6iYRn6" title="Aggregate principal amount">750,000</span> to Alco. The Alco November Promissory Note bears interest at a rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20231116__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zTssFQ7w9Fah" title="Debt instrument, interest rate, stated percentage">8</span>% per annum. The outstanding principal and accrued interest were due and payable on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20231116__20231116__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_z9n7G0B81vE7" title="Maturity date">April 13, 2024</span>, however the due date was extended and the debt subsequently settled (see below). For the year ended December 31, 2024, interest expense on the Alco November Promissory Note totaled $<span id="xdx_906_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_z4zbo1xz4Vv1" title="Interest expense">321,189</span>, comprised of $<span id="xdx_90F_eus-gaap--InterestExpenseDebt_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zIh6Z2WJ7x84" title="Interest expense debt">43,891</span> of contractual accrued interest and $<span id="xdx_900_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zK0vkMHvU3mg" title="Debt related commitement fees and debt issuance costs">277,298</span> for the amortization of the discount. As of December 31, 2024 the Alco November Promissory Note was converted in full (see below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 13, 2023, the Company issued a subordinate promissory note (“Alco December Promissory Note”) in the aggregate principal amount of up to $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20231213__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember__srt--RangeAxis__srt--MaximumMember_zYgMKjmwAr9a" title="Aggregate principal amount">2,000,000</span> to Alco. The Alco December Promissory Note bears interest at a rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20231213__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zSmhzzkyIGbh" title="Debt instrument, interest rate, stated percentage">8</span>% per annum. The outstanding principal and accrued interest are due and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20231213__20231213__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zrhWV2wwI2od" title="Maturity date">December 31, 2024</span>. For the year ended December 31, 2024, interest expense on the Alco December Promissory Note totaled $<span id="xdx_906_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_zm5SREPXrFlf" title="Interest expense">936,941</span>, comprised of $<span id="xdx_90C_eus-gaap--InterestExpenseDebt_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_z0GjcPnzZTii" title="Interest expense debt">117,040</span> of contractual accrued interest and $<span id="xdx_904_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_z3xuSWgu3wR7" title="Debt related commitement fees and debt issuance costs">819,901</span> for the amortization of the discount. As of December 31, 2024 the Alco December Promissory Note was converted in full (see below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the issuances of the Alco September, November, and December Promissory Notes, the Company, 7GC and the Sponsor entered into share transfer agreements (the “Alco Share Transfer Agreements”) with Alco Investment Company. Pursuant to which <span id="xdx_90A_eus-gaap--DebtConversionDescription_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--AlcoShareTransferAgreementsMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMembeMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember_zNnBog85OKJe" title="Debt conversion, description">for each $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20231213__us-gaap--TypeOfArrangementAxis__custom--AlcoShareTransferAgreementsMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMembeMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember_zRCtlEiEYih" title="Conversion price per share"><span id="xdx_900_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20231213__us-gaap--TypeOfArrangementAxis__custom--AlcoShareTransferAgreementsMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMembeMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember_zLV6pCKqUdxa" title="Conversion price per share">10.00</span></span> in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20231213__us-gaap--TypeOfArrangementAxis__custom--AlcoShareTransferAgreementsMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMembeMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember_z5Mt8uAzWiLl" title="Conversion price per share">10.00</span> in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September, November, and December Promissory Notes are capped at an amount equal to <span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20231213__20231213__us-gaap--TypeOfArrangementAxis__custom--AlcoShareTransferAgreementsMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMembeMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember_zhJE0aC5MKG1" title="Number of shares issued upon conversion of promissory note">7,500</span>, <span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20231213__20231213__us-gaap--TypeOfArrangementAxis__custom--AlcoShareTransferAgreementsMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMembeMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoNovemberPromissoryNoteMember_z8zrkwQSupP9" title="Number of shares issued upon conversion of promissory note">3,750</span>, and <span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20231213__20231213__us-gaap--TypeOfArrangementAxis__custom--AlcoShareTransferAgreementsMember__dei--LegalEntityAxis__custom--SevenGcCoHoldingsIncMembeMember__us-gaap--LongtermDebtTypeAxis__custom--AlcoDecemberPromissoryNoteMember_zTbi5cJajxf9" title="Number of shares issued upon conversion of promissory note">30,000</span>, respectively. Pursuant to the Alco Share Transfer Agreements, the shares are subject to an 180-day lock-up period upon issuance of the shares.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Alco Share Transfer Agreements, the Company considered the guidance under ASC 815, <i>Derivatives and Hedging</i>, and determined that the Investor Shares underlying each of the Share Transfer Agreements described above, met the definition of a freestanding financial instrument and are not precluded from being considered indexed to the Company’s common stock. The Company determined that these shares represent a freestanding equity contract issued to the lender, resulting in a discount recorded on the notes when they are issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized if the contracts continue to be classified in equity. The measurement of fair value was determined utilizing various put option models in estimating the discount lack of marketability (the “DLOM”) applied to the public share price as the shares underlying each of the Share Transfer Agreements are subject to a lock-up period pursuant to each agreement, to estimate the fair value of the shares transferred. Option pricing models assume that the cost to purchase a stock option relates directly to the measurement of the DLOM. The logic behind these models is that investors may be able to quantify this price risk, due to lack of marketability, over a particular holding period where price volatility is usually estimated as a proxy for risk. The inputs and assumptions utilized in the fair value estimation included the Company’s stock price on the measurement date, a DLOM as described above, the number of shares pursuant to each Share Transfer Agreement, and a probability weighted factor for the Company’s expected percentage of completing its Business Combination, at each Share Transfer Agreement date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>April 2024 and May 2024 Amendment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 18, 2024, the Company amended the Alco August Promissory Note and Alco November Promissory Note to extend the maturity dates of each note to <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDateRangeEnd1_dd_c20240418__20240418__us-gaap--LongtermDebtTypeAxis__custom--AlcoAprilTwoThousandTwentyFourAmendmentMember_zSxtlvlqsfad" title="Debt instrument, maturity date range, end">May 31, 2024</span> (the “Alco April 2024 Amendment”). On May 30, 2024, both parties agreed to again amend the Alco August Promissory Note and Alco November Promissory Note to further amend the maturity date to the earlier of (a) August 29, 2024 or (b) the closing of the next transaction (an “Offering”) in which the Company sells any of its Common Stock for cash with net proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20240418__20240418__us-gaap--LongtermDebtTypeAxis__custom--AlcoAprilTwoThousandTwentyFourAmendmentMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlcoMember_z2BueXH8LRr" title="Common stock for cash with net proceeds">4,000,000</span> or greater or if the holder acquires Common Stock in an amount not less than the then outstanding balance of the Alco August Promissory Note and Alco November Promissory Note (the “Alco May 2024 Amendment”). The Company evaluated the terms of both the Alco April 2024 Amendment and Alco May 2024 Amendment (the “Alco 2024 Amendments”) in accordance with ASC 470-60, <i>Troubled Debt Restructurings</i>, and ASC 470-50, <i>Debt Modifications and Extinguishments</i>. The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate on the Alco 2024 Amendments. Accordingly, the Company accounted for the Alco 2024 Amendments as troubled debt restructurings by calculating a new effective interest rate for the Alco 2024 Amendments based on the carrying amount of the debt and the present value of the revised future cash flows payment streams. The troubled debt restructurings did not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>September 2024 Alco Promissory Note Conversion and Settlement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 19, 2024, the Company and Alco agreed to convert an aggregate balance of $<span id="xdx_90E_eus-gaap--LoansPayableCurrent_iI_c20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember_z69KWErqa1Ej">4,711,681</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of debt inclusive of principal and accrued interest, representing the aggregate total balance outstanding to Alco as of that date (excluding the carrying value of debt discounts), into <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240919__20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ziLWfMBGgSr7">14,121</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock, Warrants to purchase up to <span id="xdx_90B_ecustom--WarrantsIssued_c20240919__20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember__srt--RangeAxis__srt--MaximumMember_ztzBqMU7gsP2" title="Warrants issued">66,567</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock and Pre-Funded Warrants to purchase up to <span id="xdx_90A_ecustom--WarrantsIssued_c20240919__20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember__srt--RangeAxis__srt--MaximumMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantMember_zrtAkkBe5zGa" title="Warrants issued">52,446</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock (collectively, the “Alco Securities”), and in full settlement of the balance outstanding to Alco. The Company recognized the issuance of the Alco Securities, on <span id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentIssuanceDateDayMonthAndYear_dd_c20240919__20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember_zoUe9IriYyKk">September 19, 2024</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, in full settlement of all amounts owing to Alco. The grant date fair value of the Class A Common Stock, Warrants to purchase shares of Class A Common Stock and Pre-Funded Warrants to purchase shares of Class A Common Stock, were determined to be $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240919__20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSkFSZDCZp66">1,098,614</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, $<span id="xdx_90C_ecustom--WarrantsIssuanceGrantDateFairValue_c20240919__20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember_zEBbvzJwfjb" title="Warrants issuance grant date fair value">3,687,812</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, and $<span id="xdx_90D_ecustom--WarrantsIssuanceGrantDateFairValue_c20240919__20240919__us-gaap--LongtermDebtTypeAxis__custom--AlcoSeptemberPromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--ConversionAndSettlementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantMember_zmQgTz3ptUUb" title="Warrants issuance grant date fair value">4,080,194</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, respectively. As a result of this transaction, the Company recognized a loss on extinguishment of $4,808,882, as of September 23, 2024, which was recognized as loss on conversion and settlement of Alco promissory notes on the consolidated statement of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Promissory Notes - 7GC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assumed two promissory notes in connection with the Merger which remained outstanding as of December 31, 2023. On February 9, 2024, the $<span id="xdx_901_eus-gaap--LoansPayableCurrent_iI_c20240209__us-gaap--LongtermDebtTypeAxis__custom--SevenGCPromissoryNotesMember_zaO2Gs6UCGFb">2,540,091</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">balance was converted into <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240209__20240209__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--ConversionOf7GcPromissoryNotesMember_zQCZG4rrqg19">891</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares the Company’s Class A Common Stock pursuant to the terms in the 7GC Promissory Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Promissory Note - GEM</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 14, 2023, the Company and GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (collectively, “GEM”) agreed to terminate in its entirety the GEM Agreement, pursuant to which GEM was to purchase from the Company shares of common stock having an aggregate value up to $<span id="xdx_907_eus-gaap--CommonStockValue_iI_c20231214__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__srt--RangeAxis__srt--MaximumMember_zEuJzi76su4i" title="Common stock, value, issued">100,000,000</span> and the Company was required to make and execute a warrant (“GEM Warrant”). The Company’s obligation to issue the GEM Warrant remained, granting GEM the right to purchase Class A Common Stock in an amount equal to <span id="xdx_907_ecustom--PercentageOfRightToConvertWarrantToCommonShares_iI_pid_dp_uPure_c20231214__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zXDHEmMze1Lk" title="Percentage of right to convert warrant to common shares">3</span>% of the total number of equity interests outstanding as of the Closing, calculated on a fully diluted basis, at an exercise price on the terms and conditions set forth therein, in exchange for issuance of a $<span id="xdx_903_eus-gaap--ConvertibleDebt_iI_pn5n6_c20231214__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zW8gmtWVEk05" title="Convertible debenture">2.0</span> million convertible debenture with a <span id="xdx_903_eus-gaap--DebtInstrumentTerm_pid_dtY_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_znfuPbC3iPZj" style="display: none" title="Convertible debenture maturity period">5</span>five-year maturity and <span id="xdx_909_ecustom--CouponRate_iI_pid_dp_uPure_c20231214__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_znkJtDQwQGY6" title="Coupon rate">0</span>% coupon. Due to the determination of the final terms of the planned $<span id="xdx_903_eus-gaap--ConvertibleDebt_iI_pn5n6_c20231214__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zJuoMY6xCZnc" title="Convertible debenture">2.0</span> million convertible debenture having not been finalized, nor the final agreement related to the convertible debenture having been executed, as of December 31, 2023, the Company recognized, concurrent with the close of the merger, a liability for the GEM commitment fee, along with a corresponding GEM commitment fee expense, in the amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFeeAmount_iI_pn5n6_c20231214__us-gaap--TypeOfArrangementAxis__custom--GemTermSheetMember__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_z6kWTIwT26W6" title="Commitment fee expense">2.0</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2024, the Company and GEM entered into a settlement agreement (the “GEM Settlement Agreement”), pursuant to which (a) the Company and GEM agreed to (i) settle the Company’s obligations under and terminate the binding term sheet entered into between Legacy Banzai and GEM, dated December 13, 2023, and (ii) terminate the share repurchase agreement, dated May 27, 2022, by and among the Company and GEM, and (b) the Company (i) agreed to pay GEM $<span id="xdx_900_ecustom--DebtInstrumentCashAgreedToPay_pn5n6_c20240205__20240205__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zn28mptzecdj" title="Cash agreed to pay">1.2</span> million in cash within three business days of the GEM Settlement Agreement and (ii) issued to GEM, on February 5, 2024, an unsecured promissory zero coupon note in the amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20240205__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zWSrBbRp5VVj" title="Aggregate principal amount">1.0</span> million, payable in monthly installments of $<span id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_pid_c20240205__20240205__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zeRD2PypLIC9" title="Monthly installments">100,000</span> beginning on March 1, 2024, with the final payment to be made on December 1, 2024 (the “GEM Promissory Note”). The Company paid GEM the $<span id="xdx_903_eus-gaap--RepaymentsOfLongTermDebt_pn5n6_c20240201__20240229__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zSdGGEcSdqAf" title="Aggregate principal amount">1.2</span> million in cash in February 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Promissory Note provides that, in the event the Company fails to make a required monthly payment when due, the Company shall issue to GEM a number of shares of Class A Common Stock equal to the monthly payment amount divided by the VWAP of the Class A Common Stock for the trading day immediately preceding the applicable payment due date. In addition, the Company agreed to register on a registration statement <span id="xdx_90A_ecustom--SharesIssuableUnderPromissoryNote_pp0p0_c20240205__20240205__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember_zgl57HswumK2" title="Shares issuable under the terms of promissory note">10,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock that may be issuable under the terms of the GEM Promissory Note. The GEM Promissory Note contains customary events of default. If an event of default occurs, GEM may, at its option, demand from the Company immediate payment of any outstanding balance under the GEM Promissory Note. The GEM Promissory Note is recorded in the line Convertible notes on the Company’s consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company issued an aggregate of <span id="xdx_903_ecustom--SharesIssuableUnderPromissoryNote_pp0p0_c20240101__20241231__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgqCm9mY0HVc" title="Shares issuable under the terms of promissory note">950</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock to GEM in lieu of monthly payment obligations and during the year ended December 31, 2025 the Company paid an aggregate of $<span id="xdx_90D_eus-gaap--ConvertibleDebt_iI_pp0p0_c20251231__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSiigSrOHcO1">215,057</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to satisfy the remaining balance of the GEM Promissory Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Notes (Yorkville)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 14, 2023, in connection with and pursuant to the terms of its Standby Equity Purchase Agreement (“SEPA”) with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”), (refer to <i>Note 15 – Equity</i> for further details on the SEPA), Yorkville agreed to advance to the Company, in exchange for convertible promissory notes, an aggregate principal amount of up to $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember_zF4VUbpuTJRb" title="Aggregate principal amount">3,500,000</span>, $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember_zfjKM4xCiIu6" title="Aggregate principal amount">2,000,000</span> of which was funded at the Closing in exchange for the issuance by the Company of a Convertible Promissory Note (the “December Yorkville Convertible Note”). The Company received net proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20231214__20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember_zGSfwHjddSGk" title="Net proceeds from issuance of convertible promissory notes">1,800,000</span> after a non-cash original issue discount of $<span id="xdx_90A_eus-gaap--AmortizationOfDebtDiscountPremium_pp0p0_c20231214__20231214__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember_zfKO2cyjFMW3" title="Debt discount upon issuance">200,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2024, the Company and Yorkville entered into a supplemental agreement (the “SEPA Supplemental Agreement”) to increase the amount of convertible promissory notes allowed to be issued under SEPA by $<span id="xdx_909_ecustom--IncreasedPrincipalAmountAgreedToAdvance_iI_pp0p0_c20240205__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zDMIfpRQSVl4" title="Increased principal amount agreed to advance">1,000,000</span> (the “Additional Pre-Paid Advance Amount”), for an aggregate principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20240205_zLXW2L0ndoJ3" title="Aggregate principal amount">4,500,000</span> to be advanced by Yorkville to the Company in the form of convertible promissory notes. On February 5, 2024 in exchange for a promissory note in the principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20240205__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zz3BfcHyYJ6e" title="Aggregate principal amount">1,000,000</span> (the “February Yorkville Promissory Note”), with the same terms as the December Yorkville Convertible Note, the Company received net proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20240205__20240205__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zaMBrMZwTzff" title="Net proceeds from issuance of convertible promissory notes">900,000</span> after an original issue discount of $<span id="xdx_90A_eus-gaap--AmortizationOfDebtDiscountPremium_pp0p0_c20240205__20240205__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zfj8tH7KCMH3" title="Debt discount upon issuance">100,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 26, 2024, the Company, in exchange for a convertible promissory note with a principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20240326__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zItCgmmoJTpg" title="Aggregate principal amount">1,500,000</span> (the “March Yorkville Promissory Note” and, together with the December Yorkville Convertible Note and February Yorkville Promissory Note, the “Yorkville Promissory Notes”), received net proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20240326__20240326__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zUOLQyx2yms2" title="Net proceeds from issuance of convertible promissory notes">1,250,000</span> after an original issue discount of $<span id="xdx_906_eus-gaap--AmortizationOfDebtDiscountPremium_pp0p0_c20240326__20240326__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zF2wzhOTJ1Tc" title="Debt discount upon issuance">250,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 3, 2024, the Company and Yorkville entered into a Debt Repayment Agreement (the “Original Debt Repayment Agreement”) with respect to the Yorkville Promissory Notes. Under the Original Debt Repayment Agreement, Yorkville agreed that, upon completion of a Company registered offering and repayment of an aggregate $<span id="xdx_906_eus-gaap--RepaymentsOfConvertibleDebt_pp0p0_c20240503__20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember_zO3zCLxgC2M5" title="Repayment of convertible debt">2,000,000</span> outstanding under the Yorkville Promissory Notes (the “Original Repayment Amount”), Yorkville would not deliver to the Company any Investor Notice (as defined in the SEPA) and would not exercise its right to convert the remainder of the amount outstanding under the Yorkville Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days thereafter. Under the Original Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Yorkville Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $<span id="xdx_907_eus-gaap--RedemptionPremium_pp0p0_c20240503__20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGhAxBYlyBqg" title="Redemption premium amount">200,000</span> payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined in the SEPA) for shares of the Company’s Class A Common Stock, par value $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zqRwrvi8E3U3" title="Common stock price per share">0.0001</span> per share. The Original Debt Repayment Agreement was conditioned on the completion of the offering by <span id="xdx_908_eus-gaap--DebtInstrumentOfferingDate1_pid_dd_c20240503__20240503__us-gaap--TypeOfArrangementAxis__custom--OriginalDebtRepaymentAgreementMember_zffp4sRf4rTf" title="Debt instrument, offering date">June 2, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 22, 2024, the Company and Yorkville entered into an Amended and Restated Debt Repayment Agreement (the “Amended Debt Repayment Agreement”) with respect to the Yorkville Promissory Notes, which amends and restates the Original Debt Repayment Agreement. Under the Amended Debt Repayment Agreement, Yorkville has agreed that, upon completion of a registered offering and repayment of an aggregate $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_zw2OyF1B9xK8">750,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding under the Yorkville Promissory Notes (the “Amended Repayment Amount”), Yorkville will not deliver to the Company any Investor Notice (as defined in the SEPA) and will not exercise its right to convert the remainder of the amount outstanding under the Yorkville Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days thereafter (the “Stand-still Period”); provided that the Company will seek any consents necessary to allow Yorkville to issue Investor Notices or exercise its right to convert the remainder of the amount outstanding under the Yorkville Promissory Notes after a period of 60 days following the closing of the offering. Under the Amended Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Yorkville Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--RepaymentsOfDebt_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_z6WBbULQd2dk">75,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment premium due in connection with an early redemption through the issuance of an Advance Notice for shares of Class A Common Stock (the “Q2 Prepayment Premium”). The Amended Debt Repayment Agreement was conditioned on the completion of the offering by June 2, 2024, which condition was satisfied upon the closing of the offering on May 28, 2024 (the “May 2024 Offering”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the terms of the Amended Repayment Agreement, the Company made a cash principal payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_ecustom--AggregatePrincipalAmount_iI_c20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_z0BqS2hJgH1l" title="Aggregate principal amount">750,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on May 31, 2024 (the “Repayment Date”), and issued an Advance Notice for the purchase of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zz1N5G4XR7k1">60</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock (the “Premium Advance Shares”) (representing the number of shares the Company reasonably believed would be sufficient to result in net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--ProceedsFromIssuanceOfDebt_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_zCbwgOu4yST1">75,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as of the Repayment Date) (the “Premium Advance”). The total purchase price for the Premium Advance was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--DebtInstrumentUnamortizedPremium_iI_c20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_zHbp937H7z18">110,040</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, of which $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_eus-gaap--RedemptionPremium_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_zzby8GvzgjDl">75,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was applied in satisfaction of the Payment Premium, and the remaining $<span id="xdx_900_eus-gaap--ProceedsFromRepaymentsOfDebt_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_zHP3j3nwVL9g">35,040</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was paid by Yorkville to the Company in cash (the “Cash Surplus”). The Premium Advance Shares were recorded at fair value totaling $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--DebtInstrumentFairValue_iI_c20240522__us-gaap--TypeOfArrangementAxis__custom--AmendedDebtRepaymentAgreementMember_z5h04AWji7mi">115,800</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on the Repayment Date, and the excess of fair value over the Cash Surplus was recorded to the consolidated statement of operations in line Yorkville prepayment premium expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 20, 2024, the Company entered into a Floor Price Reduction Agreement (the “Floor Price Reduction Agreement”) with Yorkville. The Company and Yorkville, pursuant to the Floor Price Adjustment Agreement, agreed to amend and restate the prior repayment agreements such that the outstanding principal under the Amended Debt Repayment Agreement was reduced to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--RepaymentsOfDebt_pn5n6_c20240920__20240920__us-gaap--TypeOfArrangementAxis__custom--FloorPriceReductionAgreementMember_zf3lzhJ1Wgz1">0.7</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, with no remaining interest, the floor price, as described in the Outstanding Promissory Notes, was adjusted to $400.00, and the maturity date for the Outstanding Promissory Notes is extended by 120 days to January 17, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Yorkville Promissory Notes have a maturity date (as modified by the Floor Price Reduction Agreement) of <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zHsfUz6K2Vh5" title="Debt instrument, maturity date">January 17, 2025</span>, and accrue interest at <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20231214__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_ztIzDnoTNxa8" title="Debt instrument, interest rate">0</span>% per annum, subject to an increase to <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zvvkV0gFy9f4" title="Debt instrument, increase in interest rate">18</span>% per annum upon events of default as defined in the agreement. As of December 31, 2025, no events of default have occurred. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Yo</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rkville has the right to convert any portion of the outstanding principal into shares of Class A common stock at any time subsequent to the Stand-still Period through maturity. The number of shares issuable upon conversion is equal to the amount of principal to be converted (as specified by Yorkville) divided by the Conversion Price (as defined in the Standby Equity Purchase Agreement disclosure in <i>Note 15 – Equity</i>). Yorkville will not have the right to convert any portion of the principal to the extent that after giving effect to such conversion, Yorkville would beneficially own in excess of <span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentRate_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zucdbCiAtR91" title="Conversion rate percentage of common stock outstanding">9.99</span>% of the total number of shares of Class A Common Stock outstanding after giving effect to such conversion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, the Company, at its option, shall have the right, but not the obligation, to redeem early a portion or all amounts outstanding under the Promissory Notes at a redemption amount equal to the outstanding principal balance being repaid or redeemed, plus a <span id="xdx_902_ecustom--PercentageOfPrepaymentPremium_iI_pid_dp_uPure_c20231214__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zW8KE7t0BdWl" title="Conversion rate percentage of common stock outstanding">10</span>% prepayment premium, plus all accrued and unpaid interest; provided that (i) the Company provides Yorkville with no less than ten trading days’ prior written notice thereof and (ii) on the date such notice is issued, the VWAP of the Class A Common Stock is less than the Fixed Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence of certain triggering events, as defined in the Yorkville Promissory Notes agreement (each an “Amortization Event”), the Company may be required to make monthly repayments of amounts outstanding under the Yorkville Promissory Notes, with each monthly repayment to be in an amount equal to the sum of (x) $<span id="xdx_907_eus-gaap--RepaymentsOfConvertibleDebt_c20240522__20240522__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember_zml2F9EyILN3" title="Prepayment premium">1,000,000</span>, plus (y) <span id="xdx_905_ecustom--PercentageOfRepaymentOfConvertibleDebtAmount_iI_pid_dp_uPure_c20240522__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNotesMember_zkkF5Vyqiqkf" title="Percentage of repayment of convertible debt, amount">10</span>% in respect of such amount, and (z) all outstanding accrued and unpaid interest as of each payment date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During January 2024, the Company’s stock price per share fell below the then in effect Floor Price (as defined in the Standby Equity Purchase Agreement disclosure in <i>Note 15 – Equity</i>) of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_ecustom--MaximumFloorPrice_iI_c20240131__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zcpNEQGqHAwa">400.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for five trading days during a period of seven consecutive trading days (an Amortization Event under the terms of the December Yorkville Convertible Note agreement), thus triggering amortization payments under the terms of the December Yorkville Convertible Note. On January 24, 2024, Yorkville agreed to waive the Amortization Event trigger, prior to the date upon which any amortization payment would have been required. As discussed in the definitions below, the Floor Price was reset on February 14, 2024, in conjunction with the effective date of the Company’s Registration Statement, at a price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_ecustom--FloorPrice_iI_c20240131__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zUvigBBqPIU1">58.80</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share of Class A Common Stock, thus curing the Amortization Event condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, $<span id="xdx_908_eus-gaap--ProceedsFromRepaymentsOfDebt_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember_zZU3oUBO7rJ7">2,000,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the full outstanding principal under the December Yorkville Convertible Note, respectively, was converted into <span id="xdx_909_eus-gaap--ConversionOfStockSharesConverted1_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zx8eUFj5D0Il">1,377</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common stock of the Company. During the year ended December 31, 2024, the full principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20241231__us-gaap--TypeOfArrangementAxis__custom--StandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--FebruaryYorkvillePromissoryNoteMember_zfAfX3FyGsw3">1,000,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">under the February Yorkville Promissory Note was converted into <span id="xdx_90A_eus-gaap--ConversionOfStockSharesConverted1_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--FebruaryYorkvillePromissoryNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zz7YnmOJSqOb">145</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A Common stock of the Company. During the year ended December 31, 2024, the full outstanding principal amount of </span>$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20241231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--MarchYorkvillePromissoryNoteMember_zTXZuD8z15Jg">750</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,000</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> under the March Yorkville Promissory Note was converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_eus-gaap--ConversionOfStockSharesConverted1_c20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--MarchYorkvillePromissoryNoteMember_z8eiQ7lfM7Rd">750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 30, 2025 (the “Issuance Date”), in connection with and pursuant to the terms of the SEPA (refer to <i>Note 15 – Equity</i> for further details), Yorkville agreed to advance to the Company, in exchange for a Convertible Promissory Note (the “January 2025 Yorkville Note”), a total principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20250130__us-gaap--StatementClassOfStockAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zfHzP76Xnaoa" title="Aggregate principal amount">3,500,000</span>. The Company received net proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfDebt_c20250130__20250130__us-gaap--StatementClassOfStockAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zTNfLraQ3cV1" title="Cash proceeds from issuance of convertible notes">3,140,000</span> after an original issue discount of $<span id="xdx_90B_eus-gaap--AmortizationOfDebtDiscountPremium_c20250130__20250130__us-gaap--StatementClassOfStockAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zEn2elUL4Xrf" title="Debt discount upon issuance">350,000</span>, and $<span id="xdx_900_eus-gaap--DeferredFinanceCostsNet_iI_c20250130__us-gaap--StatementClassOfStockAxis__custom--StandbyEquityPurchaseAgreementMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zw5ILsWnbGIf" title="Debt issuance costs">10,000</span> in debt issuance costs paid to Yorkville.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The January 2025 Yorkville Note had a maturity date of July 31, 2025, but may be extended at the option of the Company. Beginning on the 30^th day from the Issuance Date, and continuing on the same day of each successive calendar month thereafter, (each, an “Installment Date”), the Company shall repay a portion of the outstanding balance of the January 2025 Yorkville Note in an amount equal to the sum of (i) $<span id="xdx_909_eus-gaap--RepaymentsOfConvertibleDebt_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zz77h1BSnNP9">1,000,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of principal (or the outstanding Principal if less than such amount), plus (ii) a payment premium (in an amount equal to <span id="xdx_90D_ecustom--ConvertiblePromissoryNotePaymentPremiumPercentage_pid_dp_uPure_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zfryR3JKkqCe" title="Convertible promissory note, payment premium percentage">4</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Principal amount being paid (the “Payment Premium”), and (iii) accrued and unpaid interest as of each Installment Date (collectively, the “Installment Amount”). The Company maintains the right to pay each Installment Amount in cash or via an Advance Notice pursuant to the SEPA or any combination thereof. The January 2025 Yorkville Note bears an interest rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__srt--RangeAxis__srt--MinimumMember_za0jiLmcvYx6">0</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% for the first 90 days following the Issuance Date, and 6% thereafter (the “Interest Rate”). The Interest Rate shall increase to an annual rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zmkjYco7VIag">18</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% upon the occurrence of an Event of Default (as defined by the January 2025 Yorkville Note). The January 2025 Yorkville Note is convertible into shares of the Company’s Class A common stock, par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZQy9SoaQA7i">0.0001</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (the “Class A Common Stock”), at a conversion price of $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z859jxTsCRud">400.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (the “Conversion Price”). The Investor may elect to convert part or all of the outstanding balance of the Note at any time or from time to time after the Issuance Date. The Company may prepay the outstanding amount at any time, in whole or in part, subject to a <span id="xdx_90D_ecustom--ConvertiblePromissoryNotePaymentPremiumPercentage_pid_dp_uPure_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zpa7IKuz5Lf9" title="Convertible promissory note, payment premium percentage">4</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% premium, provided that (i) the Company provides the Investor with at least <span id="xdx_903_ecustom--MinimumRedemptionNoticePeriod_dtD_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvilleConvertibleNoteMember__dei--LegalEntityAxis__custom--YorkvilleAdvisorsGlobalLPMember_zsgdvTHuxHX5" title="Minimum redemption notice period">10</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading days’ prior written notice (each, a “Redemption Notice”) of its desire to prepay the outstanding amount (an “Optional Redemption”), and (ii) on the date the Redemption Notice is issued, the VWAP of the Class A Common Stock is less than the Conversion Price. Pursuant to the January 2025 Yorkville Note, the Company made payments totaling approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_909_eus-gaap--DebtInstrumentAnnualPrincipalPayment_iI_c20250130__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zlkA6KVui5h6">3,640,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, of which approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--DebtInstrumentIssuedPrincipal_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zLhZ2FwSWBte">3,500,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was applied against outstanding principal, and approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_eus-gaap--RedemptionPremium_c20250130__20250130__us-gaap--DebtInstrumentAxis__custom--YorkvillePromissoryNotesMember_zNKkTXv5lTX1">140,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was paid to Yorkville as Payment Premiums and expensed as incurred. As of June 30, 2025, the January 2025 Yorkville Note was fully repaid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 16, 2025, the Company entered into a Convertible Promissory Note (the “September 2025 Yorkville Note”) with Yorkville in principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zta8i5vm5AW2" title="Principal amount">2,000,000</span> (the “Original Principal Amount”) to the Company, to be used as an advance under the SEPA. The Company received $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_903_eus-gaap--ProceedsFromIssuanceOfDebt_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zYIC1eSDVrPl" title="Proceeds from issuance of debt">890,000</span> from the Investor on that same date (“Advance #1), which reflects <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zkGvOJcyC9G9" title="Proceeds from issuance of debt">50</span>% of the Original Principal Amount, less <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_ecustom--DebtInstrumentInterestRateOriginalIssuePercentage_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zEHSiTkdHDFk" title="Debt instrument, interest rate, original issue percentage">10</span>% discount, and certain fees owed at such time. Upon the effectiveness of the registration statement on Form S-1, originally filed with the SEC on September 12, 2025 (File No. 333-290241) and the delivery of a closing statement, the Company received the remaining <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_ecustom--DebtInstrumentPaymentRatePercentage_pid_dp_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zPTrwycSRRn6" title="Debt instrument payment rate percentage">50</span>% of the Original Principal Amount, or $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--RepaymentsOfLongTermDebt_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zmLvaNjOkZHf" title="Repayments of long-term debt">1,000,000</span>, less <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_ecustom--DebtInstrumentInterestRateOriginalIssuePercentage_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zsesercgH4X7" title="Debt instrument, interest rate, original issue percentage">10</span>% discount of the Original Principal Amount, netted from the purchase price due and structured as a purchase discount <span style="background-color: white">(“Advance #2”).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The September 2025 Yorkville Note was issued on September 16, 2025 and the maturity date of the September 2025 Yorkville Note is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zCc5ME13YpD4">March 16, 2026</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">, but may be extended at the option of the Company. Beginning on the 30^th day from the date of issuance</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, and continuing on the same day of each successive calendar month thereafter, (each, an “Installment Date”), the Company shall repay a portion of the outstanding balance of the Note in an amount equal to the sum of (i) $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_eus-gaap--RepaymentsOfConvertibleDebt_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zHldjH15qdUl">500,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of principal (or the outstanding Principal if less than such amount), plus (ii) a payment premium in an amount equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_ecustom--ConvertiblePromissoryNotePaymentPremiumPercentage_pid_dp_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_znc8sMQwV4q7" title="Convertible promissory note, payment premium percentage">4</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Principal amount being paid (the “Payment Premium”), and (iii) accrued and unpaid interest hereunder as of each Installment Date (collectively, the “Installment Amount”). The Company maintains the right to pay each Installment Amount in cash or via an Advance Notice pursuant to the SEPA or any combination thereof. The September 2025 Yorkville Note bears an interest annual rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--InvestmentInterestRate_iI_pid_dp_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zJZhpOMta2K4">6</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%, which shall increase to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_z9if4BnpL7L2">18</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% upon the occurrence of an Event of Default, as defined in the September 2025 Yorkville Note. The September 2025 Yorkville Note is convertible into shares of the Company’s Class A common stock, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_z4ZUu40pJTwb">0.0001</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, at a conversion price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zJwamHSe6YH8">50.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (the “Conversion Price”). The Investor may elect to convert part or all of the outstanding balance of the September 2025 Yorkville Note at any time or from time to time after the <span style="background-color: white">date of issuance</span>. The Company maintains the right to redeem all or any part of the September 2025 Yorkville Note, at any time, provided that (i) the Company provides the Investor with at least <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_ecustom--MinimumRedemptionNoticePeriod_pid_dtD_c20250916__20250916__us-gaap--DebtInstrumentAxis__custom--SeptemberTwentyTwentyFiveYorkvilleNoteMember_zoWcG24LyHtc" title="Minimum redemption notice period">10</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading days’ prior written notice (each, a “Redemption Notice”) of its desire to prepay the outstanding amount (an “Optional Redemption”), and (ii) on the date the Redemption Notice is issued, the VWAP of the Class A Common Stock is less than the Conversion Price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 6, 2025, the Company issued an Advance Notice to Yorkville pursuant to the SEPA in which the Company requested the purchase of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20251006__20251006__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zp2uukvj8mk">5,750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A Common Stock at a purchase price of $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251006__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNLAvP1B9mnf">61.60</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for a total purchase price of $<span id="xdx_909_eus-gaap--ProceedsFromOtherEquity_pid_c20251006__20251006__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjIPvXmS7OWh">354,074</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to be applied against the outstanding Yorkville Convertible Notes. Upon settlement on October 8, 2025, the Company issued <span id="xdx_903_eus-gaap--SharesIssued_iI_pid_c20251008__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zo9vmZ3QlPQ7">5,750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock to Yorkville.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 13, 2025, the Company issued an Advance Notice to Yorkville pursuant to the SEPA in which the Company requested the purchase of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20251013__20251013__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zslZenkzOvp5">3,250</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A Common Stock at a purchase price of $<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251013__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zePyZ71Rcdh2">59.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for a total purchase price of $<span id="xdx_90C_eus-gaap--ProceedsFromOtherEquity_pid_c20251013__20251013__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zI8nPoJe3gtl">191,477</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to be applied against the outstanding Yorkville Convertible Notes. Upon settlement on October 15, 2025, the Company issued <span id="xdx_904_eus-gaap--SharesIssued_iI_pid_c20251015__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2Onn6EpXw13">3,250</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock to Yorkville.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Term and Convertible notes - related party (CP BF)</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2021, the Company entered into a loan agreement with CP BF Lending, LLC (“CP BF”) comprised of a Term Note and a Convertible Note. The Term Note bears cash interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_zsZCX3iv1Akb" title="Debt instrument, interest rate">14</span>% per annum paid monthly and accrued interest payable-in-kind (“PIK”) cumulatively at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_ecustom--PaidInKindInterestPercentage_iI_dp_uPure_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TermNoteMember_zTMaqcusOthe" title="Paid In Kind Interest percentage">1.5</span>% per annum. The outstanding principal balance of the Term Note together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on February 19, 2025 (“Loan Maturity Date”). The Convertible Note accrues PIK interest cumulatively at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_ecustom--PaidInKindInterestPercentage_iI_dp_uPure_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zAGaEKcbel9g" title="Paid in kind interest">15.5</span>% per annum, and is convertible into Class A Common Stock upon Qualified Financing (as defined in the agreement), upon a Change of Control (as defined in the agreement), upon Prepayment, or at Maturity at a fixed conversion price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zO4CjqAm3Eh6" title="Debt instrument conversion price per share">1,336.40</span> per unit. If not sooner converted or prepaid, the Convertible Note principal together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on the Loan Maturity Date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_903_eus-gaap--DebtInstrumentCovenantCompliance_c20240101__20241231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zchG6OORsrja" title="Debt Instrument, covenant compliance description">For all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 10, 2022 the Loan Agreement was amended, where CP BF waived payment by the Company of four months of cash interest with respect to the Term Note in replacement for a Convertible Note (“First Amendment Convertible Note”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20221010__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--FirstAmendmentConvertibleNoteMember_z09RG5cLd6L1" title="Aggregate principal amount">321,345</span>, which is not considered an Additional Loan as defined above. The First Amendment Convertible Note has the same features as the Convertible Note described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective interest rate for the Term Note was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20241231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__us-gaap--MediumTermNotesMember_zfcEg0V6yQS8" title="Effective interest rate percentage">16</span>% and interest expense totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--MediumTermNotesMember_zompsn0fzuBk" title="Interest expense">851,175</span> for the year ended December 31, 2024, comprised of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_eus-gaap--InterestExpenseDebt_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--MediumTermNotesMember_zop2oLe7y469" title="Interest expense debt">772,550</span> of contractual interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--MediumTermNotesMember_zC94tdscxG83" title="Debt related commitement fees and debt issuance costs">78,625</span> of amortization of the discount. <span style="background-color: white">The effective interest rate for the CP BF Convertible Note and First Amendment Convertible Note was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zael7LmKeutb" title="Effective interest rate percentage">16</span>% for the year ended December 31, 2024. For the year ended December 31, 2024, interest expense on the Convertible Notes totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember_zdRPRwwtyxQ2" title="Interest expense">350,430</span> comprised of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--InterestExpenseDebt_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ziR5TyCI0xjg" title="Interest expense debt">325,818</span> of contractual interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtRelatedCommitmentFeesAndDebtIssuanceCosts_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--LoanAgreementWithCpbfLendingLlcMember_z13OnEGLdb4h" title="Interest expense debt">24,612</span> for the amortization of the discount.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible notes - related party (CP BF restructuring)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_c20240901__20240930__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember__us-gaap--TypeOfArrangementAxis__custom--SideLetterToTheLoanAgreementMember_zw7YWpa2QMNl">On September 5, 2024, the Company entered into a side letter to the loan agreement with CP BF whereby the Company agreed to consolidate the Term Note, CP BF Convertible Note and First Amendment Convertible Note (combined the “Old CP BF Notes”) into a single convertible note (the “2024 CP BF Convertible Note”).</span> In accordance with FASB ASC 470, <i>Debt</i>, the Company treated the Old CP BF Notes as extinguished and recognized a loss on debt extinguishment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_903_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20240905__20240905__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_za8QTB4s7T91" title="Loss on extinguishment of debt">6,529,402</span>, determined by the sum of the fair value of the 2024 CP BF Convertible Note, plus the fair value of the additional equity consideration given as part of the side letter and share purchase agreement, as discussed below, in excess of the carrying value of the Old CP BF Notes. After consideration of the below transactions CP BF was determined to be a related party as they owned approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_ecustom--PercentageOfCommonStockOwnedByRelatedParty_iI_dp_uPure_c20240905__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zOZLNrUInrJ5" title="Percentage of owned, related party">16</span>% of the outstanding Class A Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In conjunction with the side letter, the Company agreed to issue to CP BF, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240905__20240905__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_z0wZDJC29lK1">350</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A Common Stock. On September 23, 2024 the transaction was finalized and the Company issued the 2024 CP BF Convertible Note with a principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20240923__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zPKGbhhtUmya">10,758,775</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The outstanding principal balance of the 2024 CP BF Convertible Note together with accrued interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20240923__20240923__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zSASZzR4XR6b">February 19, 2027</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(“2024 Loan Maturity Date”). The 2024 CP BF Convertible Note accrues interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240923__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zDyTQ0lOiqmj">15.5</span></span>% which interest shall be paid in kind monthly and is convertible at the holder’s option at any time on or following the effectiveness of the first resale registration statement covering the applicable conversion shares at a fixed conversion price per share of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240923__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_ztn5ChPVhyI">778.00</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Upon the occurrence, and during the continuance, of an Event of Default (as defined in the agreement), interest on the 2024 CP BF Convertible Note will bear PIK interest at a per annum rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_ecustom--DebtInstrumentInterestRateIncreaseDecreaseOnDefault_pid_dp_uPure_c20240923__20240923__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_z65HsbwSjMM6" title="Debt instrument, increase in interest rate of an event of default">20</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% (“2024 Default Rate.”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may voluntarily prepay the principal of the 2024 CP BF Convertible Note, in accordance with their terms, in whole or in part at any time. On the date of any such prepayment, the Company will owe to Lender: (i) all accrued interest with respect to the principal amount so prepaid through the date the prepayment is made and (ii) the Exit Fee with respect to the principal amount so prepaid, calculated as <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_ecustom--DebtInstrumentExitFeePercentage_pid_dp_c20240923__20240923__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zR729EIJlLrd" title="Exit fee, percentage">1.0</span>% of the outstanding principal balance of the loans, with only the portion of the principal balance so converted counted for purposes of determining the applicable Exit Fee; and provided further, that, in the event of a partial prepayment of the loans, the Exit Fee shall be calculated on the principal amount so repaid and not on the entire outstanding principal balance thereof, and (iii) all other Obligations, if any, that shall have become due and payable hereunder with respect to the principal amount so prepaid. The 2024 CP BF Convertible Note obtain features that relate to the mandatory prepayment, either partially or in whole, upon certain contingent events.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2024 CP BF Convertible Note has an embedded redemption put feature upon a Prepayment and Default Interest triggering events. For further discussion of this derivative see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2024, CP BF exercised its optional conversion option in which it received <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesOther_c20241001__20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zplxD2kARqQ3">5,560</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A Common Stock at the fixed conversion price per share of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zCYLTdh7mWzh">778.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_eus-gaap--ConversionOfStockAmountIssued1_c20241001__20241031__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zNsmG7TzvjSd">216,284</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s obligations under the 2024 CP BF Convertible Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 23, 2024, the Company entered into a Securities Purchase Agreement (the “CP BF SPA”), a Registration Rights Agreement (the “CP BF RRA”), a Lock-Up Agreement (the “CP BF Lock Up”) and issued CP BF a Common Stock Purchase Warrant (the “CP BF Warrant”) and a Pre-Funded Warrant (the “CP BF Pre-Funded Warrant,” together with the CP BF SPA, CP BF RRA, CP BF Lock Up and CP BF Warrant, the “CP BF Transaction Documents”). Pursuant to the CP BF SPA, CP BF agreed to convert $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--DebtConversionOriginalDebtAmount1_c20240923__20240923__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_ztikf0gixfLd">2,000,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in debt into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20240923__20240923__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zSCnHEQtJ7Re">1,305</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock, CP BF Warrants to purchase up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20240923__20240923__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zD5bchqjhmVh">2,828</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock and CP BF Pre-Funded Warrants to purchase up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20240923__20240923__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementEquityComponentsAxis__custom--PreFundedWarrantsMember_zjgWwHKkwKv6">1,524</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock (all such securities and shares collectively referred to as the “CP BF Registrable Securities”). <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_ecustom--ExercisePriceDescription_c20240923__20240923__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zlzbv1JoD4xj">The CP BF Warrant can be exercised at an initial exercise price of $</span></span><span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240923__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zxpbjYB6WYRe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">778.00</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, subject to adjustment for a term of five years. The CP BF Pre-Funded Warrant will be exercisable at any time after the date of issuance at an exercise price of $0.0001. Neither warrant may be exercised if the holder, together with its affiliates, would beneficially own more than 19.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. Both warrants may be exercised via cash or cashless exercise.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the CP BF RRA, the Company agreed to file a registration statement to register the CP BF Registrable Securities and for the registration statement to become effective on or before December 9, 2024. Under the CP BF Lock-Up, the Company’s CEO, Joseph Davy, agreed not to sell an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240923__20240923__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zOEMfug6Pic8">11,556</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B Common Stock that he owns until such time as CP BF no longer owns any of the CP BF Registrable Securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 24, 2024, the Company entered into a securities purchase agreement with an institutional investor for the issuance and sale in a private placement with gross proceeds to the Company of approximately $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20240924__20240924__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zVKYCduoShdc" title="Proceeds from issuance of private placement">4.6</span> million. One of the contingent redemption features in the 2024 CP BF Convertible Note relates to the Company prepaying, either partially or in whole, the obligations upon the sale of the Company’s capital stock equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_ecustom--PercentageOfCapitalStockIssued_iI_pid_dp_uPure_c20240924__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_z2zDGh0pJJcl" title="Percentage of capital stock issued">20</span>% of the cash proceeds in excess of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfDebt_c20240924__20240924__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_z9h022EFbUu2" title="Proceeds from issuance of debt">3,000,000</span>. For the year ended December 31, 2025, the Company paid a total of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zP08tgUoMPT3" title="Aggregate principal amount">2,840,677</span> which satisfied outstanding principal under the 2024 CP BF Convertible Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective interest rate for the 2024 CP BF Convertible Note was approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zVyB1ol0mcoj" title="Effective interest rate percentage">15.4</span>% for the year ended December 31, 2025 and 2024. For the year ended December 31, 2025 and 2024, interest expense on the 2024 CP BF Convertible Note totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--InterestExpense_c20250101__20251231__us-gaap--LineOfCreditFacilityAxis__custom--LendingMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zGu6cTdrlFrg" title="Interest expense">1,177,033</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LineOfCreditFacilityAxis__custom--LendingMember__us-gaap--LongtermDebtTypeAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_z43w7arAMyT6" title="Interest expense">368,525</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ConvertibleDebtTableTextBlock_zgCCHcTM4lQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 2024 CP BF Convertible Note as of December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B3_znyGbx9aYvt4" style="display: none">Schedule of 2024 CP BF Convertible Note</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20251231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zvN1CtVm9bpd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20241231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zBGc5KZzPSK1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zRXEBljxzGk8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Face value of the CP BF convertible notes</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,758,775</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,758,775</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--UnamortizedDebtPremiumOnConvertibleNotesPayable_iI_zQmddQZmjuLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Debt premium, net</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5116">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,066</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--ConvertibleNotesPayable_iI_zbjArozVwd56" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Carrying value of the CP BF convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,758,775</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,769,841</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_ecustom--InterestPayableOnConvertibleDebt_iI_zuYQ7xVQbHge" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued interest</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,557,558</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">369,459</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--PrepaymentsMadeOnConvertibleNotes_iI_zL9cUC9UtTdg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepayments made</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,011,987</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(283,315</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_409_ecustom--ConversionsOnConvertibleNotes_iI_zEUrpdbQ7GRj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(381,745</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(216,284</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_400_ecustom--ConvertibleDebtIncludingAccruedInterest_iI_zYml6KrFfDe8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total CP BF convertible notes and accrued interest</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,922,601</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,639,701</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AF_zs0jHEeSegQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CP BF Letter Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 14, 2025, the Company and CP BF executed a letter agreement dated October 10, 2025, pursuant to which they amended certain terms of the Loan Agreement and Note (as amended on October 15, 2025, the “CP BF Letter Agreement”). <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_pid_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zJgHoHCEH0Tk" title="Debt instrument, convertible terms">The CP BF Letter Agreement amended the Conversion Price, as defined, to ninety-five percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zJCJxxDh6RCj" title="Percentage of conversion price">95</span>%) of the price of the Class A Common Stock on the trading day immediately preceding delivery of any Conversion Notice, subject to a floor price of $50.00. The CP BF Letter Agreement included an amendment that CP BF shall take commercially reasonable actions to partially convert the balance outstanding under the Note as of the CP BF Letter Agreement date (the “Balance”) into shares of the Company’s Class A Common Stock at the new conversion price. The CP BF Letter Agreement limits the amount of shares that CP BF can sell or convert to five percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_903_ecustom--PercentageOfAggregateDailyTradingVolumeLimitToSellOrConvertAmountOfShares_pid_dp_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5CVnBb1J019" title="Percentage of aggregate daily trading volume limit to sell or convert amount of shares">5</span>%) of the aggregate daily trading volume however the Company has the right waive or increase such limitation at its discretion. The CP BF Letter Agreement also stipulates that between the time that the Company pays down at least $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_c20251014__20251014__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_z2uewW4rcvB6" title="Debt instrument, periodic payment">2,000,000</span> against the Balance until the earlier of (a) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_ecustom--MinimumRedemptionNoticePeriod_pid_dtD_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zqSb21f284N5" title="Minimum redemption notice period">60</span> days following the date of the CP BF Letter Agreement and (b) receipt of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zuY0vb1RD8Ig" title="Net proceeds from issuance of shares">10,000,000</span> in gross proceeds from the sale of Company securities, the Company will no longer be required to prepay a certain percentage of other proceeds received from securities offerings to CP BF, as stipulated in the Loan Agreement.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the CP BF Letter Agreement, the parties agreed to use an agreed-upon portion of other debt to partially prepay the balance outstanding under the Note as of the CP BF Letter Agreement date (the “Balance”). The Company also agreed to reserve that number of shares of Class A Common Stock equal to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXwbUSEloara" title="Percentage of conversion price">120</span>% of the number of shares of Class A Common Stock issuable upon full conversion of the Balance at the new conversion price and to register <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_ecustom--PercentageOfConvertedSharesRegisterInRegulatoryAuthority_pid_dp_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zcgfSMl8h0zc" title="Percentage of converted shares register in SEC">100</span>% of all such shares with the SEC within <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uTradingday_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zwBmJasPw4Ve" title="Thresold trading days">60</span> days of the CP BF Letter Agreement. As per the CP BF Letter Agreement, subject to the receipt by CP BF of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--DebtInstrumentPeriodicPayment_c20251014__20251014__us-gaap--TypeOfArrangementAxis__custom--CPBFLetterAgreementMember_zEDECVocT3Ph" title="Debt instrument, periodic payment">2,000,000</span> and the filing of the registration statement, CP BF also agreed to waive certain events of default that may have occurred or be occurring as of the date of the CP BF Letter Agreement; CP BF also agreed that until December 31, 2025, it shall not exercise any right or remedy associated with any failure on the part of the Company to comply with certain financial covenants set forth in the Loan Agreement, as they relate to the period ending September 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s failure to comply with the Letter Agreement shall constitute an Event of Default under the Loan Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2025 CP BF Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between October 17, 2025 and December 31, 2025, CP BF exercised its optional conversion option multiple times and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251017__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zwYJTpHsWLtc">3,135</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__srt--RangeAxis__srt--MinimumMember_zSdszkm4zqg8">54.20</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember__srt--RangeAxis__srt--MaximumMember_zVXNFbYI2Fzd">55.000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--ConversionOfStockAmountIssued1_c20251017__20251231__us-gaap--LineOfCreditFacilityAxis__custom--CPBFLendingLLCMember_zJW9YHV6vBi2">165,461</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s obligations under the 2024 CP BF Convertible Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notes payable, carried at fair value</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Agile Term Notes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 22, 2024, the Company entered into a subordinated business loan and security agreement (the “July Subordinated Business Loan and Security Agreement”) with Agile Lending, LLC (“Agile”) and Agile Capital Funding, LLC as the collateral agent (“Agile Funding”) and issued a subordinated secured promissory note (the “July Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedBusinessLoanAndSecurityAgreementMember_zA7EEqNT0J9" title="Debt instrument face amount">787,500</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--ProceedsFromShortTermDebt_c20240722__20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedBusinessLoanAndSecurityAgreementMember_z6wl85gHvg1i" title="Proceeds from debt">750,000</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_ecustom--AgentFees_c20240722__20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedBusinessLoanAndSecurityAgreementMember_z1pF6XayxNPi" title="Agent fees">37,500</span> paid to Agile Funding, with a maturity date of February 5, 2025. The July Agile Note bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20240722__us-gaap--TypeOfArrangementAxis__custom--SubordinatedBusinessLoanAndSecurityAgreementMember_zkyoCY9C8q86" title="Debt instrument, interest rate">42</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 13, 2024, the Company entered into a subordinated business loan and security agreement (the “September Subordinated Business Loan and Security Agreement”) with Agile and Agile Funding and issued a subordinated secured promissory note (the “September Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20240913__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zIPFbnawUih" title="Principal amount">262,500</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_903_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20240913__20240913__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zY9r3TbyYFQg" title="Debt proceeds">250,000</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentFeeAmount_iI_c20240913__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_z7bzL7ojjDgd" title="Administrative agent fees">12,500</span> paid to Agile Funding, with a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20240913__20240913__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_z0sfTLJi52c4" title="Maturity date">March 3, 2025</span>. The September Agile Note bears interest at a rate of 48%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 12, 2024, the Company issued a subordinated secured promissory note (the “December Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20241212__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_z3QjOjtblUTl" title="Aggregate principal amount">2,400,000</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zcpp6pxj1qM6" title="Proceeds from issuance of secured debt">1,782,438</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--DebtInstrumentFeeAmount_iI_c20241212__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zf6Q2bxIcCd8" title="Commitment fee expense">120,000</span> paid to Agile Funding, and net of payments to Agile of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--EarlyRepaymentOfSubordinatedDebt_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--JulyAgileNoteMember_zfVfYojuvTme" title="Early prepayment of remaining outstanding balances">319,500</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--EarlyRepaymentOfSubordinatedDebt_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--SeptemberAgileNoteMember_zFOPRaDUAxb9" title="Early prepayment of remaining outstanding balances">178,063</span> in respect to early prepayment of the remaining outstanding balances of the July Agile Note and September Agile Note. The December Agile Note has a maturity date of July 10, 2025 and bears interest at a rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240913__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_z656g5xcgzMg" title="Interest rate">44</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the modification on December 12, 2024, the Company evaluated the debt modification guidance, determining that the modification is an extinguishment of the existing July Agile Note and September Agile Note due to the terms of the December Agile Note being substantially different from the terms of the July and September Agile Notes. As a result, the Company recorded a loss on debt extinguishment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20241212__20241212__us-gaap--LongtermDebtTypeAxis__custom--DecemberAgileNoteMember_zO92QWAijVn1" title="Gain (loss) on extinguishment of liability">1,071,563</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 31, 2025, the Company issued a subordinated secured promissory note (the “March Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20250331__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zk6Uw3xIBLBc" title="Aggregate principal amount">4,000,000</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250101__20250331__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zOEqBfFSSX04" title="Proceeds from issuance of secured debt">2,044,105</span>, after administrative agent fees of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--DebtInstrumentFeeAmount_iI_c20250630__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zO9V5oEy9Ub9" title="Outstanding fees">200,000</span> paid to Agile Funding, and net of payments to Agile of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--RepaymentsOfDebt_c20250101__20250331__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_z27g8eXsEZS2" title="Repayment of debt">1,755,895</span> in respect to early prepayment of the remaining outstanding balances of the December Agile Note. The March Agile Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_dd_c20250101__20250331__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zA9WdYsQn5d4" title="Debt instrument, maturity date">November 12, 2025</span> and bears interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250630__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zv1tux1tpbz9" title="Debt instrument, interest rate">44</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the modification on March 31, 2025, the Company evaluated the debt modification guidance, determining that the modification is an extinguishment of the existing December Agile Note due to the terms of the March Agile Note being substantially different from the terms of the December Agile Notes. As a result, the Company recorded a loss on debt extinguishment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20250101__20250331__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zSjxulM4d5kj" title="Gain (loss) on extinguishment of liability">1,769,895</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 12, 2025, the Company issued a subordinated secured promissory note (the “June Agile Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20250612__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_za6Gns6jhgWe" title="Aggregate principal amount">262,500</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250612__20250612__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zVtujeq76neg" title="Proceeds from issuance of secured debt">250,000</span>, after administrative agent fees $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--DebtInstrumentFeeAmount_iI_c20250612__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zQQ7gPmw7ww3" title="Outstanding fees">12,500</span> paid to Agile Funding. The June Agile note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20250612__20250612__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zAaMSFWxa8ee" title="Debt instrument, maturity date">December 15, 2025</span> and bears interest at a rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250612__us-gaap--DebtInstrumentAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zSMuOiYJ9Nth" title="Debt instrument, interest rate">48</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The July Agile Note, the September Agile Note, the December Agile Note, the March Agile Note, and the June Agile Note are together referred to as the “Agile Notes.” Interest on the Agile Notes is calculated on a 360 day year based on the actual number of days lapsed, and accrues commencing on and including the effective date pursuant to the respective agreement’s weekly repayment and amortization schedule.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The collateral under the July and September Subordinated Business Loan and Security Agreements consist of all of the Company’s goods, accounts, equipment, inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, general intangibles (including intellectual property), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts and other collateral accounts, all certificates of deposit, fixtures, letters of credit rights, securities, and all other investment property, supporting obligations, and financial assets. Upon any Changes in Business or Management, Ownership (as defined in the agreements) or upon an Event of Default (as defined in the agreements), each of the July Agile Note and or the September Agile Note then-outstanding will become accelerated and the Company shall immediately pay to Agile an amount equal to the sum of (i) all outstanding principal of the term loan plus accrued and unpaid interest thereon accrued through the prepayment date, (ii) a Prepayment Fee (as defined in the agreements), plus (iii) all other obligations that are due and payable, including, without limitation, incremental interest at the Default Rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_ecustom--DebtInstrumentDefaultInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--LongtermDebtTypeAxis__custom--JuneAgileNoteMember__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember_zvt0xt1pt0l6" title="Default interest rate">5.0</span>% (as defined in the agreements). Additionally, the Company may voluntarily prepay the July Agile Note and or the September Agile Note, in accordance with their terms, in whole or in part at any time. On the date of such prepayment of any principal amounts, the Company will owe to Agile a Prepayment Fee comprising a make-whole premium payment on account of such principal amount prepaid, which shall be equal to the aggregate and actual amount of interest (at the contract rate of interest) that would be paid through the maturity date of the respective note, as described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Agile Notes include contingent redemption (put) rights which trigger mandatory prepayment and a make-whole premium upon certain events including an event of default, and defaulted contingent interest upon an event of default. For further discussion of this derivative, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the issuance of the March Agile Note, the Company entered into a series of exchange and forbearance arrangements with Agile and Agile Funding, relating to the outstanding balance of the March Agile Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 11, 2025, the remaining principal and accrued and unpaid interest under the March Agile Note was approximately $<span id="xdx_902_eus-gaap--NotesPayableCurrent_iI_c20251211__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zAg6gMDd8uCf" title="Remaining principal and accrued and unpaid interest">1,495,375</span>. On December 15, 2025, the Company entered into a forbearance agreement with Agile and Agile Funding, pursuant to which Agile agreed to forbear from exercising its rights and remedies under the March Agile Note and related loan documents in connection with existing defaults. In consideration for such forbearance, the outstanding balance of the March Agile Note was increased to $<span id="xdx_909_eus-gaap--LongTermNotesPayable_iI_c20251211__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zZFLqKZxFwz8" title="Outstanding principal balance">2,123,432</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the modification on December 15, 2025, the Company evaluated the debt modification guidance, determining that the modification is an extinguishment of the March Agile Note due to the terms of the March Agile Note after the modification being substantially different from before the modification as a result of the forbearance agreement. As a result, the Company recorded a loss on debt extinguishment of $<span id="xdx_907_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20251215__20251215__us-gaap--LongtermDebtTypeAxis__custom--SubordinatedSecuredPromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_z41GNsWSIGVa" title="Loss on debt extinguishment">632,837</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 15, 2025, the Company entered into an exchange agreement with Agile pursuant to which the Company issued <span id="xdx_902_ecustom--SharesIssuedUnderPromissoryNote_c20251215__20251215__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwATdVX9qhZ8" title="Aggregate share issued">11,640</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its Class A common stock in exchange for a reduction of $<span id="xdx_90D_ecustom--AggregateReductionsOfInOutstandingBalanceDebt_c20251215__20251215__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWXBCun7rsP3" title="Aggregate reductions of in outstanding balance debt">284,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the outstanding balance of the March Agile Note. Following this exchange, the outstanding balance of the March Agile Note was reduced to approximately $<span id="xdx_903_eus-gaap--LongTermNotesPayable_iI_c20251215__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember_zcjaxRJDKvP8">1,839,432</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expense on the Agile Notes totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_eus-gaap--InterestExpense_c20250101__20251231__us-gaap--LongtermDebtTypeAxis__custom--AgileNotesMember_zzEXZR7ebWr6" title="Interest expense">2,727,280</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--AgileNotesMember_z9j0MVtkl9Bh" title="Interest expense">100,095</span> for the year ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zDiHL3kQkgk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following presents the Agile Notes for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_ztbzN7YWyRY6" style="display: none">Schedule of Notes</span></p> <table cellpadding="0" cellspacing="0" id="xdx_30F_134_zhriNNhgrpzl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4BA_us-gaap--LongtermDebtTypeAxis_custom--AgileTermNotesMember_zR01OG5ThIY5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Agile Term Notes</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_434_c20250101__20251231_eus-gaap--NotesPayable_iS_z4tphE8AVJSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,143,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_ecustom--IssuanceOfLongTermDebt_zGwjf6mPL2mf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Agile term notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,262,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--GainsLossesOnDebtIssuance_zeiVuXENait9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">110,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--GainsLossesOnExtinguishmentOfDebt_zlit3Do8O2hk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on extinguishment</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,402,732</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zHTdT8Ymmk4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,079,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_ecustom--ConversionsOfLongTermDebt_iN_di_zauPoVqH5ewj" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_ecustom--ChangeInFairValueOfLongTermDebt_zaseuDHog0l3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">173,055</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_430_c20250101__20251231_eus-gaap--NotesPayable_iE_zCbL5GgM7gh1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,728,487</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zmgBQ3R5kpNa" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">1,839,433</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zRz4FAm47NQ6" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5249">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A0_zIfDwbKr8GVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>1800 Diagonal Convertible Notes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 16, 2024, the Company entered into a securities purchase agreement and promissory note agreement (the “August Securities Purchase Agreement”) with 1800 Diagonal Lending LLC (“Lender”) and issued a promissory note (the “August 1800 Diagonal Note”) for an aggregate principal amount of $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zccFiIIkgXWg" title="Aggregate principal amount">184,000</span> and received net proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20240816__20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zdsgYoOnEwkh" title="Proceeds from issuance of secured debt">152,000</span>, after an original issue discount of $<span id="xdx_905_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zowfWaBiOiD4" title="Original issue discount">24,000</span> and issuance costs of $<span id="xdx_90A_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20240816__20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zSMSQFwcVnEe" title="Debt instrument unamortized debt issuance costs incurred during the period">8,000</span> for due diligence and legal fees. The August 1800 Diagonal Note has a maturity date of <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20240816__20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zjDGSNA5rjlb" title="Debt instrument, maturity date">June 15, 2025</span> and bears interest at <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240816__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zPhW4zoCFyD" title="Debt instrument, interest rate">12</span>% per annum. The August Securities Purchase Agreement stipulates that the Company and Lender may mutually agree to enter into additional tranches of promissory notes over the 12 month period commencing on August 16, 2024, up to an aggregate total of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20240816__us-gaap--AwardTypeAxis__custom--AdditionalTrancheMember__us-gaap--LongtermDebtTypeAxis__custom--August1800DiagonalNoteMember_zXsbZjo3WhQf" title="Aggregate principal amount">750,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 24, 2024, the Company issued a second promissory note (the “September 1800 Diagonal Note”) for an aggregate principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_z5Ykc7nIQc41">124,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and received net proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20240924__20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zfIOtlGE9ua">100,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, after an original discount of $<span id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zhV48215f2P9">16,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and issuance costs of $<span id="xdx_903_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20240924__20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zFiBN9sSI7Q8">8,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for due diligence and legal fees. The September 1800 Diagonal Note has a maturity date of <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20240924__20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zRNlQhAoY8xl">July 30, 2025</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and bears interest at <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240924__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_znXDiaAJK9ug">12</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% per annum. On July 23, 2025, the Company exercised its conversion option under the September 1800 Diagonal Note. On the conversion date, the September 1800 Diagonal Note had a fair value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_eus-gaap--DebtInstrumentFairValue_iI_c20250723__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpbwfNEr7P5">17,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--ConversionOfStockSharesConverted1_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAxO0s07p5Ab">352</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A Common Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--ConversionOfStockAmountIssued1_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zE86Zmak1o69">17,388</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s obligations under the September 1800 Diagonal Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 10, 2024, the Company issued a third promissory note (the “December 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_c20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zPHQI4Apqvq2">124,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20241210__20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zS383oYh3tv1">100,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zLqTZihRysv8">16,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20241210__20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zzZfsjrDijk2">8,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for due diligence and legal fees. The December 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20241210__20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zBp8h4BzQbEk">October 15, 2025</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20241210__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember_zKM7z02Ew2q8">12</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% per annum. On July 22, 2025, the Company exercised its conversion option under the December 1800 Diagonal Note. On the conversion date, the December 1800 Diagonal Note had a fair value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_eus-gaap--DebtInstrumentFairValue_iI_c20250722__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zH7ptFkUDO6a">58,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_eus-gaap--ConversionOfStockSharesConverted1_c20250722__20250722__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVA5ublUflU">999</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A Common Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--ConversionOfStockAmountIssued1_c20250722__20250722__us-gaap--LongtermDebtTypeAxis__custom--December1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrMv8KKj89Aj">52,164</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s obligations under the December 1800 Diagonal Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 7, 2025, the Company issued a fourth promissory note (the “February 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zau4k6mX1eNd">124,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250207__20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zEqI1xCyI1pg">100,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90B_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zKdQbyh2o2nj">16,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20250207__20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zuWeAaacaLC7">8,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for due diligence and legal fees. The February 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20250207__20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zZaASRtYpqT9">December 15, 2025</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250207__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember_zeSFNw4wpB86">12</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% per annum. On August 11, 2025, the Company exercised its conversion option under the February 1800 Diagonal Note. On the conversion date, the February 1800 Diagonal Note had a fair value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90F_eus-gaap--DebtInstrumentFairValue_iI_c20250811__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zybbnGRP7j49">80,700</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and converted into <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_900_eus-gaap--ConversionOfStockSharesConverted1_c20250811__20250811__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ziVTVRUCMAzd">1,639</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A Common Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--ConversionOfStockAmountIssued1_c20250811__20250811__us-gaap--LongtermDebtTypeAxis__custom--February1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJStgFZNKDR9">69,552</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s obligations under the February 1800 Diagonal Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 17, 2025, the Company issued a fifth promissory note (the “April 1800 Diagonal Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zYCMsg0tML52" title="Principal amount">230,000</span> and received net proceeds of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250417__20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zIg3N5vf6JHh" title="Proceeds from debt">192,000</span>, after an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_z86BDoC9Ngi2" title="Original issue discount">30,000</span> and issuance costs of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_904_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20250417__20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zvaV3nIKjQ1d" title="Debt instrument unamortized debt issuance costs incurred during the period">8,000</span> for due diligence and legal fees. The April 1800 Diagonal Note has a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20250417__20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zk4N7DT2yn0k" title="Maturity date">February 15, 2026</span> and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250417__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zf0XzQQQAzqa" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between October 21, 2025 and October 27, 2025, the Lender exercised its conversion option multiple times under the April 1800 Diagonal Note and received an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251021__20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0z6BYOt84ud">7,015</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock at conversion prices per share ranging from $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_z4Wa63HlVB65">33.80</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_zfBcl7KaqUf5">41.20</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in full satisfaction of the Company’s remaining obligations under the April 1800 Diagonal Note totaling $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_90E_eus-gaap--ConversionOfStockAmountIssued1_c20251021__20251027__us-gaap--LongtermDebtTypeAxis__custom--April1800DiagonalNoteMember_zrqrC560Dhpa">265,100</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 9, 2025, the Company issued a sixth promissory note (the “May 1800 Diagonal Note”) for an aggregate principal amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zSPSQkeoP5wk" title="Principal amount">163,300</span> and received net proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250509__20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zuEa45s7EqYa" title="Proceeds from debt">135,000</span>, after an original discount of $<span id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zELTitxgYzTf" title="Original issue discount">21,300</span> and issuance costs of $<span id="xdx_905_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20250509__20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_z9u05xTPZ5Q4" title="Debt instrument unamortized debt issuance costs incurred during the period">7,000</span> for due diligence and legal fees. The May 1800 Diagonal Note has a maturity date of <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20250509__20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zdInEfx1iafb" title="Maturity date">February 15, 2026</span> and bears interest at <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250509__us-gaap--LongtermDebtTypeAxis__custom--May1800DiagonalNoteMember_zQoIiDNgcvb4" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 23, 2025, the Company issued a seventh promissory note (the “July 1800 Diagonal Note”) for an aggregate principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zip83ascXTqf" title="Principal amount">295,550</span> and received net proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_z83hLaLH1ZU9" title="Proceeds from debt">250,000</span>, after an original discount of $<span id="xdx_90E_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zLBtEYuNF8Tk" title="Original issue discount">38,550</span> and issuance costs of $<span id="xdx_903_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zI7tgkG6QY1g" title="Debt instrument unamortized debt issuance costs incurred during the period">7,000</span> for due diligence and legal fees. The July 1800 Diagonal Note has a maturity date of <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250723__20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_zFC8SS1qnUej" title="Maturity date">May 30, 2026</span> and bears interest at <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250723__us-gaap--LongtermDebtTypeAxis__custom--July1800DiagonalNoteMember_z6WDO5uZAH23" title="Interest rate">12</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 12, 2025, the Company issued an eighth promissory note (the “September 2025 1800 Diagonal Note”) for an aggregate principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zezFqSHO016d" title="Principal amount">151,800</span> and received net proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250912__20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zT0Zuq5RV0Rg" title="Proceeds from debt">125,000</span>, after an original discount of $<span id="xdx_902_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zoYPjNqjOOv7" title="Original issue discount">19,800</span> and issuance costs of $<span id="xdx_906_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20250912__20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zbyrrNNHZw4a" title="Debt instrument unamortized debt issuance costs incurred during the period">7,000</span> for due diligence and legal fees. The September 2025 1800 Diagonal Note has a maturity date of <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20250912__20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zXiNWPZUteg8" title="Maturity date">June 15, 2026</span> and bears interest at <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20250912__us-gaap--LongtermDebtTypeAxis__custom--September1800DiagonalNoteMember_zxXmaLjmBqSb" title="Interest rate">14</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 4, 2025, the Company issued a ninth promissory note (the “November 1800 Diagonal Note”) for an aggregate principal amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zKmAkcgdHmsb" title="Principal amount">238,050</span> and received net proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20251104__20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zr56qxbcnwde" title="Proceeds from debt">200,000</span>, after an original discount of $<span id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zXcCmjHuDXS" title="Original issue discount">31,050</span> and issuance costs of $<span id="xdx_90B_ecustom--DebtInstrumentUnamortizedDebtIssuanceCostsIncurredDuringThePeriod_c20251104__20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zFqajo6aaqHb" title="Debt instrument unamortized debt issuance costs incurred during the period">7,000</span> for due diligence and legal fees. The November 1800 Diagonal Note has a maturity date of <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20251104__20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zgrpkVjwLjn3" title="Maturity date">July 30, 2026</span> and bears interest at <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20251104__us-gaap--LongtermDebtTypeAxis__custom--November1800DiagonalNoteMember_zvCONKcLZIug" title="Interest rate">14</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The August, September, December, February, April, May, July, September 2025 and November notes described above are together referred to as the “1800 Diagonal Notes.” Interest on the 1800 Diagonal Notes accrues commencing on and including the issuance date pursuant to the respective agreement’s repayment and amortization schedule.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon an event of default, as defined in the respective agreements, all or any portion of the 1800 Diagonal Notes that are then outstanding, may become convertible at the option of the Lender into fully paid and non-assessable shares of the Company’s Common Stock up to <span id="xdx_90D_ecustom--PercentageOfCommonStockSharesConvertible_pid_dp_c20250101__20251231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_z1B4zyoY54F2" title="Percentage of common stock shares convertible">4.99</span>% of the Company’s outstanding shares of Common Stock. <span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_c20250101__20251231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zaScPIkl2Wbh" title="Debt instrument, convertible terms">The Notes become convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the Note or Notes being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note or notes being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 1800 Diagonal Notes include optional conversion rights to the holder upon an event of default, contingent redemption (put) rights which trigger mandatory prepayment upon event of default, and defaulted contingent interest upon an event of default. For further discussion of this derivative, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expense on the 1800 Diagonal Notes totaled approximately $<span id="xdx_901_eus-gaap--InterestExpense_c20250101__20251231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zQjuQf5593I" title="Interest expense">306,696</span> and $<span id="xdx_90F_eus-gaap--InterestExpense_c20240101__20241231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNotesMember_zoUY6J3Cc0xl" title="Interest expense">100,095</span> for the year ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--DiagonalConvertibleNotesMember_zDFZ1NiZ70k6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 1800 Diagonal Notes year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zrc0rWjqDEQc" style="display: none">Schedule of Notes</span></p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_z0eqY2ElZrl1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4BF_us-gaap--LongtermDebtTypeAxis_custom--ThousandEightHundredDiagonalNoteMember_zoOVEcJ8hMz3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_438_c20250101__20251231_eus-gaap--NotesPayable_iS_za3NdjMO2J5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">432,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--IssuanceOfLongTermDebt_zRYeqk6cnGZc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,297,200</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--GainsLossesOnDebtIssuance_zIpSSNf05Tvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">140,215</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zRVnJbtpnHx" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(615,457</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_406_ecustom--ChangeInFairValueOfLongTermDebt_zpmaR3BAjzwk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(49,478</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_ecustom--ConversionsOfLongTermDebt_iN_di_zHzr5pDXP0W3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(457,493</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_435_c20250101__20251231_eus-gaap--NotesPayable_iE_zzfcDMYRkOqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">746,987</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNoteMember_z7VClG9P5iN" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">721,938</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNoteMember_zNTKp63nnO3e" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif">71,015</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AA_zvBhc3suDfU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3i, LP Private Placement Offering</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 27, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor, 3i, LP (the “Buyer”) for the issuance and sale in a private placement (the “Private Placement Offering”) of senior secured convertible notes of the Company, in the aggregate original principal amount of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20250627__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zgHQ0XmgpeBf" title="Aggregate principal amount">11,000,000</span> (the “Private Placement Convertible Notes”) which are convertible into shares of the Company’s Class A Common Stock (the shares of Common Stock issuable pursuant to the terms of the Notes, including, without limitation, upon conversion or otherwise, collectively, the “Conversion Shares”), in accordance with the terms of the Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Offering, the Company has also entered into a letter agreement dated April 30, 2025 (the “Letter Agreement”) with Rodman &amp; Renshaw LLC as the exclusive financial advisor (the “Financial Advisor”) pursuant to which the Company has agreed to issue financial advisor warrants to purchase up to an aggregate of <span id="xdx_901_ecustom--WarrantsIssued_pid_c20250627__20250627__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zcD1XXsRp4P" title="Warrants issued">1,061</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock (the “Financial Advisor Warrants,” together with the Buyer Warrants, the “Private Placement Warrants”). Refer to <i>Note 15 – Equity</i>, for further description of the Warrants issued in the Private Placement Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 30, 2025, the parties conducted the initial closing pursuant to the terms of the Purchase Agreement and the Company issued an initial Note (the “June 3i Note”) and an initial warrant (“June Warrant”) to acquire shares of the Company’s Class A Common Stock. The parties conducted subsequent closings on August 19, 2025 and October 8, 2025 and the Company issued additional notes and warrants (the “August 3i Note” and the “August Warrant,” and the “October 3i Note” and the “October Warrant,” respectively). The following table presents the maturity date, the original principal amount, the net proceeds received by the Company after original issue discount and issuance fees and costs, the initial conversion price per share, and the initial conversion floor price per share at the date of closing for each Note, and the number of warrants and the initial exercise price per share for each Buyer Warrant associated with the Private Placement Offering:</span></p> <p id="xdx_89A_ecustom--ScheduleOfPrivatePlacementOfferingsTableTextBlock_z8s8LoUVRLQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zTVhdXLt3n51" style="display: none">Schedule of Private Placement Offering</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Private Placement Notes</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Private Placement Warrants</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Closing Date</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Note Issued by <br/> the Company</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Maturity Date of the Note</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Original Principal Amount of the Note</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Net Proceeds Received by the Company</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Initial Conversion Price per Share</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Initial Conversion Floor Price per Share</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Warrants Issued by the Company</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number of Buyer Warrants Issued by the Company</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Initial Buyer Warrant Exercise Price per Share</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%"><span style="font-family: Times New Roman, Times, Serif">June 30, 2025</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 9%"><span style="font-family: Times New Roman, Times, Serif">June 3i Note</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 8%"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zZOq8dFVW7Rb" title="Maturity Date of the Note">June 30, 2026</span></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--DebtInstrumentFaceAmount_iI_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zVMcEnectyvg" style="width: 6%; text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">2,200,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zJnrdZ2aWL06" style="width: 6%; text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">1,725,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zCe7xENNEeY8" style="width: 6%; text-align: right" title="Initial Conversion Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zGlxpmY3RsBf" style="width: 6%; text-align: right" title="Initial Conversion Floor Price per Share"><span style="font-family: Times New Roman, Times, Serif">2.20</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 8%"><span style="font-family: Times New Roman, Times, Serif">June Warrant</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--WarrantsIssued_pid_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_zpMPdtkC4pv1" style="width: 6%; text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">3,357</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_z7LAHcrgZ8Qj" style="width: 6%; text-align: right" title="Initial Buyer Warrant Exercise Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">August 19, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif">August 3i Note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zGLwEoOn1K3e" title="Maturity Date of the Note">September 19, 2026</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--DebtInstrumentFaceAmount_iI_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zBzSu0ju31r6" style="text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">2,200,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zt3aCT9iT6le" style="text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">1,762,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zsvWDqZhpOWj" style="text-align: right" title="Initial Conversion Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zUZsZAoLcg7j" style="text-align: right" title="Initial Conversion Floor Price per Share"><span style="font-family: Times New Roman, Times, Serif">22.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif">August Warrant</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--WarrantsIssued_pid_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_zvc9qTOniQfl" style="text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">6,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_z4Nv7aLrT8wi" style="text-align: right" title="Initial Buyer Warrant Exercise Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">October 8, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">October 3i Note</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_z3q2gTIxalf8" title="Maturity Date of the Note">October 8, 2026</span></span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--DebtInstrumentFaceAmount_iI_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zMBI2Wzy3zC2" style="border-bottom: Black 1pt solid; text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">2,500,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zN8xvrHHP6ik" style="border-bottom: Black 1pt solid; text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">2,010,909</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zPzEXSghjxkg" style="padding-bottom: 1pt; text-align: right" title="Initial Conversion Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zTR8D7Lcz2h2" style="padding-bottom: 1pt; text-align: right" title="Initial Conversion Floor Price per Share"><span style="font-family: Times New Roman, Times, Serif">12.40</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">October Warrant</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--WarrantsIssued_pid_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zK7jAfgWZl8e" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_za32yF8NHbPh" style="padding-bottom: 1pt; text-align: right" title="Initial Buyer Warrant Exercise Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--DebtInstrumentFaceAmount_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_zCuEETGat5hj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">6,900,000</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_zJG3AfaOdgCb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">5,497,909</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_ecustom--WarrantsIssued_pid_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember_zkHtcwuJWEAd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">393,231</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AE_zHSw8S8f3EW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Notes were issued with an original issue discount of <span id="xdx_905_ecustom--DebtInstrumentInterestRateOriginalIssuePercentage_iI_pid_dp_uPure_c20250630__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zTeOYP3B5qg3" title="Debt instrument, interest rate">10.0</span>% and accrue interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250630__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_z3jBwvUu1Gs" title="Debt instrument, interest rate">10.0</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net proceeds received by the Company are after the original issue discount and issuance fees and costs, financial advisory fees and estimated offering expenses. The Private Placement Notes mature twelve (<span id="xdx_900_ecustom--DebtInstrumentMaturityFromDateOfIssuance_dtM_c20250630__20250630__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zWS0IAy6Hkxd" title="Debt instrument, maturity term">12</span>) months from the respective date of issuance, unless extended pursuant to the terms thereof. The Notes are convertible (in whole or in part) at any time prior to the Maturity Date into the number of shares of Common Stock equal to quotient of the Conversion Amount divided by (y) the Conversion Price (the “Conversion Rate”). At no time may the Buyer hold more than <span id="xdx_90C_ecustom--MinimumPercentageOfOutstandingCommonStockBuyerHold_iI_pid_dp_uPure_c20250630__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2hciV7YhXvb" title="Minimum percentage of outstanding common Stock, buyer hold">4.99</span>% (or up to <span id="xdx_904_ecustom--MaximumPercentageOfOutstandingCommonStockBuyerHold_iI_pid_dp_uPure_c20250630__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4v8fQusmwK2" title="Maximum percentage of outstanding common Stock, buyer hold">9.99</span>% at the election of the Buyers pursuant to the Notes) of the outstanding Common Stock. The Private Placement Notes have a respective conversion price that is subject to a floor price. In certain pricing conditions set by the conversion formula in the agreement, a conversion may result in the Company delivering both shares and cash to the Buyer. The Company intends to use the net proceeds received from the Private Placement Offering for general corporate purposes and working capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2025, as per the terms of the Notes and Warrants, the conversion price and exercise price was adjusted to $<span id="xdx_909_ecustom--ExercisePriceAdjustment_pid_c20250901__20250930_zc4K21G6cLLe" title="Exercise price adjustment">2.50</span>. On October 10, 2025, the Company and 3i, LP entered into a consent and waiver agreement (the “Waiver”) on certain terms of the Purchase Agreement (as defined in <i>Note 12 – Debt </i>in the notes to the consolidated financial statements) to waive the downward adjustment prohibition in the Purchase Agreement and to provide 3i with certain Variable Rate Securities, as defined in the Purchase Agreement, solely to the extent it would otherwise be violated by the conversion price of CP BF Letter Agreement, as defined below. As such, the parties waived that the conversion price amendment of the CP BF Letter Agreement, as defined below, shall not trigger or constitute an event of default under the Purchase Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, if an Event of Default (as defined in the Notes) has occurred, the Buyer may elect convert (each, an “Alternate Conversion,” and the date of such Alternate Conversion, each, an “Alternate Conversion Date”) all, or any part of, the Conversion Amount (such portion of the Conversion Amount subject to such Alternate Conversion, the “Alternate Conversion Amount”) into shares of Common Stock at a conversion rate equal to the quotient of (x) the product of (A) the Redemption Premium and (B) the Alternate Conversion Amount, divided by (y) the Alternate Conversion Price (the “Alternate Conversion Rate”). Upon the occurrence of an Event of Default, the Company is required to deliver written notice to the Buyer within one (1) business day (an “Event of Default Notice”). At any time after the earlier of (a) the Buyer’s receipt of an Event of Default Notice, and (b) the Buyer becoming aware of an Event of Default, the Buyer may require the Company to redeem all or any portion of the Notes at a <span id="xdx_905_ecustom--PercentageOfPremiumBuyerRequireToRedeemEventOfDefault_iI_pid_dp_c20250930__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zrPVEpCvCud8" title="Percentage of premium buyer require to redeem, event of default">15</span>% premium. Beginning the earlier to occur of (x) the Effective Date (as defined in the Registration Rights Agreement) of the initial Registration Statement filed pursuant to the Registration Rights Agreement and (y) August 1, 2025, and thereafter, the first Trading Day of the calendar month immediately following (each an “Installment Date”) until the Maturity Date, the Company shall repay the Buyer approximately $<span id="xdx_905_eus-gaap--RepaymentsOfConvertibleDebt_c20250901__20250930__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zMEUAqKLjzE9" title="Repayments of convertible debt">183,333</span> towards the principal balance of the Notes and any accrued and unpaid interest in cash or, provided certain conditions are satisfied, shares of Common Stock, at the Company’s option (collectively, the “Installment Amount”). In connection with a “Change of Control,” the Buyer shall have the right to require the Company to redeem part or all of the Notes outstanding in cash, at the highest calculation of the Change of Control Redemption Price, each of which is outlined in their entirety within the Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Placement Convertible Notes include optional conversion rights to the holder upon an event of default, contingent redemption (put) rights which trigger mandatory prepayment upon event of default, and defaulted contingent interest upon an event of default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to these embedded features within the Private Placement Convertible Notes, the Company elected to account for the Private Placement Convertible Notes at fair value at their respective dates of issuance and in subsequent reporting periods, pursuant to ASC 825. The Company will record changes in the fair value of the notes that relate to changes in credit risk to other comprehensive income. The remaining changes in fair value, including the component related to accrued interest, will be recorded through the other (income) expense section of the Company’s consolidated statements of operations and comprehensive loss statement in a single line item.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3i, LP Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between August 12, 2025 and October 22, 2025, the Buyer exercised its contractual conversion options multiple times under the June 3i Note and received an aggregate of <span id="xdx_905_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20250812__20251022__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zDmfU5dKDnr4">30,823</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock at conversion prices per share ranging from $<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251022__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_z3bUqUlWgAe6">38.20</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251022__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_z1olilMZOe3i">51.60</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in full satisfaction of the Company’s remaining obligations under the June 3i Note totaling $<span id="xdx_904_eus-gaap--DebtInstrumentCarryingAmount_iI_c20251022__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--June3iNoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zcQAkt1sy3Pg">1,419,698</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between September 10, 2025 and October 14, 2025, the Buyer exercised its contractual conversion option multiple times under the August 3i Note and received an aggregate of <span id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20250910__20251014__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkB2h470Pp5g">30,883</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock at conversion prices per share ranging from $<span id="xdx_907_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251014__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zhHjyXyYkEG6">38.20</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251014__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_zSJ8gGJrzKQb">48.40</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in satisfaction of $<span id="xdx_906_eus-gaap--DebtInstrumentCarryingAmount_iI_c20251014__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--August3iNoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zgzODFMw7J1f">1,411,667</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s obligations under the August 3i Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between October 16, 2025 and December 11, 2025, the Buyer exercised its contractual conversion option multiple times under the October 3i Note and received an aggregate of <span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20251016__20251211__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFSHnZriBpoi">66,584</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock at conversion prices per share ranging from $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251211__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember_zJx38RfRb9ub">20.60</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251211__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember_z7xth9EJS8y8">50.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in satisfaction of $<span id="xdx_908_eus-gaap--DebtInstrumentCarryingAmount_iI_c20251211__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--October3iNoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember_zeg838K0ekz5">1,676,667</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s obligations under the October 3i Note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest expense on the Private Placement Convertible Notes totaled approximately $<span id="xdx_90D_eus-gaap--InterestExpense_c20250101__20251231__us-gaap--LongtermDebtTypeAxis__custom--PrivatePlacementOffering3ILPMember_zbo8bDVxyUWh" title="Interest expense">1,193,231</span> for the year ending December 31, 2025.</span></p> <p id="xdx_891_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--ThreeILPMember_zGE8ziVG07sh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Private Placement Convertible Notes as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B2_zzyWzAo1qYef" style="display: none">Schedule of Notes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_302_134_zTvRX25oYq0b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4B2_us-gaap--LongtermDebtTypeAxis_custom--ThreeILPNotesMember_zMD1OqSxTc9k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3i, LP Notes</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_433_c20250101__20251231_eus-gaap--NotesPayable_iS_zCXFUudQXRue" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Balance at December 31, 2024</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5470">-</span></td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--IssuanceOfLongTermDebt_zFoVF8Jx5hzl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Private Placement Convertible Notes</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,450,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--GainsLossesOnDebtIssuance_zxPfnKeKBxbh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,349,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zUzJwZdC4Pl3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,291,516</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_ecustom--ChangeInFairValueOfLongTermDebt_zmUDzLpt2tv4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,308,368</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_400_ecustom--ConversionsOfLongTermDebt_iN_di_zjUQZIE9ujeb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,343,116</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_43B_c20250101__20251231_eus-gaap--NotesPayable_iE_zZwR3pDdugVh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,856,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThreeILPNotesMember_zrZhdneRHUK3" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">1,709,091</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThreeILPNotesMember_zQsVwYDc3BKe" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif">170,909</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AA_zNwkCuEIrC2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Boot Capital </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 3, 2025, the Company issued a first promissory note (the “Boot Capital Note”) for an aggregate principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkKAA__" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zJXBQD8F88cb" title="Principal amount">115,000</span> and received $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkKAA__" id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20251203__20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zprckpyzn2Qd" title="Proceeds from debt">100,000</span> of proceeds, net of an original discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkKAA__" id="xdx_902_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zQXrWodv0W39" title="Original issue discount">15,000</span>, with a maturity date of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkKAA__" id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_dd_c20251203__20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_ztJsbjm9M9i6" title="Maturity date">August 30, 2026</span>. The stated interest rate on the Boot Capital Note is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkKAA__" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20251203__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zTWE9yOLaBIh" title="Interest rate">14</span>% per annum, and interest shall accrue on the Boot Capital Note commencing on and including the issuance date pursuant to the agreement’s repayment and amortization schedule.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon an event of default, as defined in the agreement, all or any portion of the Boot Capital Note that is then outstanding, may become convertible at the option of the Lender into fully paid and non-assessable shares of the Company’s Common Stock up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkKAA__" id="xdx_90B_ecustom--PercentageOfCommonStockSharesConvertible_pid_dp_c20250101__20251231__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zoMBk0PSdAd4" title="Percentage of common stock shares convertible">4.99</span>% of the Company’s outstanding shares of Common Stock. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIERlYnQgKERldGFpbHMgTmFycmF0aXZlIE9uZSkA" id="xdx_905_eus-gaap--DebtInstrumentConvertibleTermsOfConversionFeature_c20250101__20251231__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_z3ISwl3UZEyb" title="Debt instrument, convertible, terms of conversion feature">The Boot Capital Note becomes convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the note being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Boot Capital Note include optional conversion rights to the holder upon an event of default, contingent redemption (put) rights which trigger mandatory prepayment upon event of default, and defaulted contingent interest upon an event of default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to these embedded features, the Company elected to account for the Boot Capital Note at fair value pursuant to ASC 825. For further discussion of fair value, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Boot Capital Convertible Notes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zNlMC4ginOuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Private Placement Convertible Notes as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span><span id="xdx_8B1_zju7AzOjPzMi" style="display: none">Schedule of Notes</span></p> <table cellpadding="0" cellspacing="0" id="xdx_301_134_ziqXgaajO2L5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4BF_us-gaap--LongtermDebtTypeAxis_custom--BootCapitalNotesMember_zeRCMuL8wEK3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Boot Capital</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--NotesPayable_iS_zqEICz10Dc93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5504">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--IssuanceOfLongTermDebt_zM2vq8aGDbu4" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of convertible notes</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--GainsLossesOnDebtIssuance_zM6uUiZVBsyk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,611</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zzWAo3LPZEfe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5510">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--ChangeInFairValueOfLongTermDebt_znpxgvn0IWJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,225</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--ConversionsOfLongTermDebt_iN_di_zi6tEWcoDCD8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5514">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_43C_c20250101__20251231_eus-gaap--NotesPayable_iE_zNJ0aGcQ4762" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">115,836</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalNotesMember_zBoan53rYRIg" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">115,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalNotesMember_zX0A4W9g0DG9" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif">1,670</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AC_z9BYC1ZhWf3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> 150000 0.10 0.08 2024-04-29 11284 8022 3261 1500000 0.08 2024-09-30 283188 92822 190366 750000 0.08 2024-04-13 321189 43891 277298 2000000 0.08 2024-12-31 936941 117040 819901 for each $10.00 in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $10.00 in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September, November, and December Promissory Notes are capped at an amount equal to 7,500, 3,750, and 30,000, respectively. Pursuant to the Alco Share Transfer Agreements, the shares are subject to an 180-day lock-up period upon issuance of the shares. 10.00 10.00 10.00 7500 3750 30000 2024-05-31 4000000 4711681 14121 66567 52446 2024-09-19 1098614 3687812 4080194 2540091 891 100000000 0.03 2000000.0 P5Y 0 2000000.0 2000000.0 1200000 1000000.0 100000 1200000 10000 950 215057 3500000 2000000 1800000 200000 1000000 4500000 1000000 900000 100000 1500000 1250000 250000 2000000 200000 0.0001 2024-06-02 750000 75000 750000 60 75000 110040 75000 35040 115800 700000 2025-01-17 0 0.18 0.0999 0.10 1000000 0.10 400.00 58.80 2000000 1377 1000000 145 750 750 3500000 3140000 350000 10000 1000000 0.04 0 0.18 0.0001 400.00 0.04 P10D 3640000 3500000 140000 2000000 890000 0.50 0.10 0.50 1000000 0.10 2026-03-16 500000 0.04 0.06 0.18 0.0001 50.00 P10D 5750 61.60 354074 5750 3250 59.00 191477 3250 0.14 0.015 0.155 1336.40 For all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets. 321345 0.16 851175 772550 78625 0.16 350430 325818 24612 On September 5, 2024, the Company entered into a side letter to the loan agreement with CP BF whereby the Company agreed to consolidate the Term Note, CP BF Convertible Note and First Amendment Convertible Note (combined the “Old CP BF Notes”) into a single convertible note (the “2024 CP BF Convertible Note”). 6529402 0.16 350 10758775 2027-02-19 0.155 778.00 0.20 0.010 5560 778.00 216284 2000000 1305 2828 1524 The CP BF Warrant can be exercised at an initial exercise price of $ 778.00 11556 4600000 0.20 3000000 2840677 0.154 1177033 368525 <p id="xdx_89C_eus-gaap--ConvertibleDebtTableTextBlock_zgCCHcTM4lQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 2024 CP BF Convertible Note as of December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B3_znyGbx9aYvt4" style="display: none">Schedule of 2024 CP BF Convertible Note</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20251231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zvN1CtVm9bpd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20241231__us-gaap--DebtInstrumentAxis__custom--TwentyTwentyFourCPBFConvertibleNoteMember_zBGc5KZzPSK1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zRXEBljxzGk8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Face value of the CP BF convertible notes</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,758,775</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,758,775</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--UnamortizedDebtPremiumOnConvertibleNotesPayable_iI_zQmddQZmjuLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Debt premium, net</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5116">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,066</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--ConvertibleNotesPayable_iI_zbjArozVwd56" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Carrying value of the CP BF convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,758,775</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,769,841</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_ecustom--InterestPayableOnConvertibleDebt_iI_zuYQ7xVQbHge" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued interest</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,557,558</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">369,459</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--PrepaymentsMadeOnConvertibleNotes_iI_zL9cUC9UtTdg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepayments made</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,011,987</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(283,315</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_409_ecustom--ConversionsOnConvertibleNotes_iI_zEUrpdbQ7GRj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(381,745</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(216,284</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_400_ecustom--ConvertibleDebtIncludingAccruedInterest_iI_zYml6KrFfDe8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total CP BF convertible notes and accrued interest</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,922,601</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,639,701</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 8758775 8758775 11066 8758775 8769841 1557558 369459 -5011987 -283315 -381745 -216284 4922601 8639701 The CP BF Letter Agreement amended the Conversion Price, as defined, to ninety-five percent (95%) of the price of the Class A Common Stock on the trading day immediately preceding delivery of any Conversion Notice, subject to a floor price of $50.00. The CP BF Letter Agreement included an amendment that CP BF shall take commercially reasonable actions to partially convert the balance outstanding under the Note as of the CP BF Letter Agreement date (the “Balance”) into shares of the Company’s Class A Common Stock at the new conversion price. The CP BF Letter Agreement limits the amount of shares that CP BF can sell or convert to five percent (5%) of the aggregate daily trading volume however the Company has the right waive or increase such limitation at its discretion. The CP BF Letter Agreement also stipulates that between the time that the Company pays down at least $2,000,000 against the Balance until the earlier of (a) 60 days following the date of the CP BF Letter Agreement and (b) receipt of $10,000,000 in gross proceeds from the sale of Company securities, the Company will no longer be required to prepay a certain percentage of other proceeds received from securities offerings to CP BF, as stipulated in the Loan Agreement. 0.95 0.05 2000000 P60D 10000000 1.20 1 60 2000000 3135 54.20 55.000 165461 787500 750000 37500 0.42 262500 250000 12500 2025-03-03 2400000 1782438 120000 319500 178063 0.44 1071563 4000000 2044105 200000 1755895 2025-11-12 0.44 1769895 262500 250000 12500 2025-12-15 0.48 0.050 1495375 2123432 632837 11640 284000 1839432 2727280 100095 <p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zDiHL3kQkgk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following presents the Agile Notes for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_ztbzN7YWyRY6" style="display: none">Schedule of Notes</span></p> <table cellpadding="0" cellspacing="0" id="xdx_30F_134_zhriNNhgrpzl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4BA_us-gaap--LongtermDebtTypeAxis_custom--AgileTermNotesMember_zR01OG5ThIY5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Agile Term Notes</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_434_c20250101__20251231_eus-gaap--NotesPayable_iS_z4tphE8AVJSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,143,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_ecustom--IssuanceOfLongTermDebt_zGwjf6mPL2mf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Agile term notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,262,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--GainsLossesOnDebtIssuance_zeiVuXENait9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">110,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--GainsLossesOnExtinguishmentOfDebt_zlit3Do8O2hk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on extinguishment</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,402,732</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zHTdT8Ymmk4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,079,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_ecustom--ConversionsOfLongTermDebt_iN_di_zauPoVqH5ewj" style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_ecustom--ChangeInFairValueOfLongTermDebt_zaseuDHog0l3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">173,055</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_430_c20250101__20251231_eus-gaap--NotesPayable_iE_zCbL5GgM7gh1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,728,487</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zmgBQ3R5kpNa" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">1,839,433</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--AgileTermNotesMember_zRz4FAm47NQ6" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5249">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 3143000 4262500 110500 2402732 8079300 284000 173055 1728487 1839433 184000 152000 24000 8000 2025-06-15 0.12 750000 124200 100000 16200 8000 2025-07-30 0.12 17000 352 17388 124200 100000 16200 8000 2025-10-15 0.12 58000 999 52164 124200 100000 16200 8000 2025-12-15 0.12 80700 1639 69552 230000 192000 30000 8000 2026-02-15 0.12 7015 33.80 41.20 265100 163300 135000 21300 7000 2026-02-15 0.12 295550 250000 38550 7000 2026-05-30 0.12 151800 125000 19800 7000 2026-06-15 0.14 238050 200000 31050 7000 2026-07-30 0.14 0.0499 The Notes become convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the Note or Notes being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note or notes being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. 306696 100095 <p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--DiagonalConvertibleNotesMember_zDFZ1NiZ70k6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the 1800 Diagonal Notes year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zrc0rWjqDEQc" style="display: none">Schedule of Notes</span></p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_z0eqY2ElZrl1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4BF_us-gaap--LongtermDebtTypeAxis_custom--ThousandEightHundredDiagonalNoteMember_zoOVEcJ8hMz3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_438_c20250101__20251231_eus-gaap--NotesPayable_iS_za3NdjMO2J5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">432,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--IssuanceOfLongTermDebt_zRYeqk6cnGZc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of convertible notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,297,200</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--GainsLossesOnDebtIssuance_zIpSSNf05Tvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">140,215</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zRVnJbtpnHx" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(615,457</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_406_ecustom--ChangeInFairValueOfLongTermDebt_zpmaR3BAjzwk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(49,478</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_ecustom--ConversionsOfLongTermDebt_iN_di_zHzr5pDXP0W3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(457,493</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_435_c20250101__20251231_eus-gaap--NotesPayable_iE_zzfcDMYRkOqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">746,987</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNoteMember_z7VClG9P5iN" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">721,938</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThousandEightHundredDiagonalNoteMember_zNTKp63nnO3e" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif">71,015</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 432000 1297200 140215 615457 -49478 457493 746987 721938 71015 11000000 1061 <p id="xdx_89A_ecustom--ScheduleOfPrivatePlacementOfferingsTableTextBlock_z8s8LoUVRLQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zTVhdXLt3n51" style="display: none">Schedule of Private Placement Offering</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Private Placement Notes</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Private Placement Warrants</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Closing Date</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Note Issued by <br/> the Company</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Maturity Date of the Note</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Original Principal Amount of the Note</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Net Proceeds Received by the Company</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Initial Conversion Price per Share</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Initial Conversion Floor Price per Share</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Warrants Issued by the Company</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number of Buyer Warrants Issued by the Company</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Initial Buyer Warrant Exercise Price per Share</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%"><span style="font-family: Times New Roman, Times, Serif">June 30, 2025</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 9%"><span style="font-family: Times New Roman, Times, Serif">June 3i Note</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 8%"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zZOq8dFVW7Rb" title="Maturity Date of the Note">June 30, 2026</span></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--DebtInstrumentFaceAmount_iI_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zVMcEnectyvg" style="width: 6%; text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">2,200,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zJnrdZ2aWL06" style="width: 6%; text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">1,725,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zCe7xENNEeY8" style="width: 6%; text-align: right" title="Initial Conversion Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--June3iNoteMember_zGlxpmY3RsBf" style="width: 6%; text-align: right" title="Initial Conversion Floor Price per Share"><span style="font-family: Times New Roman, Times, Serif">2.20</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 8%"><span style="font-family: Times New Roman, Times, Serif">June Warrant</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--WarrantsIssued_pid_c20250630__20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_zpMPdtkC4pv1" style="width: 6%; text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">3,357</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--JuneWarrantMember_z7LAHcrgZ8Qj" style="width: 6%; text-align: right" title="Initial Buyer Warrant Exercise Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">August 19, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif">August 3i Note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zGLwEoOn1K3e" title="Maturity Date of the Note">September 19, 2026</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--DebtInstrumentFaceAmount_iI_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zBzSu0ju31r6" style="text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">2,200,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zt3aCT9iT6le" style="text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">1,762,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zsvWDqZhpOWj" style="text-align: right" title="Initial Conversion Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--August3iNoteMember_zUZsZAoLcg7j" style="text-align: right" title="Initial Conversion Floor Price per Share"><span style="font-family: Times New Roman, Times, Serif">22.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif">August Warrant</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--WarrantsIssued_pid_c20250819__20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_zvc9qTOniQfl" style="text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">6,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250819__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AugustWarrantMember_z4Nv7aLrT8wi" style="text-align: right" title="Initial Buyer Warrant Exercise Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">October 8, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">October 3i Note</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_z3q2gTIxalf8" title="Maturity Date of the Note">October 8, 2026</span></span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--DebtInstrumentFaceAmount_iI_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zMBI2Wzy3zC2" style="border-bottom: Black 1pt solid; text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">2,500,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zN8xvrHHP6ik" style="border-bottom: Black 1pt solid; text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">2,010,909</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zPzEXSghjxkg" style="padding-bottom: 1pt; text-align: right" title="Initial Conversion Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_ecustom--DebtInstrumentConversionFloorPrice_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LongtermDebtTypeAxis__custom--October3iNoteMember_zTR8D7Lcz2h2" style="padding-bottom: 1pt; text-align: right" title="Initial Conversion Floor Price per Share"><span style="font-family: Times New Roman, Times, Serif">12.40</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">October Warrant</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--WarrantsIssued_pid_c20251008__20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_zK7jAfgWZl8e" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251008__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember__us-gaap--ClassOfWarrantOrRightAxis__custom--OctoberWarrantMember_za32yF8NHbPh" style="padding-bottom: 1pt; text-align: right" title="Initial Buyer Warrant Exercise Price per Share"><span style="font-family: Times New Roman, Times, Serif">50.00</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--DebtInstrumentFaceAmount_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_zCuEETGat5hj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Original Principal Amount of the Note"><span style="font-family: Times New Roman, Times, Serif">6,900,000</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember_zJG3AfaOdgCb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Net Proceeds Received by the Company"><span style="font-family: Times New Roman, Times, Serif">5,497,909</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_ecustom--WarrantsIssued_pid_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementWarrantsMember_zkHtcwuJWEAd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of Buyer Warrants Issued by the Company"><span style="font-family: Times New Roman, Times, Serif">393,231</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2026-06-30 2200000 1725000 50.00 2.20 3357 50.00 2026-09-19 2200000 1762000 50.00 22.00 6306 50.00 2026-10-08 2500000 2010909 50.00 12.40 10000 50.00 6900000 5497909 393231 0.100 0.100 P12M 0.0499 0.0999 2.50 0.15 183333 30823 38.20 51.60 1419698 30883 38.20 48.40 1411667 66584 20.60 50.00 1676667 1193231 <p id="xdx_891_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--ThreeILPMember_zGE8ziVG07sh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Private Placement Convertible Notes as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B2_zzyWzAo1qYef" style="display: none">Schedule of Notes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_302_134_zTvRX25oYq0b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4B2_us-gaap--LongtermDebtTypeAxis_custom--ThreeILPNotesMember_zMD1OqSxTc9k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3i, LP Notes</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_433_c20250101__20251231_eus-gaap--NotesPayable_iS_zCXFUudQXRue" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Balance at December 31, 2024</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl5470">-</span></td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--IssuanceOfLongTermDebt_zFoVF8Jx5hzl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Private Placement Convertible Notes</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,450,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--GainsLossesOnDebtIssuance_zxPfnKeKBxbh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,349,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zUzJwZdC4Pl3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,291,516</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_ecustom--ChangeInFairValueOfLongTermDebt_zmUDzLpt2tv4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,308,368</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_400_ecustom--ConversionsOfLongTermDebt_iN_di_zjUQZIE9ujeb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,343,116</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_43B_c20250101__20251231_eus-gaap--NotesPayable_iE_zZwR3pDdugVh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,856,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThreeILPNotesMember_zrZhdneRHUK3" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">1,709,091</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--ThreeILPNotesMember_zQsVwYDc3BKe" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif">170,909</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 6450000 3349000 1291516 -2308368 4343116 1856000 1709091 170909 115000 100000 15000 2026-08-30 0.14 0.0499 The Boot Capital Note becomes convertible at the Lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the note being converted in such conversion, plus (2) at the Lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note being converted through the conversion date, plus (3) at the Lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. <p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_hus-gaap--LongtermDebtTypeAxis__custom--BootCapitalMember_zNlMC4ginOuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Private Placement Convertible Notes as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span><span id="xdx_8B1_zju7AzOjPzMi" style="display: none">Schedule of Notes</span></p> <table cellpadding="0" cellspacing="0" id="xdx_301_134_ziqXgaajO2L5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Notes (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_4BF_us-gaap--LongtermDebtTypeAxis_custom--BootCapitalNotesMember_zeRCMuL8wEK3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Boot Capital</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--NotesPayable_iS_zqEICz10Dc93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5504">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--IssuanceOfLongTermDebt_zM2vq8aGDbu4" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of convertible notes</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--GainsLossesOnDebtIssuance_zM6uUiZVBsyk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,611</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--RepaymentsOfLongTermDebt_iN_di_zzWAo3LPZEfe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5510">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--ChangeInFairValueOfLongTermDebt_znpxgvn0IWJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,225</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--ConversionsOfLongTermDebt_iN_di_zi6tEWcoDCD8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Conversions</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5514">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_43C_c20250101__20251231_eus-gaap--NotesPayable_iE_zNJ0aGcQ4762" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2025</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">115,836</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Outstanding principal balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalNotesMember_zBoan53rYRIg" style="text-align: right" title="Outstanding principal balance"><span style="font-family: Times New Roman, Times, Serif">115,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Accrued interest as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_ecustom--InterestPayableOnLongTermDebt_iI_c20251231__us-gaap--LongtermDebtTypeAxis__custom--BootCapitalNotesMember_zX0A4W9g0DG9" style="text-align: right" title="Accrued interest"><span style="font-family: Times New Roman, Times, Serif">1,670</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 100000 12611 3225 115836 115000 1670 <p id="xdx_801_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_zvjq3AyY52dk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. <span id="xdx_825_zDXGWQN3BBs2">Warrant Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assumed Public Warrants in the Merger, exercisable into <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zi52KE7dHjT3" title="Warrants outstanding">1,150</span> shares of Common Stock of the Company, and which remained outstanding as of December 31, 2025. <span id="xdx_901_ecustom--WarrantsExercisePriceDescription_c20250101__20251231_zQUCiF60hJc1" title="Warrants exercise price, description">The Public Warrants have an exercise price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_z06nlRcm3fhi" title="Warrants exercise price">115,000.00</span> per share, subject to adjustments, and will expire five years from the Merger Closing Date (in December 2028). The exercise price and number of shares of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations described below with respect to registration, or a valid exemption from registration is available. <span id="xdx_909_ecustom--WarrantsExercisable_iI_do_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7B4XpInkNpi" title="Warrants exercisable">No</span> Public Warrant will be exercisable and the Company will not be obligated to issue a share of Class A Common Stock upon exercise of a Public Warrant unless the shares of Class A Common Stock issuable upon such Public Warrant exercise has been registered, qualified, or deemed to be exempt under the securities laws of the state of the registered holder of the Public Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any Public Warrant. The Resale Registration statement went effective on February 14, 2024 (Registration No. 333-276307) and since it was declared effective within the contractual <span id="xdx_900_ecustom--ContractualTerm_dtD_c20250101__20251231_zVTQ8qFYsIM4" title="Contractual term">60</span>-day term upon closing of the Merger, no “cashless basis” exercises were triggered during 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption of Public Warrants When the price per Share of Class A Common Stock Equals or Exceeds $<span id="xdx_90D_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger_do_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__srt--StatementScenarioAxis__custom--RedemptionOfWarrantsWhenPricePerShareOfClassCommonStockEqualsOrExceeds8.00Member_zK5e4C45xHlb">180,000.00</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--WarrantsExercisableDescription_c20250101__20251231_zxoN9Aek8aLl" title="Warrants exercisable, description">Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants</span>:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 48.95pt; text-align: justify; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__srt--StatementScenarioAxis__custom--RedemptionOfWarrantsWhenPricePerShareOfClassCommonStockEqualsOrExceeds8.00Member_zsQpSnEmw67g">100.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per Warrant;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price per share of Class A Common Stock equals or exceeds $<span id="xdx_903_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__srt--StatementScenarioAxis__custom--RedemptionOfWarrantsWhenPricePerShareOfClassCommonStockEqualsOrExceeds8.00Member_z4tUGOFuAIp7">180,000.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under the heading “<i>—Warrants—Public Stockholder Warrants—Anti-dilution Adjustments</i>” in the Resale Registration Statement) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will not redeem the Public Warrants as described above unless a registration statement under the Securities Act covering the issuance of shares of Class A Common Stock issuable upon exercise of the Public Warrants is then effective and a current prospectus relating to those shares of Class A Common Stock is available throughout the 30-day redemption period. If and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants, each warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date. However, the price per share of Class A Common Stock may fall below the $<span id="xdx_90D_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zHtwG5xUKl19" title="Redemption trigger price">180,000.00</span> redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under the heading “<i>—Warrants—Public Stockholder Warrants—Anti-dilution Adjustments</i>” in the Resale Registration Statement as well as the $<span id="xdx_903_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTriggers_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zgPDvv2xUbUh" title="Warrants exercise price">115,000.00</span> (for whole shares) Public Warrant exercise price after the redemption notice is issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--FractionalSharesIssuedUponExerciseOfCommonStock_iI_do_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1bbwqXxR2I" title="Fractional shares issued upon exercise of common stock">No</span> fractional shares of Class A Common Stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, the Company will round down to the nearest whole number of the number of shares of Class A Common Stock to be issued to the holder.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>GEM Financing Arrangement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In association with the GEM Letter, see <i>Note 12 – Debt</i> for further details, at Closing, the GEM Warrant automatically became an obligation of the Company, and on December 15, 2023, the Company issued the GEM Warrant granting GEM the right to purchase 83 shares at an exercise price of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zIAiDhSZxBmi">64,900.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. <span id="xdx_90D_ecustom--WarrantsExercisePriceDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_z3WRbLXQw2Hi" title="Warrants exercise price description">GEM may exercise the GEM Warrant at any time and from time to time until December 14, 2026. The terms of the GEM Warrant provide that the exercise price of the GEM Warrant, and the number of shares of Class A Common Stock for which the GEM Warrant may be exercised, are subject to adjustment to account for increases or decreases in the number of outstanding shares of New Banzai Common Stock resulting from stock splits, reverse stock splits, consolidations, combinations and reclassifications. Additionally, the GEM Warrant contains weighted average anti-dilution provisions that provide that if the Company issues shares of Common Stock, or securities convertible into or exercisable or exchange for, shares of Common Stock at a price per share that is less than 90% of the exercise price then in effect or without consideration, then the exercise price of the GEM Warrant upon each such issuance will be adjusted to the price equal to 105% of the consideration per share paid for such Common Stock or other securities. In the event of a Change of Control, if the Surviving Corporation does not have registered class of equity securities and common shares listed on a U.S. national securities exchange, then the Holder is entitled to receive one percent of the total consideration received by the Company’s stockholders and the GEM Warrants will expire upon payment. Upon the closing of the OpenReel Merger, the exercise price of the GEM Warrants were adjusted to the price equal to 105% of the consideration per share paid which resulted in a strike price of $</span></span><span id="xdx_906_ecustom--ClassOfWarrantOrRightStrikePrice_pid_c20231215__20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zbC2wjfXsxng" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">366.00</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The effect of the change in strike price feature being triggered resulted in a change of value of approximately $</span><span id="xdx_90F_ecustom--ChangeInValueOfWarrants_c20231215__20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_zplAW11sqlZa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,000</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which is recorded in the statement of operations line change in fair value of warrant liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the per share market value of one share of Class A Common Stock is greater than the then-current exercise price, then GEM will have the option to exercise the GEM Warrant on a cashless basis and receive a number of shares of Class A Common Stock equal to (x) the number of shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being exercised, the portion of the GEM Warrant being exercised, less (y) the product of the then-current exercise price and the number of shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being exercised, the portion of the GEM Warrant being exercised, divided by the per share market value of one share of Class A Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The GEM Warrant may not be exercised if such exercise would result in the beneficial ownership of the holder and its affiliates in excess of <span id="xdx_904_ecustom--ClassOfWarrantsOrRightsThresholdLimitForTheThenIssuedAndOutstandingSharesOfCommonStock_iI_dp_c20231215__us-gaap--BusinessAcquisitionAxis__custom--GemAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--GemWarrantMember_z9kS9KELa5Bk" title="Warrants excess, percentage">9.99</span>% of the then-issued and outstanding shares of Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Private Placement Offering Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In association with the Private Placement Convertible Notes, see <i>Note 12 – Debt</i> for further details, at Closing, the Company issued Private Placement Warrants. Holders of the Private Placement Warrants may exercise the Private Placement Warrants at any time and from time to time until the three years from the date of issuance for the June issuance and five years from the date of issuance for the August issuance. The terms of the Private Placement Warrants provide that the exercise price of the Private Placement Warrants, and the number of shares of Class A Common Stock for which the Private Placement Warrants may be exercised, are subject to adjustment to account for increases or decreases in the number of outstanding shares of Banzai Common Stock resulting from stock splits, reverse stock splits, consolidations, combinations, and reclassifications. Additionally, the Private Placement Warrants contain anti-dilution and change in option price or rate of conversion price (“Variable Price”) provisions that provide that if the Company issues shares of Common Stock, or securities convertible into or exercisable or exchange for, shares of Common Stock after the Private Placement Offering, at a price per share that varies or may vary with the market price of the shares of Common Stock, including by way of one or more reset(s) to a fixed price, then the Holders of Private Placement Warrants have the right, but not the obligation, at their sole discretion, to elect to substitute the Variable Price for the Exercise Price upon exercise of the Private Placement Warrants. For further discussion of the accounting treatment and fair value of the Private Placement Warrants, see <i>Note 7 – Fair Value Measurements.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> 1150 115000.00 115000.00 0 P60D 180000.00 Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants 100.00 180000.00 180000.00 115000.00 0 64900.00 366.00 15000 0.0999 <p id="xdx_808_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zFU0ET05SZ98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. <span id="xdx_824_zwN07Uew1PY4">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leases</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has an operating lease for its office space. The lease agreement does not provide an implicit borrowing rate therefore the Company used a benchmark approach to derive an appropriate incremental borrowing rate to discount remaining lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases with an initial term of twelve months or less are not recorded on the balance sheet. There are no material residual guarantees associated with the Company’s lease nor are there significant restrictions or covenants. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space. The Company has not entered into any lease arrangements with related parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s existing lease contains an escalation clause and a renewal option. The Company is not reasonably certain that the renewal option will be exercised upon expiration of the initial terms of its existing lease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into a sublease which it has identified as an operating lease prior to the adoption of FASB ASC 842, <i>Leases</i>. The Company remains the primary obligor to the head lease lessor, making rental payments directly to the lessor and separately billing the sublessee. The sublease is subordinate to the master lease, and the sublessee must comply with all applicable terms of the master lease. The Company subleased the real estate to a third-party at a monthly rental payment amount that was less than the monthly cost that it pays on the headlease with the lessor. The sublease expired at the end of September 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--LeaseCostTableTextBlock_zwHAYJpOTFC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of lease expense for the years ended December 31, 2025 and 2024, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zZUCTiuPhfUj" style="display: none">Schedule of Components of Lease Expense</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Components of lease expense:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20250101__20251231_zizflCUBmH8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20240101__20241231_z77mprKITNQ7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Components of lease expense:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseCost_i01_zgg4d2VDmSn4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease expense</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">145,674</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--SubleaseIncome_i01N_di_z2B8QSl3DY89" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Sublease income</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5559">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(117,084</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40D_eus-gaap--LeaseCost_i01T_zOqWxOdaayxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total lease (income) expense</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,590</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A2_zA5Zq4Z35FDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_ecustom--ScheduleOfSupplementalCashFlowInformationRelatedToLeasesTableTextBlock_zKgNAUXd0TJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental cash flow information related to leases are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zyUxxNHIAZpe" style="display: none">Schedule of Supplemental Cash Flow Information Related to Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Supplemental cash flow information:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20250101__20251231_zLDIXbrI2Znj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zOcNQG4QrYd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Supplemental cash flow information:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of lease liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--NoncashLeaseExpenseInOperatingCashFlow_i01_zk7jWX8pA2Cf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-cash lease expense (operating cash flow)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,011</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">137,717</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--IncreaseDecreaseInLeaseLiabilitiesInOperatingCashFlow_i01_z2vEMZR8iLrj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in lease liabilities (operating cash flow)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(23,280</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(237,607</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right of use assets obtained in exchange for lease obligations:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--RightOfUseAssetsObtainedInExchangeForLeaseObligationsInOperatingLeases_i01_zpK91tOlw4pd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,319</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">76,269</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A8_z7gKLTcG20I6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_ecustom--ScheduleOfSupplementalBalanceSheetInformationRelatedToLeasesTableTextBlock_zIjKwi4z2ji9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental balance sheet information related to leases was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zoatphxWa6k5" style="display: none">Schedule of Supplemental Balance Sheet Information Related to Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Operating leases:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231_zEfLnB6a6E0d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20241231_zmWosteiTa4c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Operating leases:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_z4oMt9GZ884d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Operating lease right-of-use assets</span></td><td style="width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">55,871</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72,565</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityCurrent_i01I_zX9mgb1TEeH4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease liability, current</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,823</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,731</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_ziPQFR8j0Agf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Operating lease liability, non-current</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,922</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">49,974</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiability_i01I_z5Q6DZxfmRoa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total operating lease liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">56,745</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72,705</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Weighted-average remaining lease term:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases (in years)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_zIFZaRN7rysf" title="Operating leases (in years)">1.83</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zgzfgCQNLwkc" title="Operating leases (in years)">2.83</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Weighted-average discount rate:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_i01I_pid_dp_uPure_c20251231_zE2MjHjuWX1" style="width: 16%; text-align: right" title="Operating leases"><span style="font-family: Times New Roman, Times, Serif">9.40</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_i01I_pid_dp_uPure_c20241231_zckPc1Nm7fEi" style="width: 16%; text-align: right" title="Operating leases"><span style="font-family: Times New Roman, Times, Serif">9.40</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p id="xdx_8AA_zG2KZF8YAP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zfODFa9g1Vcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments under non-cancellable lease as of December 31, 2025, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zAWNxheMtyq3" style="display: none">Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Maturities of lease liabilities:</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20251231_zvLJUJlA6K2k" style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Year Ending December 31,</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_i01I_maLOLLPzVN7_zEfSeHnlu3l5" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,458</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_i01I_maLOLLPzVN7_zltS4F6nXBoe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,235</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_i01I_maLOLLPzVN7_z5J7LrEgAaN8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2028</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5604">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_i01I_maLOLLPzVN7_zZvQoOBgQawc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2029</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5606">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree_i01I_maLOLLPzVN7_zl2tVaxn7cCi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">2030 and thereafter</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5608">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_i01TI_mtLOLLPzVN7_zN1FfeaJ7gFe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total undiscounted cash flows</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">61,693</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_i01NI_di_zBS6oOqVzWuh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less discounting</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,948</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiability_i01I_zuRRX3X6AxRd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Present value of lease liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">56,745</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A0_zoCyw6Gvq3q4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investor Relations Consulting Agreement with MZHCI, LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 26, 2024, the Company entered into an Investor Relations Consulting Agreement (the “Consulting Agreement”) with MZHCI, LLC, a MZ Group Company (“MZHCI”), pursuant to which the Company agreed to issue <span id="xdx_90C_eus-gaap--RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings_c20240826__20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MzhciLlcMember__us-gaap--TypeOfArrangementAxis__custom--InvestorRelationsConsultingAgreementMember_zAsx8bCcGHIl">2,400</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares, partially in exchange for the various investor relations services outlined in the Consulting Agreement. The Company will also pay MZHCI $<span id="xdx_90F_ecustom--InvestorRelationsServicesAmount_iI_c20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MzhciLlcMember__us-gaap--TypeOfArrangementAxis__custom--InvestorRelationsConsultingAgreementMember_zUJL7ISmO2oh" title="Investor relations services amount">12,500</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month for their investor relations services with an annual <span id="xdx_90B_ecustom--CostOfLivingAdjustmentPercentage_iI_pid_dp_uPure_c20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MzhciLlcMember__us-gaap--TypeOfArrangementAxis__custom--InvestorRelationsConsultingAgreementMember_zeU1KeOzKuRh" title="Cost of living adjustment percentage">5</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% cost of living adjustment. This agreement becomes effective upon the execution of the Consulting Agreement and shall remain effective for a period of six (<span id="xdx_906_ecustom--EffectiveAgreementPeriod_dtD_c20240826__20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MzhciLlcMember__us-gaap--TypeOfArrangementAxis__custom--InvestorRelationsConsultingAgreementMember_zbw1POAM1tx6" title="Effective agreement period">6</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">) months, unless terminated earlier. The Consulting Agreement shall automatically renew every six (<span id="xdx_90D_ecustom--AgreementRenewalPeriod_dtD_c20240826__20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MzhciLlcMember__us-gaap--TypeOfArrangementAxis__custom--InvestorRelationsConsultingAgreementMember_za3pYfRJKXxf" title="Agreement renewal period">6</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">) months thereafter unless either party delivers to the other sixty (<span id="xdx_900_ecustom--ServicesAgreementPeriodOfWrittenNoticeForTerminationPriorToRenewalOfAgreement_dtD_c20240826__20240826__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MzhciLlcMember__us-gaap--TypeOfArrangementAxis__custom--InvestorRelationsConsultingAgreementMember_z8BZXt7QFMab" title="Services agreement">60</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">) days written notice of termination prior to the end of the then-current term. On September 9, 2024, the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240909__20240909__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MzhciLlcMember__us-gaap--TypeOfArrangementAxis__custom--InvestorRelationsConsultingAgreementMember_zCTDmqtVe8b1">1,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to MZHCI. The shares are exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and were issued as restricted stock with an appropriate restrictive legend.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Repayment Plans</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2024 the Company entered into various agreements (the “Settlement Agreements”) to reorganize outstanding debt from certain creditors (collectively, the “Creditors”) into shares of the Company’s Class A Common Stock (the “Shares”) (collectively, the “Debt Reorganization”). The Shares issued as part of the Debt Reorganization include Shares that are to be registered with the Securities and Exchange Commission (the “SEC”) in a registration statement on Form S-1 and Shares that are exempt from registration. The details of the various agreements are summarized below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Perkins Coie LLP</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 9, 2024, the Company entered into a Repayment Agreement (the “Perkins Repayment Agreement”) where the Company agreed to issue $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240909__20240909__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PerkinsCoieLlpMember__us-gaap--TypeOfArrangementAxis__custom--PerkinsRepaymentAgreementMember_zuNRWx7CiaT8">1,385,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worth of shares, which the Company shall register no fewer than <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240909__20240909__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PerkinsCoieLlpMember__us-gaap--TypeOfArrangementAxis__custom--PerkinsRepaymentAgreementMember__srt--RangeAxis__srt--MinimumMember_zLzeaZAIq7wl">46,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares, subject to adjustment, in a registration statement on Form S-1 within <span id="xdx_90C_ecustom--RegistrationRightsAgreementRequiredFilingTerm_dtD_c20240909__20240909__us-gaap--TypeOfArrangementAxis__custom--PerkinsRepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PerkinsCoieLlpMember_zflXwPTEspQ2" title="Registration rights agreement required filing term">60</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">days of entering into the Perkins Repayment Agreement, and will use reasonable best efforts to ensure the Registration Statement becomes effective promptly and remains effective until all shares issued under the Perkins Repayment Agreement are sold. The Company’s registration statement on Form S-1 was filed with the SEC on October 16, 2024 and became effective on November 6, 2024. As of December 31, 2024, the Company had issued <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PerkinsCoieLlpMember__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember_zgN9GEqjZAVk">3,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to Perkins to settle part of the outstanding liability balance. During the year ended December 31, 2025, the Company issued <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20250808__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PerkinsCoieLlpMember_z66bi3BqsYyk">6,500</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to Perkins to settle the remaining outstanding liability balance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Cooley LLP</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 19, 2024 the Company entered into a Repayment Agreement with Cooley LLP (“Cooley”) for previously provided legal services (the “Cooley Repayment Agreement”). Under the Cooley Repayment Agreement, the Company’s outstanding fees have been lowered from $<span id="xdx_907_eus-gaap--DebtInstrumentFeeAmount_iI_c20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CooleyLlpMember__srt--RangeAxis__srt--MaximumMember_zLmIDgypSbT6" title="Debt instrument fee amount">1,523,029</span> to $<span id="xdx_902_eus-gaap--DebtInstrumentFeeAmount_iI_c20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CooleyLlpMember__srt--RangeAxis__srt--MinimumMember_zmcWB6OpMVn7" title="Debt instrument fee amount">400,000</span> (the “Cooley Unpaid Fee”) in exchange for <span id="xdx_905_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CooleyLlpMember_zVxKNhTijJd9" title="Periodic payment">11 monthly installments</span> of $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CooleyLlpMember_zJh4fL2jBq76" title="Debt instrument, periodic payment">36,300</span>, with the first payment to be made on <span id="xdx_902_eus-gaap--DebtInstrumentDateOfFirstRequiredPayment1_dd_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CooleyLlpMember_zYqPQEpv4Pod" title="First payment">October 1, 2024</span>. If payments are not made in accordance with the Repayment Agreement, Cooley retains the right to seek to collect the entire original outstanding fee balance. As such, in accordance with ASC 470-60, no gain on settlement will be recorded until all payments have been made as required and the potential obligation to pay the amounts written off are eliminated. The Company made all required payments as of June 30, 2025 and accordingly recognized a gain on settlement of approximately $<span id="xdx_909_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CooleyLlpMember_zpwNyq0oMQD1" title="Gain loss on extinguishment">1.1</span> million, recognized within gain on extinguishment of liabilities on the <span style="background-color: white">consolidated statements of operations for the year ended December 31, 2025.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Settlement Letter with CohnReznick LLP</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 19, 2024, the Company entered into a Settlement Letter with CohnReznick LLP (“CohnReznick”) regarding the Company’s unpaid balance totaling $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20240919__us-gaap--TypeOfArrangementAxis__custom--SettlementLetterMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CohnReznickLlpMember_zAs5Wie2RHQg" title="Face amount">817,400</span> for services rendered in connection with the 7GC business combination with the Company (the “Settlement Letter”). Under the Settlement Letter, the Company and CohnReznick agreed to settle the total unpaid balance due, upon CohnReznick’s receipt of $<span id="xdx_908_eus-gaap--ObligationWithJointAndSeveralLiabilityArrangementAmountReceivable_iI_c20240919__us-gaap--TypeOfArrangementAxis__custom--SettlementLetterMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CohnReznickLlpMember_zf9CfPL1rl4c" title="Amount receivable">450,000</span> (the “Settlement Amount”), which will be paid in <span id="xdx_90F_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--SettlementLetterMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CohnReznickLlpMember_zytZi2YGmZec" title="Periodic payment">15 equal monthly installments</span> of $<span id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPayment_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--SettlementLetterMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CohnReznickLlpMember_zlfwOFHez0r5" title="Debt instrument, periodic payment">30,000</span>. In consideration of the Settlement Letter, CohnReznick has agreed to not to pursue collection efforts now or at any time in the future, except as otherwise provided in the Settlement Letter. If payments are not made in accordance with the Settlement Letter, the unpaid portion of the total unpaid balance will immediately become due and payable. As such, in accordance with ASC 470-60, no gain on settlement will be recorded until all payments have been made as required and the potential obligation to pay the amounts written off are eliminated. <span style="background-color: white">The remaining unpaid balance of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--SettlementLetterMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CohnReznickLlpMember__custom--BalanceSheetsLocationAxis__custom--AccruedExpensesAndOtherCurrentLiabilitiesMember_zexQ7ZlLz3G1" title="Debt instrument, periodic payment">577,400</span> is included in accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2025.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Sidley Austin LLP</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 19, 2024, the Company entered into a Repayment Agreement with Sidley Austin LLP (“Sidley”) for previously provided legal services (the “Sidley Repayment Agreement”). Under the Sidley Repayment Agreement, the Company’s outstanding fees have been lowered from $<span id="xdx_903_eus-gaap--DebtInstrumentFeeAmount_iI_c20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLlpMember__srt--RangeAxis__srt--MaximumMember_zvimJszqpz07" title="Debt instrument fee amount">4,815,979</span> to $<span id="xdx_90A_eus-gaap--DebtInstrumentFeeAmount_iI_c20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLlpMember__srt--RangeAxis__srt--MinimumMember_zfXkT2cT0pIi" title="Debt instrument fee amount">1,605,326</span> (the “Sidley Unpaid Fee”). Under the Sidley Repayment Agreement, the Company agrees to <span id="xdx_901_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLlpMember_zHlF0lFZiHBc" title="Frequency of periodic payment">12 monthly payments</span> that Sidley applies to the balance of the Sidley <span id="xdx_904_ecustom--UnpaidFeeDescription_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLlpMember_zrUMjH6lnEP7" title="Unpaid fee description">Unpaid Fee on a 2 for 1 basis, such that for every one dollar ($1.00) paid by Company, Sidley shall reduce the Sidley Unpaid Fee Amount by an additional two dollars ($2.00).</span> If payments are not made in accordance with the Sidley Repayment Agreement, the shortfall shall accrue interest at a rate of <span id="xdx_905_ecustom--ShortfallAccrueInterestRate_dp_uPure_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLlpMember_zzoaztBP23Ug" title="Shortfall accrue interest rate">12</span>% per annum, compounded daily, until such payment is made. As such, in accordance with ASC 470-60, <span id="xdx_903_eus-gaap--GainsLossesOnExtinguishmentOfDebt_do_c20240919__20240919__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLlpMember_zAaCsBn3zX2f" title="Loss on extinguishment">no</span> gain on settlement will be recorded until all payments have been made as required and the potential obligation to pay the amounts written off are eliminated. The Company made all required payments as of June 30, 2025 and accordingly recognized a gain on settlement of approximately $<span id="xdx_906_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SidleyAustinLlpMember__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--Asc47060Member_zenD8LhsWNnb" title="Gain loss on extinguishment">3.2</span> million, recognized within gain on extinguishment of liabilities on the <span style="background-color: white">consolidated statements of operations for the year ended December 31, 2025.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Donnelley Financial LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 13, 2024, the Company entered into a Repayment Agreement with Donnelley Financial LLC (“Donnelley”) for previously provided services (the “Donnelley Repayment Agreement”). Under the Donnelley Repayment Agreement, the Company’s outstanding fees have been lowered from $<span id="xdx_903_eus-gaap--DebtInstrumentFeeAmount_iI_c20240913__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember__srt--RangeAxis__srt--MaximumMember_zUFyLL8ydPTd" title="Debt instrument fee amount">1,072,148</span> to $<span id="xdx_903_eus-gaap--DebtInstrumentFeeAmount_iI_c20240913__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember__srt--RangeAxis__srt--MinimumMember_zxr9VZfMWTn5" title="Debt instrument fee amount">357,025</span> (the “Donnelley Unpaid Fee”). The Donnelley Unpaid Fee will be paid in <span id="xdx_906_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240913__20240913__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember_zJo0qm3ry7Lc" title="Frequency of periodic payment">12 monthly installments</span>, with the first monthly payment of $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_c20240913__20240913__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember_zOmmdNDANlli" title="Periodic payment">45,000</span> due on October 1, 2024; the remaining <span id="xdx_907_ecustom--NumberOfInstallmentsRemaining_uInteger_c20240913__20240913__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember_zrtAav5MHEik" title="Number of installments remaining">11</span> payments shall each be in the amount of $<span id="xdx_90F_ecustom--RemainingMonthlyInstallmentAmount_c20240913__20240913__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember_z036pkoYjRwl" title="Remaining monthly installment">28,366</span>. Under the Donnelly Repayment Agreement, the original outstanding fee balance shall become immediately due and payable upon the occurrence of certain events, including failure to make a payment of the Donnelly Unpaid Fee when due and failure to pay for any additional services. As such, in accordance with ASC 470-60, <span id="xdx_90B_eus-gaap--GainsLossesOnExtinguishmentOfDebt_do_c20240913__20240913__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember_ziF1ncpksDg7" title="Gain loss on extinguishment">no</span> gain on settlement will be recorded until all payments have been made as required and the potential obligation to pay the amounts written off are eliminated. The remaining unpaid balance of $<span id="xdx_905_eus-gaap--DebtInstrumentFeeAmount_iI_do_c20251231__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DonnelleyFinancialLlcMember__custom--BalanceSheetsLocationAxis__custom--AccruedExpensesAndOtherCurrentLiabilitiesMember_zNoHKNSossBd" title="Administrative agent fees">85,098</span> is included in accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repayment Agreement with Verista Partners, Inc.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 26, 2024, the Company entered into a Repayment Agreement with Verista Partners, Inc. aka Winterberry Group, (“Verista” or “Winterberry”) for previously provided services (the “Verista Repayment Agreement”). Under the Verista Repayment Agreement, the Company’s outstanding fees are $<span id="xdx_90D_eus-gaap--DebtInstrumentFeeAmount_iI_c20240826__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember_zbVWHjAse2ve">196,666</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the “Verista Unpaid Fee”). The Company and Verista have agreed that the Verista Unpaid Fee will be repaid with $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240826__20240826__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember_zHtWc2NX5K6i">66,666</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worth of shares of the Company, and $<span id="xdx_902_ecustom--DebtInstrumentFeeRemainingAmount_iI_c20240826__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember_zCCZroJbH8sa">130,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in <span id="xdx_909_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20240826__20240826__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember_zpV7ihJdxFY5">16 equal cash installment</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payments of $<span id="xdx_90C_ecustom--RemainingMonthlyInstallmentAmount_c20240826__20240826__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember_zSaF2geW9iS2">8,125</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, beginning on October 1, 2024, and on the first day of each month thereafter through January 1, 2026. As of December 31, 2025, the Company had issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember_zejqY3bokEvb">150</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares and made aggregate installment payments of $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember_zZen6Bng4hE5">78,437</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to Verista. The remaining unpaid balance of $<span id="xdx_907_eus-gaap--DebtInstrumentFeeAmount_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--RepaymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VeristaPartnersIncMember__custom--BalanceSheetsLocationAxis__us-gaap--AccountsPayableMember_z4OdQF9Xweag">45,785</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is included in Accounts Payable on the consolidated balance sheets as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Payment to Act-On</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company previously announced its entry into an Agreement and Plan of Merger, dated January 22, 2025, with Act-On Software, Inc., a Delaware corporation (“Act-On”), and Banzai Passage Inc., a Delaware corporation and wholly owned subsidiary of Banzai. Although the Company worked diligently to complete all closing conditions of the Plan of Merger, due to current market conditions, on June 6, 2025, Act-On served Banzai with a notice of termination to terminate the Merger Agreement and any related agreements (collectively, the “Transaction Documents”). As per the Transaction Documents, within five calendar days, the Company was required to pay certain termination fees including $<span id="xdx_906_ecustom--LiquidatedDamagesToBePaid_iI_c20250606__us-gaap--TypeOfArrangementAxis__custom--PaymentToActOnMember_zqpNNkpccdE6" title="Liquidated damages">500,000</span> in liquidated damages to cover certain transaction expenses that Act-On incurred in connection with the merger contemplated by the Merger Agreement and $<span id="xdx_90A_ecustom--AdditionalInterestAndExtensionFees_c20250606__20250606__us-gaap--TypeOfArrangementAxis__custom--PaymentToActOnMember_zUWENzAO82j5" title="Additional interest and extension fees">882,030</span> in additional interest and extension fees associated with one of Act-On’s outstanding debts that the Company had intended to payoff in connection with the merger contemplated by the Merger Agreement. As of December 31, 2025, the Company had paid the total amount owed of approximately $<span id="xdx_901_ecustom--AmountOwed_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--PaymentToActOnMember_zQE7QEqcO3yl" title="Amount owed">1,382,030</span> to Act-On.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal Matters</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the regular course of business affairs and operations, the Company is subject to possible loss contingencies arising from third-party litigation and federal, state, and local environmental, labor, health and safety laws and regulations. The Company assesses the probability that they may incur a liability in connection with certain of these lawsuits. The Company’s assessments are made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its subsidiaries. In certain cases that are in the early stages and in light of the uncertainties surrounding them, the Company does not currently possess sufficient information to determine a range of reasonably possible liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_890_eus-gaap--LeaseCostTableTextBlock_zwHAYJpOTFC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of lease expense for the years ended December 31, 2025 and 2024, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zZUCTiuPhfUj" style="display: none">Schedule of Components of Lease Expense</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Components of lease expense:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20250101__20251231_zizflCUBmH8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20240101__20241231_z77mprKITNQ7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Components of lease expense:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseCost_i01_zgg4d2VDmSn4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease expense</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">145,674</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--SubleaseIncome_i01N_di_z2B8QSl3DY89" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Sublease income</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5559">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(117,084</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40D_eus-gaap--LeaseCost_i01T_zOqWxOdaayxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total lease (income) expense</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,590</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 30000 145674 117084 30000 28590 <p id="xdx_89E_ecustom--ScheduleOfSupplementalCashFlowInformationRelatedToLeasesTableTextBlock_zKgNAUXd0TJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental cash flow information related to leases are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zyUxxNHIAZpe" style="display: none">Schedule of Supplemental Cash Flow Information Related to Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Supplemental cash flow information:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20250101__20251231_zLDIXbrI2Znj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zOcNQG4QrYd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Supplemental cash flow information:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of lease liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--NoncashLeaseExpenseInOperatingCashFlow_i01_zk7jWX8pA2Cf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-cash lease expense (operating cash flow)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,011</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">137,717</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--IncreaseDecreaseInLeaseLiabilitiesInOperatingCashFlow_i01_z2vEMZR8iLrj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in lease liabilities (operating cash flow)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(23,280</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(237,607</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right of use assets obtained in exchange for lease obligations:</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--RightOfUseAssetsObtainedInExchangeForLeaseObligationsInOperatingLeases_i01_zpK91tOlw4pd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,319</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">76,269</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 24011 137717 -23280 -237607 7319 76269 <p id="xdx_897_ecustom--ScheduleOfSupplementalBalanceSheetInformationRelatedToLeasesTableTextBlock_zIjKwi4z2ji9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental balance sheet information related to leases was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zoatphxWa6k5" style="display: none">Schedule of Supplemental Balance Sheet Information Related to Leases</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Operating leases:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231_zEfLnB6a6E0d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20241231_zmWosteiTa4c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Operating leases:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_z4oMt9GZ884d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Operating lease right-of-use assets</span></td><td style="width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">55,871</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72,565</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityCurrent_i01I_zX9mgb1TEeH4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease liability, current</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,823</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,731</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_ziPQFR8j0Agf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Operating lease liability, non-current</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,922</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">49,974</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiability_i01I_z5Q6DZxfmRoa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total operating lease liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">56,745</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72,705</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Weighted-average remaining lease term:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases (in years)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_zIFZaRN7rysf" title="Operating leases (in years)">1.83</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_zgzfgCQNLwkc" title="Operating leases (in years)">2.83</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Weighted-average discount rate:</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_i01I_pid_dp_uPure_c20251231_zE2MjHjuWX1" style="width: 16%; text-align: right" title="Operating leases"><span style="font-family: Times New Roman, Times, Serif">9.40</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_i01I_pid_dp_uPure_c20241231_zckPc1Nm7fEi" style="width: 16%; text-align: right" title="Operating leases"><span style="font-family: Times New Roman, Times, Serif">9.40</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> 55871 72565 22823 22731 33922 49974 56745 72705 P1Y9M29D P2Y9M29D 0.0940 0.0940 <p id="xdx_891_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zfODFa9g1Vcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments under non-cancellable lease as of December 31, 2025, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zAWNxheMtyq3" style="display: none">Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Maturities of lease liabilities:</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20251231_zvLJUJlA6K2k" style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Year Ending December 31,</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_i01I_maLOLLPzVN7_zEfSeHnlu3l5" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,458</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_i01I_maLOLLPzVN7_zltS4F6nXBoe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,235</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_i01I_maLOLLPzVN7_z5J7LrEgAaN8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2028</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5604">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_i01I_maLOLLPzVN7_zZvQoOBgQawc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2029</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5606">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree_i01I_maLOLLPzVN7_zl2tVaxn7cCi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">2030 and thereafter</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5608">—</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_i01TI_mtLOLLPzVN7_zN1FfeaJ7gFe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total undiscounted cash flows</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">61,693</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_i01NI_di_zBS6oOqVzWuh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less discounting</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,948</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiability_i01I_zuRRX3X6AxRd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Present value of lease liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">56,745</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 33458 28235 61693 4948 56745 2400 12500 0.05 P6D P6D P60D 1200 1385000 46000 P60D 3000 6500 1523029 400000 11 monthly installments 36300 2024-10-01 1100000 817400 450000 15 equal monthly installments 30000 577400 4815979 1605326 12 monthly payments Unpaid Fee on a 2 for 1 basis, such that for every one dollar ($1.00) paid by Company, Sidley shall reduce the Sidley Unpaid Fee Amount by an additional two dollars ($2.00). 0.12 0 3200000 1072148 357025 12 monthly installments 45000 11 28366 0 85098 196666 66666 130000 16 equal cash installment 8125 150 78437 45785 500000 882030 1382030 <p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zDlDqDUjmx0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>15. <span id="xdx_820_zyKB5B9AiMnj">Equity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company’s capital stock consists of Class A Common Stock, Class B Common Stock, Preferred Stock and Series FE Preferred Stock. All classes of stock have a par value of $<span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zW57YbnnQvT1" title="Preferred stock, par value">0.0001</span> per share. The table below sets forth information about the Company’s equity, as of December 31, 2025: </span></p> <p id="xdx_890_eus-gaap--ScheduleOfStockByClassTextBlock_zTflguzH7WZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zfSVNBEGOx8f" style="display: none">Schedule of Equity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Authorized</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Issued</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Outstanding</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Preferred Stock</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_987_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zy9Ih6d1sRHj" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Preferred Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">75,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--PreferredStockSharesIssued_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zEFvFNmqMVj4" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Preferred Stock, Issued"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5708">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zG9wLfz5h4th" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Preferred Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5710">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Series FE Preferred Stock</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zalypdoJaRdj" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Preferred Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">1</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_z660pNdrkdlk" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Preferred Stock, Issued"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5714">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zYt5bwePmyac" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Preferred Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5716">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Class A Common Stock</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXB1FEOBfImd" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">250,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWlEMKsRqsxd" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Issued"><span style="font-family: Times New Roman, Times, Serif">515,761</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zS8oCIzv3xMg" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif">515,761</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Class B Common Stock</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z2dHmGoCKzlh" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">25,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zMPlLoU8ocI8" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Issued"><span style="font-family: Times New Roman, Times, Serif">11,556</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z81i3tRW1bM6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif">11,556</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_ecustom--SharesAuthorized_iI_pid_c20251231_z53vxbdlgHu" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Authorized"><span style="font-family: Times New Roman, Times, Serif">350,000,001</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--SharesIssued_iI_pid_c20251231_zUJGn2MRGEVa" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Issued"><span style="font-family: Times New Roman, Times, Serif">527,317</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--SharesOutstanding_iI_pid_c20251231_z4ckcn5aYY5j" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Outstanding"><span style="font-family: Times New Roman, Times, Serif">527,317</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AB_zXLIBZfgFTI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Class A and B Common Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--CommonStockVotingRights_c20250101__20251231_z2Ght6c3IiFe" title="Common stock voting rights">The Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each matter properly submitted to the stockholders entitled to vote thereon.</span> The holders of shares of Common Stock shall be entitled to receive dividends declared by the Board of Directors (“Board”), on a pro rata basis based on the number of shares of Common Stock held by each such holder, assuming conversion of all Class B Common Stock into Class A Common Stock at a one to one </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conversion ratio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Preferred Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Board has the authority to issue preferred stock and to determine the rights, privileges, preferences, restrictions, and voting rights of those shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Series FE Preferred Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with and as a condition to closing under the Merger Agreement during 2024, on the Closing Date, the Company issued one (<span id="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_dtY_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zDC06SqEYeD1" title="Preferred Stock, Issued">1</span>) share of series FE preferred stock (the “Series FE Preferred Stock”), to one of the OpenReel Stockholders, FE IV OR Aggregator, LLC. The Series FE Preferred Stock has a two (<span id="xdx_907_eus-gaap--PreferredStockContractTerms_dtY_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_z0K108hbV6b2" title="Preferred stock term">2</span>) year term and from the issue date to the second anniversary of the issue date, the holder is granted the right upon a subsequent financing resulting in the issuance of new securities by the Company, to participate on a pro-rata basis in such subsequent financing up to the holder’s fully-diluted ownership percentage of the Company. Upon the two-year anniversary of the issue date of the Series FE Preferred Stock, the Series FE Preferred Stock will automatically be canceled and return to the status of authorized but unissued. The Series FE Preferred Stock does not participate in dividends of the Company, is not convertible into any other class of equity securities of the Company, has no voting rights with the Common Stock or other equity securities of the Company, and is not redeemable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yorkville Standby Equity Purchase Agreement (“SEPA”) </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 14, 2023, the Company entered into the SEPA with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”) in connection with the Merger. Pursuant to the SEPA, subject to certain conditions, the Company shall have the option, but not the obligation, to sell to Yorkville, and Yorkville shall subscribe for, an aggregate amount of up to up to $<span id="xdx_90C_eus-gaap--AssetAcquisitionConsiderationTransferred_c20231214__20231214__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zuQCpUZzxiA5" title="Total consideration payable in shares of class A common stock">100,000,000</span> of the Company’s shares of Class A common stock, par value $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231214__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zNs1Wh4ECcW7" title="Common stock par value">0.0001</span> per share, at the Company’s request any time during the commitment period commencing on December 14, 2023 and terminating on the 36-month anniversary of the SEPA (the “SEPA Option”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each advance (each, an “Advance”) the Company requests under the SEPA (notice of such request, an “Advance Notice”) may be for a number of shares of Class A common stock up to the greater of (i) <span id="xdx_906_eus-gaap--InvestmentCompanyExpenseLimitationAgreementDescription_c20250101__20251231_z7rhDDD19Dyd" title="Description of equity facility financing agreement">10,000 shares or (ii) such amount as is equal to 100% of the average daily volume traded of the Class A common stock during the five trading days immediately prior to the date the Company requests each Advance</span>; provided, in no event shall the number of shares of Class A common stock issued cause the aggregate shares of Class A common stock held by Yorkville and its affiliates as of any such date to exceed <span id="xdx_902_ecustom--PercentageOfSharesOutstandingAtTheDateOfAdvanceNotice_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zphrMsXx9Zm6" title="Description of equity facility financing agreement">9.99</span>% of the total number of shares of Class A common stock outstanding as of the date of the Advance Notice (less any such shares held by Yorkville and its affiliates as of such date) (the “Exchange Cap”). The shares would be purchased, at the Company’s election, at a purchase price equal to either:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--PercentageOfAverageDailyVolumeWeightedAveragePrice_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJHbT0Vhzbyi" title="Percentage of average daily volume weighted average price">95</span>% of the average daily Volume Weighted Average Price (“VWAP”) of the Class A Common Stock on the Nasdaq Stock Market (“Nasdaq”), subject to certain conditions per the SEPA (the “Option 1 Pricing Period; or</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--PercentageOfLowestDailyVolumeWeightedAveragePrice_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zBsvtRbeSPzb" title="Percentage of lowest daily volume weighted average price">96</span>% of the lowest daily VWAP of the Class A Common Stock during the three trading days commencing on the Advance Notice date, subject to certain conditions per the SEPA (the “Option 2 Pricing Period”).</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any purchase under an Advance would be subject to certain limitations, including that Yorkville shall not purchase or acquire any shares that would result in it and its affiliates beneficially owning more than <span id="xdx_90D_ecustom--PurchaseOfStockPercentageOfVotingPowerOwnershipLimitation_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zuBlhik0Eqci" title="Percentage of voting power"><span id="xdx_902_ecustom--PurchaseOfStockPercentageOfVotingPowerOwnershipLimitation_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z4irGWakFfr8" title="Percentage of voting power">9.99</span></span>% of the then outstanding voting power or number of shares of Class A common stock or any shares that, aggregated with shares issued under all other earlier Advances, would exceed <span id="xdx_904_ecustom--PurchaseOfStockPercentageOfOutstandingSharesOwnershipLimitation_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztyunImJW5K7" title="Percentage of outstanding shares"><span id="xdx_906_ecustom--PurchaseOfStockPercentageOfOutstandingSharesOwnershipLimitation_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z9QOZFoURYoe" title="Percentage of outstanding shares">19.99</span></span>% of all shares of Class A common stock and Class B common stock of the Company, par value $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zUFvVoHMUdE3" title="Common stock par value"><span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z7ZiIQ022Pej" title="Common stock par value">0.0001</span></span> per share, outstanding on the date of the SEPA, unless Company shareholder approval was obtained allowing for issuances in excess of such amount.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SEPA Option was determined to be a freestanding financial instrument which did not meet the criteria to be accounted for as a derivative instrument or to be recognized within equity. Pursuant to ASC 815, the Company will therefore recognize the SEPA Option as an asset or liability, measured at fair value at the date of issuance, December 14, 2023, and in subsequent reporting periods, with changes in fair value recognized in earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the execution of the SEPA, the Company agreed to pay a commitment fee of $<span id="xdx_907_ecustom--CommitmentFeePayable_iI_c20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_ztXS1FXEoEL5">500,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to Yorkville at the earlier of (i) March 14, 2024 or (ii) the termination of the SEPA, which will be payable, at the option of the Company, in cash or shares of Class A common stock through an Advance (the “Deferred Fee”). In March 2024 the Company issued <span id="xdx_906_ecustom--SharesIssuedAsPaymentOfDeferredFee_pid_c20240301__20240331__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zKPUtzqiw2O2">71</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A common stock as payment for the Deferred Fee.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the terms of the SEPA, at any time that there is a balance outstanding under the Yorkville Promissory Notes or Yorkville Note, Yorkville has the right to receive shares to pay down the principal balance, and may select the timing and delivery of such shares (via an “Investor Notice”), in an amount up to the outstanding principal balance on the Yorkville Promissory Notes at a purchase price equal to the lower of (i) $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zqXMjRjlIAp7">5,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share of Class A common stock (the “Fixed Price”), or (ii) <span id="xdx_907_ecustom--PercentageOfLowestDailyVolumeWeightedAveragePrice_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zkS3LQdYqRo1">90</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the lowest daily Volume Weighted Average Price (“VWAP”) of the Class A common stock on Nasdaq during the 10 consecutive Trading Days immediately preceding the Investor Notice date or other date of determination (the “Variable Price”). The Variable Price shall not be lower than $<span id="xdx_90D_ecustom--MaximumFloorPrice_iI_pid_c20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_z6RA5BlMhBpc">20,000.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (the “Floor Price”). <span id="xdx_907_ecustom--FloorPriceAdjustment_pid_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zgS9w0RY5x6">The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading days immediately prior to the date of effectiveness of the initial Registration Statement.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the Company may reduce the Floor Price to any amount via written notice to Yorkville, provided that such amount is no more than <span id="xdx_90D_ecustom--MaximumPercentageOfClosingPriceOnTradingDay_pid_dp_uPure_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember_zSLiVrvTQRaj">75</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the closing price on the Trading Day immediately prior to the time of such reduction and no greater than $<span id="xdx_903_eus-gaap--CommonStockConvertibleConversionPriceIncrease_pid_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znCQEYF7ibN2">20,000.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share of Class A common stock (the “Conversion Price”). At any time that there is a balance outstanding under the Yorkville Promissory Notes, the Company is not permitted to issue Advance Notices under the SEPA unless an Amortization Event has occurred under the terms of the Yorkville Promissory Notes agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2025, the Company issued Advance Notices to Yorkville pursuant to the SEPA requesting the purchase of shares of the Company’s Class A common stock. The Company elected to issue Advance Notices subject to both the Option 1 Pricing Period (the “Option 1 Advances”) and the Option 2 Pricing Period (the “Option 2 Advances”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2025 the Company requested the purchase of a total of <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionOneAdvanceMember_z0rKMeZPRfY">63,301</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A common stock in connection with the Option 1 Advances, which Yorkville purchased for a total purchase price of approximately $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionOneAdvanceMember_zBlpmyy1dPPd">6,473,887</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Company recognized a loss of approximately $<span id="xdx_908_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionOneAdvanceMember_zQo3lGTOuK21">340,850</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on the sales, which represents the difference between the fair value of the shares issued and the proceeds received from the sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2025 the Company requested the purchase of a total of <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zXyCoVVAyJg7">80,800</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A common stock in connection the Option 2 Advances. The issuance of the Advance Notices subject to the Option 2 Pricing Period represents the creation of forward share sales contracts, which were determined to meet the definition of a derivative pursuant to ASC 815. As such, upon issuance of the Advance Notices for the Option 2 Advances, the Company recognized derivative liabilities totaling approximately $<span id="xdx_904_eus-gaap--DerivativeInstrumentsInHedgesLiabilitiesAtFairValue_iI_pid_c20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zLIcqaf03ly6">467,656</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the aggregate, the fair values of which represented the intrinsic value of the requested number of shares of Class A common stock on the Advance Notice dates. The Company recognized a loss of approximately $<span id="xdx_90C_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zNJGKJXPgQMi">467,656</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during the year ended December 31, 2025 representing the change in fair value of the derivative liabilities during the period from the Advance Notice dates and the settlement dates of the Option 2 Advances. Upon settlement of the Option 2 Advances, the Company sold an aggregate of <span id="xdx_907_ecustom--SharesSold_iI_pid_c20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zfxe4HrpB0Yj">80,800</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A common stock to Yorkville for total proceeds of approximately $<span id="xdx_90F_ecustom--GrossProceeds_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zxZCq41efMV3">11,222,588</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, during the year ended December 31, 2025, the Company settled one Advance Notice subject to the Option 2 Pricing Period issued on December 30, 2024, and accordingly sold <span id="xdx_907_ecustom--SharesSold_iI_pid_c20241230__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zmIO1qHeslQ3">1,525</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company’s Class A common stock to Yorkville for proceeds of approximately $<span id="xdx_90A_ecustom--GrossProceeds_c20241230__20241230__us-gaap--TypeOfArrangementAxis__custom--YorkvilleStandbyEquityPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--OptionTwoAdvanceMember_zYzXmJSLN7Il" title="Gross proceeds">48,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued under ATM Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 27, 2025, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &amp; Co., LLC, as sales agent (“Wainwright”), to sell its shares of Class A Common Stock, par value $<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20250827__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__custom--AgreementAxis__custom--ATMAgreementMember_zInCGwsWTVVh" title="Common stock par value">0.0001</span> per share, from time to time, in an “at the market offering” program through Wainwright, with certain limitations on the amount of Class A Common Stock that may be offered and sold thereunder. The sales of the Shares made under the ATM Agreement (“the ATM Shares”) will be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Capital Market or on any other existing trading market for the Company’s Class A Common Stock, directly to Wainwright as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or in any other method permitted by law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offers and sales of the ATM shares by the Company will be made through a prospectus supplement, dated August 27, 2025 and an accompanying base prospectus, dated August 8, 2025 (the “ATM Prospectus Supplement”), which ATM Prospectus Supplement forms a part of the Company’s shelf registration statement on Form S-3 (File 333-288908), as amended, initially filed with the SEC on July 23, 2025 (the “Registration Statement”) and declared effective by the SEC on August 8, 2025. The aggregate market value of the shares of Class A Common Stock eligible for sale under the ATM Prospectus Supplement is approximately $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20251205__20251205__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember_z44VUjhsIzkc" title="Shares issued">8.2</span> million as of December 5, 2025, which is based on the limitations of General Instruction I.B.6 of Form S-3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the ATM Agreement, the Company will set the parameters for the sale of the ATM Shares, including the number of ATM Shares to be issued, the time period during which sales are requested to be made, limitation on the number of ATM Shares that may be sold in any one trading day and any minimum price below which sales may not be made. Upon delivery of a placement notice and subject to the terms and conditions of the ATM Agreement, the Manager will use its commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules of Nasdaq, to sell the ATM Shares from time to time based upon the Company’s instructions. The Company has no obligation to sell any the ATM Shares under the ATM Agreement and may at any time suspend solicitation and offers under the ATM Agreement. The Manager is not obligated to purchase any ATM Shares on a principal basis pursuant to the ATM Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATM Agreement provides that the Company will pay the Manager commissions for its services for acting as agent in the sale of the ATM Shares. The Manager will be entitled to compensation at a fixed commission rate equal to up to <span id="xdx_903_ecustom--MaximumCommissionRateAsPercentageOfGrossProceeds_pid_dp_c20250827__20250827__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember_zxftRoUR6086" title="Commission rate percentage">3.0</span>% of the gross proceeds from the sale of the ATM Shares. The Company has agreed to provide the Manager and certain affiliates of the Manager with customary indemnification and contribution rights, including for liabilities under the Securities Act. Pursuant to the ATM Agreement terms, the Company has agreed to reimburse Wainwright for the reasonable fees and expenses of its legal counsel not to exceed $<span id="xdx_90B_eus-gaap--LegalFees_c20250827__20250827__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__srt--RangeAxis__srt--MaximumMember_z1ydf7UcfXjk" title="Legal fees">100,000</span> (excluding any periodic due diligence fees) incurred in connection with entering into the transactions contemplated by the ATM Agreement and has agreed to reimburse Wainwright up to a maximum of $<span id="xdx_90D_ecustom--WainrightReimbursement_c20250827__20250827__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__srt--RangeAxis__srt--MaximumMember_zeWonCtHLdLh" title="Wainwright reimbursement">5,000</span> per Representation Date (as defined in the ATM Agreement) in connection with a new Registration Statement or the filing of the Company’s Annual Report on Form 10-K and $<span id="xdx_908_ecustom--IncidentalExpense_c20250827__20250827__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember_zVWYxxytkjSb" title="Incidental expense">2,500</span> in connection with each other Representation Date, plus any incidental expense incurred by the Manager in connection therewith.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATM Agreement contains customary representations and warranties and conditions regarding the placements of the Shares pursuant thereto, obligations to sell Shares under the ATM Agreement are subject to satisfaction of certain conditions, including the effectiveness of the Registration Statement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATM and the ATM Prospectus Supplement will terminate upon the earlier of (i) the sale of the Maximum Amount (as defined in the ATM Agreement) of Shares pursuant to the ATM Agreement, or (b) the termination of the ATM Agreement by us or the Manager as permitted therein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the Company entered into a private placement agreement with certain investors to sell <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zDtTv1C9H5L7">1,595</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A common stock at $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zL63OaTzbBL">138.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share and <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zltlryUuNip7">1,618</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prefunded warrants (the “May 2025 Prefunded Warrants”) at $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zjROEwLLPwD1">68.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant. The May 2025 Prefunded Warrants were immediately exercised, resulting in the issuance of <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20250531__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zhAS2SkHAuW4">1,618</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A common stock. The Company collected in aggregate $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20250501__20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_z7H4N4pdpSul">330,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of gross proceeds from this private placement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2025, the Company issued <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember_zCIXPD0axAx3">90,820</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares under the ATM Agreement for net proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromDebtNetOfIssuanceCosts_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember_z59N22U6w5pl">3,429,257</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued to Hudson</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 3, 2025, the Company issued <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20250103__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zcJ593sosws3">750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of its Common Stock, with a determined fair value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20250103__20250103__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_z7fUgAsMlXd4">232,500</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, partially in exchange for the business advisory services outlined in the consulting agreement with Hudson Global Ventures, LLC, a Nevada limited liability company (“Hudson”). On April 25, 2025, July 1, 2025 and September 3, 2025, the Company issued <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20250425__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zQTLJrRUWoZ1">2,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20250701__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zykQrcfeTtXe">1,180</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, and <span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_pid_c20250903__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--HudsonGlobalVenturesLLCMember_zluyjyYvcCd5">2,600</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, respectively, restricted shares of its Class A Common Stock to Hudson, in exchange for certain business advisory services as outlined in a consulting agreement with Hudson, executed on April 1, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued to Verista</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 26, 2024, the Company issued <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20240826__us-gaap--TypeOfArrangementAxis__custom--VeristaPartnersIncMember_zIhRGIPr9wU2">150</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its Common Stock, with a determined fair value of $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240826__20240826__us-gaap--TypeOfArrangementAxis__custom--VeristaPartnersIncMember_z2C0XZbVJT13">49,800</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, in partial settlement of amounts owing to Verista. Refer to <i>Note 14 – Commitments and Contingencies</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for RSU</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2025, <span id="xdx_907_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z9NiBxYShHJ">10,048</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSUs vested into shares of Class A Common Stock of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for Vidello Acquisition</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As disclosed above, on January 31, 2025, the Company closed a previously announced merger with Vidello. As part of the consideration paid to the Vidello Shareholders, the Company issued <span id="xdx_90A_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z9zmdJnUPgbf">4,491</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock, with a determined fair value of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pid_c20250131__20250131__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zuWwsRpEW9v2">1,661,677</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Refer to <i>Note 4 – Acquisitions</i> for further detail.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for pre-funded warrant exercise</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 7, 2025, the Company issued <span id="xdx_901_eus-gaap--CommonStockSharesIssued_iI_pid_c20250107__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CPBFMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zKjQoXduOKyk">1</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">share of Class A Common Stock to CP BF, resulting from the exercise by CP BF of exercise of one (<span id="xdx_901_ecustom--PrefundedWarrantExercised_iI_pid_c20250107__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CPBFMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXOvkoSxKd04">1</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">) pre-funded warrant under the CP BF Pre-Funded Warrant. See <i>Note 13 – Warrant Liabilities.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 21, 2025, the Company issued <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20250421__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AlcoMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z90J4W7omPE8">5,244</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock to Alco, resulting from the exercise by Alco of pre-funded warrants purchased during September 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 26, 2025, the Company issued <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20251126__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FEIVMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z6d84QsVod5c">58,832</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock to FE IV Aggregator, resulting from the exercise by FE IV Aggregator of Pre-Funded Warrants held by FE Aggregator as part of the OpenReel Merger Consideration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for private placement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2025, the Company entered into a private placement agreement with certain investors to sell <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zYsRuuyOQfq2">1,594</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A common stock at $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHpcWOTn7VY5">138.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share and <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zVKX0iF12Ed3">1,618</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prefunded warrants (the “May 2025 Prefunded Warrants”) at $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zw1m1wyiIps2">68.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant. The May 2025 Prefunded Warrants were immediately exercised, resulting in the issuance of <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20250531__us-gaap--ClassOfWarrantOrRightAxis__custom--May2025PrefundedWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zETscWBQYs02">1,618</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A common stock. The Company collected in aggregate $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20250501__20250531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zOVQiDVd26jh">330,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of gross proceeds from this private placement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0001 <p id="xdx_890_eus-gaap--ScheduleOfStockByClassTextBlock_zTflguzH7WZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zfSVNBEGOx8f" style="display: none">Schedule of Equity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Authorized</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Issued</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Outstanding</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Preferred Stock</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_987_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zy9Ih6d1sRHj" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Preferred Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">75,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--PreferredStockSharesIssued_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zEFvFNmqMVj4" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Preferred Stock, Issued"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5708">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zG9wLfz5h4th" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Preferred Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5710">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Series FE Preferred Stock</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zalypdoJaRdj" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Preferred Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">1</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_z660pNdrkdlk" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Preferred Stock, Issued"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5714">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesFEPreferredStockMember_zYt5bwePmyac" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Preferred Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5716">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Class A Common Stock</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXB1FEOBfImd" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">250,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWlEMKsRqsxd" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Issued"><span style="font-family: Times New Roman, Times, Serif">515,761</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zS8oCIzv3xMg" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif">515,761</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Class B Common Stock</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z2dHmGoCKzlh" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Authorized"><span style="font-family: Times New Roman, Times, Serif">25,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zMPlLoU8ocI8" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Issued"><span style="font-family: Times New Roman, Times, Serif">11,556</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z81i3tRW1bM6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Outstanding"><span style="font-family: Times New Roman, Times, Serif">11,556</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_ecustom--SharesAuthorized_iI_pid_c20251231_z53vxbdlgHu" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Authorized"><span style="font-family: Times New Roman, Times, Serif">350,000,001</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--SharesIssued_iI_pid_c20251231_zUJGn2MRGEVa" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common Stock, Issued"><span style="font-family: Times New Roman, Times, Serif">527,317</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--SharesOutstanding_iI_pid_c20251231_z4ckcn5aYY5j" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Outstanding"><span style="font-family: Times New Roman, Times, Serif">527,317</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 75000000 1 250000000 515761 515761 25000000 11556 11556 350000001 527317 527317 The Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each matter properly submitted to the stockholders entitled to vote thereon. 1 2 100000000 0.0001 10,000 shares or (ii) such amount as is equal to 100% of the average daily volume traded of the Class A common stock during the five trading days immediately prior to the date the Company requests each Advance 0.0999 0.95 0.96 0.0999 0.0999 0.1999 0.1999 0.0001 0.0001 500000 71 5000 0.90 20000.00 The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading days immediately prior to the date of effectiveness of the initial Registration Statement. 0.75 20000.00 63301 6473887 340850 80800 467656 467656 80800 11222588 1525 48000 0.0001 8200000 0.030 100000 5000 2500 1595 138.00 1618 68.00 1618 330000 90820 3429257 750 232500 2000 1180 2600 150 49800 -10048 4491 1661677 1 1 5244 58832 1594 138.00 1618 68.00 1618 330000 <p id="xdx_804_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zX8fTvjRLXbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. <span id="xdx_82F_zSAqOkM40uC8">Stock-Based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Company adopted the 2023 Employee Stock Purchase Plan (the “ESPP”). The ESPP permits eligible employees of the Company and certain designated companies as determined by the Board, to purchase shares of the Company’s Common Stock. <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationDescriptionAndTerms_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEmployeeStockPurchaseMember_zAf37DP12Ruj" title="Equity incentive plan, description">The aggregate number of shares of common stock that may be purchased pursuant to the Purchase Plan automatically increases on January 1 of each year ending on <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_dd_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEmployeeStockPurchaseMember_zEZuSnCXFdP6" title="Expiration date">January 1, 2033</span>, in an amount equal to the lesser of one percent (<span id="xdx_906_ecustom--PercentageOfNumberOfSharesOfFullyDilutedCommonStock_dp_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEmployeeStockPurchaseMember_zNxpClS0cOze" title="Percentage of number of shares of fully diluted common stock">1</span>%) of the total number of shares of the fully diluted common stock (as defined in the ESPP) determined as of December 31 of the preceding year, or a number of shares of common stock equal to two hundred percent (<span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardAutomaticIncreasePercentageOfInitialShareReserve_dp_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEmployeeStockPurchaseMember_z73uAZx82A7" title="Percentage of automatic increase in initial share reserve">200</span>%) of the initial share reserve of <span id="xdx_900_ecustom--InitialShareReserve_iI_c20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEmployeeStockPurchaseMember_zUUbdxDMhlb9" title="Initial share reserve">1,144</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Company adopted the 2023 Equity Incentive Plan (the “EIP”). The EIP permits the granting of incentive stock options, nonstatutory stock options, SARs, restricted stock awards, RSU awards, performance awards, and other awards. to employees, directors, and consultants. <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationDescriptionAndTerms_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEquityIncentivePlanMember_z8tbKrANkIGk" title="Equity incentive plan, description">The aggregate number of shares of common stock that may be issued under the EIP automatically increases on January 1 of each year ending on <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_dd_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEquityIncentivePlanMember_zA6xpsSjYlD1" title="Expiration date">January 1, 2033</span>, in an amount equal to <span id="xdx_902_ecustom--PercentageOfNumberOfSharesOfFullyDilutedCommonStock_dp_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyThreeEquityIncentivePlanMember_zLTc3PSsGahf" title="Percentage of number of shares of fully diluted common stock">5</span>% of the total number of shares of the fully diluted common stock determined as of December 31 of the preceding year.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for stock-based payments pursuant to FASB ASC 718, <i>Stock Compensation</i> and, accordingly, the Company records compensation expense for stock-based awards based upon an assessment of the grant date fair value for options using the Black-Scholes option pricing model. The Company has concluded that its historical share option exercise experience does not provide a reasonable basis upon which to estimate expected term. Therefore, the expected term was determined according to the simplified method, which is the average of the vesting tranche dates and the contractual term. Due to the lack of company specific historical and implied volatility data, the estimate of expected volatility is primarily based on the historical volatility of a group of similar companies that are publicly traded. For these analyses, companies with comparable characteristics were selected, including enterprise value and position within the industry, and with historical share price information sufficient to meet the expected life of the share-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent periods of the calculated expected term of its share-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury zero-coupon issues with remaining maturities similar to the expected term of the options. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zXWIOLA4LH8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes assumptions used to compute the fair value of options granted:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zKqUUgGVb7Ag" style="display: none">Summary of Assumptions Used to Compute Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td colspan="5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31,</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif">Stock price</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--SharePrice_iI_pid_c20241231__srt--RangeAxis__srt--MinimumMember_zxFuKZz0nZA2" style="font-family: Times New Roman, Times, Serif">2,920.00</span> <span style="font-family: Times New Roman, Times, Serif">- <span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20241231__srt--RangeAxis__srt--MaximumMember_zGCR4VnQ3Zd1">6,100.00</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Exercise price</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20241231__srt--RangeAxis__srt--MinimumMember_zOkFMFuYlNoe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,920.00</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20241231__srt--RangeAxis__srt--MaximumMember_zVFWgK1JWBQ9">50,000.00</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected volatility</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zRGPFdkicSEi" title="Expected volatility">61.00</span> - <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zfVhBMuFbvq5" title="Expected volatility">62.12</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected term (in years)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_pid_dtY_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zAqYboqPMOF8" title="Expected term (in years)">5.61</span> - <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_pid_dtY_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zrfQKMCraiSd" title="Expected term (in years)">6.08</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zAIzern4fDC8" title="Risk-free interest rate">4.20</span> - <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_z28gg3YApZAc" title="Risk-free interest rate">4.45</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p id="xdx_8A5_zoYmellzMfRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zJH1qYkNkNde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity under the Plan is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zOXf1gsdZkZd" style="display: none">Summary of Stock Option Activity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Shares</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Underlying</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Options</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Weighted</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Average</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Exercise Price</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Weighted</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Average</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Remaining</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Contractual</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Term (in years)</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Intrinsic</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Value</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumber_iS_c20250101__20251231_zoPhyytnceOa" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Shares Underlying Options, Beginning balance"><span style="font-family: Times New Roman, Times, Serif">129</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231_zl2NRp3WRVef" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Weighted Average Exercise Price, Beginning Balance"><span style="font-family: Times New Roman, Times, Serif">32,366.00</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zzSMjuCEvOil" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.52</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250101__20251231_zIXVCPHj0A0c" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 2%; text-align: right" title="Intrinsic Value, Outstanding, Beginning balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5869">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20250101__20251231_zRPh3CWY9A7k" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Granted"><span style="font-family: Times New Roman, Times, Serif">503</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zNM5cmZsQeV1" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Granted"><span style="font-family: Times New Roman, Times, Serif">4,209.00</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_di_c20250101__20251231_zZEpW69PnA0a" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Expired"><span style="font-family: Times New Roman, Times, Serif">(2</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zYsZ2Mi0GUre" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Expired"><span style="font-family: Times New Roman, Times, Serif">49,593.20</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20250101__20251231_ztbOTI03UYd2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Forfeited"><span style="font-family: Times New Roman, Times, Serif">(3</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zI8AosvwBazk" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Forfeited"><span style="font-family: Times New Roman, Times, Serif">34,009.40</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumber_iE_c20250101__20251231_zal3DhrweBF9" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Ending balance"><span style="font-family: Times New Roman, Times, Serif">627</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zemHp2SeIuQk" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Ending Balance"><span style="font-family: Times New Roman, Times, Serif">6,874.80</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zFNZZi05FNph" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.64</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250101__20251231_zBsFljJPqYua" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Intrinsic Value, Outstanding, Ending balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5889">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable at December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20251231_zw1hcu1rQPgf" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Exercisable"><span style="font-family: Times New Roman, Times, Serif">196</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231_ztPaKTEVSI63" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Exercisable"><span style="font-family: Times New Roman, Times, Serif">12,206.99</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zQ7VhUSZFGLh" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Remaining Contractual Term (in years), Exercisable"><span style="font-family: Times New Roman, Times, Serif">8.15</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20250101__20251231_zzI3BSScn9t6" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Intrinsic Value, Exercisable"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5897">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AA_zADSEnqQypE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with issuances under the Plan, the Company recorded stock-based compensation expense related to stock options of $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20251231__custom--IncomeStatementsLocationAxis__custom--GeneralAndAdministrativeExpensesMember_zTn4I6zao608" title="Stock-based compensation expense">107,683</span> and $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__custom--IncomeStatementsLocationAxis__custom--GeneralAndAdministrativeExpensesMember_z1YIsaaSSpU" title="Stock-based compensation expense">130,997</span>, which is included in general and administrative expense for the years ended December 31, 2025 and 2024, respectively. The weighted-average grant-date fair value per option granted during the years ended December 31, 2025 and 2024 was $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231_zLaWKUQljha8" title="Weighted average grant date fair value">12</span> and $<span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20240101__20241231_zxK2ZXMR5oL3" title="Weighted average grant date fair value">85</span>, respectively. As of December 31, 2025 and 2024, $<span id="xdx_908_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_c20251231_zmq47V1KKB9i" title="Unrecognized compensation expense related to unvested options">261,467</span> and $<span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_c20241231_zMST7tcabG2" title="Unrecognized compensation expense related to unvested options">212,936</span> of unrecognized compensation expense related to non-vested awards is expected to be recognized over the weighted average period of <span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20251231_zzoD6J6yrGIe" title="Unrecognized compensation expense related to unvested options">8.87</span> and <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20240101__20241231_zbf5VVwMOpV6" title="Unrecognized compensation expense related to unvested options">9.25</span> years, respectively. The aggregate intrinsic value is calculated as the difference between the fair value of the Company’s stock price and the exercise price of the options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>RSUs</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company began issuing RSUs to employees and to non-employee directors. Each RSU entitles the recipient to one share of Class A Common Stock upon vesting. The Company measures the fair value of RSUs using the stock price on the date of grant. Stock-based compensation expense for employee-granted RSUs is recorded ratably over their vesting period of (a) <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ziS4iJppouei" title="Vesting period">four years</span> - <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zrSMhIqC0IN9" title="Percentage of vesting on each anniversary">25</span>% of the RSUs will vest on each anniversary, or (b) <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--QuarterlyVestingMember_zWO6EDxgMm58" title="Vesting period">one year</span> - <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--QuarterlyVestingMember_z11pwnoAxMR4" title="Percentage of vesting on each anniversary">25</span>% will vest quarterly, or (c) <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--FirstAnniversaryVestingMember_zlSI0nRnYF0c" title="Vesting period">one year</span> – <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--VestingAxis__custom--FirstAnniversaryVestingMember_zYRsUCHwLh37" title="Percentage of vesting on each anniversary">100</span>% will vest on the first anniversary of the vesting commencement date until the RSU is fully vested. Stock-based compensation expense for non-employee director-granted RSUs is recorded ratably over their vesting period which is the earlier to occur of the one (1) year anniversary of the respective grant date, or the next annual meeting of stockholders following the respective grant date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zfYcPr1MWwFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of the activity with respect to, and status of, RSUs during the year ended December 31, 2025 is presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="display: none"><span id="xdx_8B9_zSyWEq5vlAZj">Summary of Activity with Respect Status of, RSUs</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Units</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Weighted Average</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Grant Date Fair</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Value</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z7a44S6cTt0k" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Units, Outstanding Beginning Balance"><span style="font-family: Times New Roman, Times, Serif">1,704</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z5QUKUc1CdQ4" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning balance Outstanding"><span style="font-family: Times New Roman, Times, Serif">348.00</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIDb2gnRIk42" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Granted"><span style="font-family: Times New Roman, Times, Serif">29,777</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXxczZjz2Iu4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Granted"><span style="font-family: Times New Roman, Times, Serif">140.60</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjuo1dxBlJv4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Vested"><span style="font-family: Times New Roman, Times, Serif">(10,048</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zaAz972FlS75" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Vested"><span style="font-family: Times New Roman, Times, Serif">238.20</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW8b6FsqwUu7" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Forfeited"><span style="font-family: Times New Roman, Times, Serif">(738</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zJL2gcXdXkBc" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited"><span style="font-family: Times New Roman, Times, Serif">169.80</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z1V1iaNB9RYk" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Units, Outstanding Ending Balance"><span style="font-family: Times New Roman, Times, Serif">20,695</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlihfZ5qSRn" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Ending Balance Outstanding"><span style="font-family: Times New Roman, Times, Serif">149.00</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A5_zw5QnymN3fif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2025 and December 31, 2024, the Company recorded total stock-based compensation expense related to RSUs of $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20251231__custom--IncomeStatementsLocationAxis__custom--GeneralAndAdministrativeExpensesMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z3vxrawISnvg" title="Stock-based compensation expense">2,466,707</span> and $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20241231__custom--IncomeStatementsLocationAxis__custom--GeneralAndAdministrativeExpensesMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2zIVM6Jn3gg" title="Stock-based compensation expense">1,034,683</span>, respectively, which is included in general and administrative expense. As of December 31, 2025 and 2024, unrecognized compensation cost related to the grant of RSUs was $<span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOz9egGDETL3" title="Unrecognized compensation cost">2,342,212</span> and $<span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zhZIm2uLj116" title="Unrecognized compensation cost">158,032</span>, respectively. Unvested outstanding RSUs as of December 31, 2025 and 2024 had a weighted average remaining vesting period of <span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zRh5OGhVPMQe" title="Period for unrecognized compensation expense related to unvested options yet has not been recognized">2.25</span> and <span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_znXVmJmtk7ue" title="Period for unrecognized compensation expense related to unvested options yet has not been recognized">1.2</span> years, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>CEO Award</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2025, the Board granted an equity award to the Company’s CEO (“CEO Award”) that includes a market condition based on specified market capitalization thresholds ranging from $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_pn5n6_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CeoAwardMember__srt--RangeAxis__srt--MinimumMember_zn6ZoZ2hMdXa" title="Specified market capitalization thresholds">15.0</span> million to $<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_pn5n6_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CeoAwardMember__srt--RangeAxis__srt--MaximumMember_zBT3y0Uis3vg" title="Specified market capitalization thresholds">30.0</span> million, which result in stock grants ranging from $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_pn3n3_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CeoAwardMember__srt--RangeAxis__srt--MinimumMember_zdZDt2hd3sC5" title="Stock grants">250 </span>thousand to $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_pn3n3_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CeoAwardMember__srt--RangeAxis__srt--MaximumMember_zLIV2AxPGUYg" title="Stock grants">750</span> thousand, up to $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_pn5n6_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CeoAwardMember_zvHAhxeEuNri" title="Stock grants">2.0</span> million in the aggregate. The CEO Award is equity-classified and the grant-date fair value was estimated using a Monte Carlo simulation model, using historical volatility as a key input. The Company recognized $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_c20251101__20251130__us-gaap--AwardTypeAxis__custom--CeoAwardMember_ziAFDq6gZJAj" title="Stock-based compensation expense">104,841</span> of stock-based compensation expense related to this award for the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The aggregate number of shares of common stock that may be purchased pursuant to the Purchase Plan automatically increases on January 1 of each year ending on January 1, 2033, in an amount equal to the lesser of one percent (1%) of the total number of shares of the fully diluted common stock (as defined in the ESPP) determined as of December 31 of the preceding year, or a number of shares of common stock equal to two hundred percent (200%) of the initial share reserve of 1,144. 2033-01-01 0.01 2 1144 The aggregate number of shares of common stock that may be issued under the EIP automatically increases on January 1 of each year ending on January 1, 2033, in an amount equal to 5% of the total number of shares of the fully diluted common stock determined as of December 31 of the preceding year. 2033-01-01 0.05 <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zXWIOLA4LH8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes assumptions used to compute the fair value of options granted:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zKqUUgGVb7Ag" style="display: none">Summary of Assumptions Used to Compute Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td colspan="5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31,</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif">Stock price</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--SharePrice_iI_pid_c20241231__srt--RangeAxis__srt--MinimumMember_zxFuKZz0nZA2" style="font-family: Times New Roman, Times, Serif">2,920.00</span> <span style="font-family: Times New Roman, Times, Serif">- <span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20241231__srt--RangeAxis__srt--MaximumMember_zGCR4VnQ3Zd1">6,100.00</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Exercise price</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20241231__srt--RangeAxis__srt--MinimumMember_zOkFMFuYlNoe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,920.00</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20241231__srt--RangeAxis__srt--MaximumMember_zVFWgK1JWBQ9">50,000.00</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected volatility</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zRGPFdkicSEi" title="Expected volatility">61.00</span> - <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zfVhBMuFbvq5" title="Expected volatility">62.12</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected term (in years)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_pid_dtY_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zAqYboqPMOF8" title="Expected term (in years)">5.61</span> - <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_pid_dtY_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zrfQKMCraiSd" title="Expected term (in years)">6.08</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zAIzern4fDC8" title="Risk-free interest rate">4.20</span> - <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_z28gg3YApZAc" title="Risk-free interest rate">4.45</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> 2920.00 6100.00 2920.00 50000.00 0.6100 0.6212 P5Y7M9D P6Y29D 0.0420 0.0445 <p id="xdx_899_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zJH1qYkNkNde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity under the Plan is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zOXf1gsdZkZd" style="display: none">Summary of Stock Option Activity</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Shares</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Underlying</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Options</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Weighted</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Average</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Exercise Price</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Weighted</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Average</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Remaining</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Contractual</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Term (in years)</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Intrinsic</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Value</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumber_iS_c20250101__20251231_zoPhyytnceOa" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Shares Underlying Options, Beginning balance"><span style="font-family: Times New Roman, Times, Serif">129</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231_zl2NRp3WRVef" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right" title="Weighted Average Exercise Price, Beginning Balance"><span style="font-family: Times New Roman, Times, Serif">32,366.00</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zzSMjuCEvOil" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.52</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250101__20251231_zIXVCPHj0A0c" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 2%; text-align: right" title="Intrinsic Value, Outstanding, Beginning balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5869">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20250101__20251231_zRPh3CWY9A7k" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Granted"><span style="font-family: Times New Roman, Times, Serif">503</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zNM5cmZsQeV1" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Granted"><span style="font-family: Times New Roman, Times, Serif">4,209.00</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_di_c20250101__20251231_zZEpW69PnA0a" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Expired"><span style="font-family: Times New Roman, Times, Serif">(2</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zYsZ2Mi0GUre" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Expired"><span style="font-family: Times New Roman, Times, Serif">49,593.20</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20250101__20251231_ztbOTI03UYd2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Forfeited"><span style="font-family: Times New Roman, Times, Serif">(3</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zI8AosvwBazk" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Forfeited"><span style="font-family: Times New Roman, Times, Serif">34,009.40</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingNumber_iE_c20250101__20251231_zal3DhrweBF9" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Ending balance"><span style="font-family: Times New Roman, Times, Serif">627</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zemHp2SeIuQk" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Ending Balance"><span style="font-family: Times New Roman, Times, Serif">6,874.80</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zFNZZi05FNph" title="Weighted Average Remaining Contractual Term (in years), Outstanding">8.64</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250101__20251231_zBsFljJPqYua" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Intrinsic Value, Outstanding, Ending balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5889">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable at December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20251231_zw1hcu1rQPgf" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Shares Underlying Options, Exercisable"><span style="font-family: Times New Roman, Times, Serif">196</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231_ztPaKTEVSI63" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Exercise Price, Exercisable"><span style="font-family: Times New Roman, Times, Serif">12,206.99</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zQ7VhUSZFGLh" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Remaining Contractual Term (in years), Exercisable"><span style="font-family: Times New Roman, Times, Serif">8.15</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20250101__20251231_zzI3BSScn9t6" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Intrinsic Value, Exercisable"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5897">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 129 32366.00 P8Y6M7D 503 4209.00 2 49593.20 3 34009.40 627 6874.80 P8Y7M20D 196 12206.99 P8Y1M24D 107683 130997 12 85 261467 212936 P8Y10M13D P9Y3M P4Y 0.25 P1Y 0.25 P1Y 1 <p id="xdx_893_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zfYcPr1MWwFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of the activity with respect to, and status of, RSUs during the year ended December 31, 2025 is presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="display: none"><span id="xdx_8B9_zSyWEq5vlAZj">Summary of Activity with Respect Status of, RSUs</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Units</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Weighted Average</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Grant Date Fair</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Value</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z7a44S6cTt0k" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Units, Outstanding Beginning Balance"><span style="font-family: Times New Roman, Times, Serif">1,704</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z5QUKUc1CdQ4" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning balance Outstanding"><span style="font-family: Times New Roman, Times, Serif">348.00</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIDb2gnRIk42" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Granted"><span style="font-family: Times New Roman, Times, Serif">29,777</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXxczZjz2Iu4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Granted"><span style="font-family: Times New Roman, Times, Serif">140.60</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjuo1dxBlJv4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Vested"><span style="font-family: Times New Roman, Times, Serif">(10,048</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zaAz972FlS75" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Vested"><span style="font-family: Times New Roman, Times, Serif">238.20</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW8b6FsqwUu7" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Forfeited"><span style="font-family: Times New Roman, Times, Serif">(738</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zJL2gcXdXkBc" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited"><span style="font-family: Times New Roman, Times, Serif">169.80</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z1V1iaNB9RYk" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Units, Outstanding Ending Balance"><span style="font-family: Times New Roman, Times, Serif">20,695</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlihfZ5qSRn" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Weighted Average Grant Date Fair Value, Ending Balance Outstanding"><span style="font-family: Times New Roman, Times, Serif">149.00</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 1704 348.00 29777 140.60 10048 238.20 738 169.80 20695 149.00 2466707 1034683 2342212 158032 P2Y3M P1Y2M12D 15000000.0 30000000.0 250000 750000 2000000.0 104841 <p id="xdx_806_eus-gaap--IncomeTaxDisclosureTextBlock_zU9u1Ed2j5i3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. <span id="xdx_829_z6jnDRrxOQX2">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Components of net loss before income taxes are as follows:</span></p> <p id="xdx_899_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zHjGK9OB9Oa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_zjD3FUCsYkk" style="display: none">Schedule of Components of Net Loss Before Income Taxes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zHYOtUaaEZ55" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20241231_zo1TLF3w8ph8" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Components of net loss before income taxes:</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_zI2XxFSoXPmi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">United States</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(22,673,927</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(31,513,389</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_zg4e0t9UwK8l" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">242,469</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5981">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A5_zv8r6D3GPQ0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zu7MFUUv5iQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 for the year ended December 31, 2025 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BC_zqfnJNoF4tbc" style="display: none">Schedule of US Federal Income Tax Rate to the Company's Effective Tax Rate</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">% of Pretax Income</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">US Federal Statutory Tax Rate</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maABC_c20250101__20251231_zypVJGjNUWvf" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="US Federal Statutory Tax Rate, value"><span style="font-family: Times New Roman, Times, Serif">(4,710,559</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maA123_c20250101__20251231_zJvg7TRUEYk9" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Statutory federal income tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">21.00</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">State and Local Income Taxes, Net of Federal Income Tax Effect</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maABC_c20250101__20251231_zdGSSJPbRiI2" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State and Local Income Taxes, Net of Federal Income Tax Effect, value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5989">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maA123_c20250101__20251231_zdoDiTmCtjib" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State taxes, net of federal tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">0.00</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign Tax Effects</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">United Kingdom</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Statutory tax rate difference between United Kingdom and United States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maABC_c20250101__20251231_zLqCPblEvFG4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Statutory tax rate difference between United Kingdom and United States, value"><span style="font-family: Times New Roman, Times, Serif">9,699</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maA123_c20250101__20251231_zlVikAzzrjhf" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Foreign Tax Effects, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.04</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect of Changes in Tax Laws or Rate Enacted in the Current Period</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect of Cross-Border Tax Laws</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectAmount_maABC_c20250101__20251231_zgzyv63LvM64" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Effect of Cross-Border Tax Laws, value"><span style="font-family: Times New Roman, Times, Serif">18,900</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectPercent_pid_dp_uPure_maA123_c20250101__20251231_z2Xu64enuyAk" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Effect of Cross-Border Tax Laws, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.09</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax Credits</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">R&amp;D Credits</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_iN_di_msABC_c20250101__20251231_zGvmvohmDNf9" style="font-family: Times New Roman, Times, Serif; text-align: right" title="R&amp;D Credits, value"><span style="font-family: Times New Roman, Times, Serif">(15,243</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_msA123_c20250101__20251231_zOfmMxl5oiYf" style="font-family: Times New Roman, Times, Serif; text-align: right" title="R&amp;D Credits, percentage"><span style="font-family: Times New Roman, Times, Serif">0.07</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in valuation allowance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maABC_c20250101__20251231_zPKpJtCtyk0k" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, value"><span style="font-family: Times New Roman, Times, Serif">3,149,702</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--ChangeInValuationAllowance_pid_dp_uPure_maA123_c20250101__20251231_zQ7pKaWFLIl8" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, percentage"><span style="font-family: Times New Roman, Times, Serif">-14.04</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_zFCzOk8jOJP1" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in state tax rate, value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_zIrg0vK7idd" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in state tax rate, percentage</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_402_ecustom--IncomeTaxReconciliationNondeductibleInterest_z5YPXjV83fld" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible interest – IRC 163(l), value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40F_ecustom--IncomeTaxReconciliationNondeductibleInterestRate_pid_dp_uPure_zkEC2jCDbmrg" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible interest – IRC 163(l), percentage</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges_zUCI0t7Sjyrb" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Non-deductible transaction/restructuring costs, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseRestructuringCharges_pid_dp_uPure_zAOnTVhbqPY9" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Non-deductible transaction/restructuring costs, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_407_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpense_z6BQaQcDNxI6" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nondeductible warrant issuance expense</span>, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_402_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpenseRate_pid_dp_uPure_zWx32LKn2qkc" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nondeductible warrant issuance expense</span>, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses_zZGsMOiXC1yf" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Impairment of goodwill, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses_pid_dp_uPure_zN8xLapSsiJg" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Impairment of goodwill, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_z27Mxh1f3854" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Other non-deductible expenses, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40A_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_zRMlu7NmxwRc" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Other non-deductible expenses, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nontaxable or Nondeductible Items:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in Fair Value Estimates</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimates_maABC_c20250101__20251231_zYrj1yUqO2Rc" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in Fair Value Estimates, value"><span style="font-family: Times New Roman, Times, Serif">(602,735</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimatesRate_pid_dp_uPure_maA123_c20250101__20251231_z2w9ksP4e1x9" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in Fair Value Estimates, percentage"><span style="font-family: Times New Roman, Times, Serif">2.76</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on Conversion – 163(l)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--IncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishment_maABC_c20250101__20251231_zTwFtPnT8wqk" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on Conversion - 163(l), value"><span style="font-family: Times New Roman, Times, Serif">1,528,553</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_ecustom--EffectiveIncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishmentRate_pid_dp_uPure_maA123_c20250101__20251231_zuTm9ZAJaP7d" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on Conversion - 163(l), percentage"><span style="font-family: Times New Roman, Times, Serif">-6.81</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock Compensation Adjustments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_maABC_c20250101__20251231_zs54LLjnqST3" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Stock Compensation Adjustments, value"><span style="font-family: Times New Roman, Times, Serif">293,474</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_maA123_c20250101__20251231_znS3ShgLNmm1" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Stock Compensation Adjustments, percentage"><span style="font-family: Times New Roman, Times, Serif">-1.34</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maABC_c20250101__20251231_zbhj2PL4ApKb" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other, value"><span style="font-family: Times New Roman, Times, Serif">388,826</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maA123_c20250101__20251231_zut6fVjoDeE5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other, percentage"><span style="font-family: Times New Roman, Times, Serif">-1.79</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--IncomeTaxExpenseBenefit_iT_mtABC_c20250101__20251231_zTvaSxJfcPyj" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate"><span style="font-family: Times New Roman, Times, Serif">60,617</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtA123_c20250101__20251231_zYvedLmOoHw5" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.28</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate for the period ended December 31, 2024 consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Statutory federal income tax benefit</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maABC_c20240101__20241231_zPB3v1JmNrj1" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Statutory federal income tax benefit, value"><span style="font-family: Times New Roman, Times, Serif">(6,617,812</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maA123_c20240101__20241231_zJSyAtmBYBPh" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Statutory federal income tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">21.0</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">State taxes, net of federal tax benefit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maABC_c20240101__20241231_zpWixSjF5Ml7" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State taxes, net of federal tax benefit, value"><span style="font-family: Times New Roman, Times, Serif">(463,682</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maA123_c20240101__20241231_z1BqwIRQBDu8" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State taxes, net of federal tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">1.5</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in valuation allowance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maABC_c20240101__20241231_zvneA5juMXzd" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, value"><span style="font-family: Times New Roman, Times, Serif">2,968,883</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_ecustom--ChangeInValuationAllowance_pid_dp_uPure_maA123_c20240101__20241231_zOb3CQ09xM0h" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, percentage"><span style="font-family: Times New Roman, Times, Serif">-9.4</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in state tax rate</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_maABC_c20240101__20241231_zx43hOqUthyj" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in state tax rate, value"><span style="font-family: Times New Roman, Times, Serif">16,101</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_maA123_c20240101__20241231_zZGVxxIC2Qzc" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in state tax rate, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.1</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value estimates</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimates_maABC_c20240101__20241231_zsLGfSs0Gnr" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in fair value estimates, value"><span style="font-family: Times New Roman, Times, Serif">(107,489</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimatesRate_pid_dp_uPure_maA123_c20240101__20241231_zLKy2Insd7h4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in fair value estimates, percentage"><span style="font-family: Times New Roman, Times, Serif">0.3</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible interest – IRC 163(l)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--IncomeTaxReconciliationNondeductibleInterest_maABC_c20240101__20241231_zrx9MGPKO62" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible interest - IRC 163(l), value"><span style="font-family: Times New Roman, Times, Serif">516,624</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_ecustom--IncomeTaxReconciliationNondeductibleInterestRate_pid_dp_uPure_maA123_c20240101__20241231_zd41dg623o8b" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible interest - IRC 163(l), percentage"><span style="font-family: Times New Roman, Times, Serif">-1.6</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible transaction/restructuring costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges_maABC_c20240101__20241231_zqvR0XcNHy4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible transaction/restructuring costs, value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6065">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseRestructuringCharges_pid_dp_uPure_maA123_c20240101__20241231_zLtnPzpnfrF4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible transaction/restructuring costs, percentage"><span style="font-family: Times New Roman, Times, Serif">0.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt conversion and extinguishment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_ecustom--IncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishment_maABC_c20240101__20241231_zyrElYgDUYi1" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on debt conversion &amp; extinguishment, value"><span style="font-family: Times New Roman, Times, Serif">2,935,747</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_ecustom--EffectiveIncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishmentRate_pid_dp_uPure_maA123_c20240101__20241231_zZhRYfP5mAJ4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on debt conversion &amp; extinguishment, percentage"><span style="font-family: Times New Roman, Times, Serif">-9.3</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nondeductible warrant issuance expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpense_maABC_c20240101__20241231_zwBnV8vv9963" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Nondeductible warrant issuance expense, value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6073">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpenseRate_pid_dp_uPure_maA123_c20240101__20241231_z9qsyCZJICJ" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Nondeductible warrant issuance expense, percentage"><span style="font-family: Times New Roman, Times, Serif">0.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Impairment of goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses_maABC_c20240101__20241231_znzExmWvJUe7" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Impairment of goodwill, value"><span style="font-family: Times New Roman, Times, Serif">612,511</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses_pid_dp_uPure_maA123_c20240101__20241231_zl6EanBrVGt7" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Impairment of goodwill, percentage"><span style="font-family: Times New Roman, Times, Serif">-1.9</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other non-deductible expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_maABC_c20240101__20241231_znIw5mY4Y9Lg" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other non-deductible expenses, value"><span style="font-family: Times New Roman, Times, Serif">139,117</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_maA123_c20240101__20241231_z2cC0xygAB25" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other non-deductible expenses, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.5</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--IncomeTaxExpenseBenefit_mtABC_c20240101__20241231_zMQ7eQVaWBog" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6085">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtA123_c20240101__20241231_zU3j2MRmjyif" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.1</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p id="xdx_8A3_zhgF1280PZK5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zPW6uuHHIWwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of income tax provision (benefit) are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B2_z32megwcM8n8" style="display: none">Schedule of Components of Income Tax Provision (Benefit)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20250101__20251231_z9YDDp7SrpS2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zaOWsW1a2a04" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zWrea3kpKOh9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--CurrentFederalTaxExpenseBenefit_maCITEBzxmj_z64HkkrmnyU5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6094">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6095">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_maCITEBzxmj_zzHPzff0NS01" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">State</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6097">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6098">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--CurrentForeignTaxExpenseBenefit_maCITEBzxmj_zrLbFJrrTMy4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt; width: 60%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">214,398</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6101">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--CurrentIncomeTaxExpenseBenefit_iT_mtCITEBzxmj_maITEBz1kv_zlbkoEh3d0nd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total current</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">214,398</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6104">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zBkWfbqnnom7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_maDITEBzYxW_zccS7SdCl0T3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6109">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6110">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_maDITEBzYxW_zxtMqXreX3O7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">State</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6112">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6113">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_maDITEBzYxW_z39t2CpdBft2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(153,781</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6116">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredIncomeTaxExpenseBenefit_iT_mtDITEBzYxW_maITEBz1kv_zMcpIjPa0yJ" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total deferred</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(153,781</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6119">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBz1kv_zBtGH4IvVri5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,617</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6122">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A7_zKOyH8qEJml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts of cash income taxes paid (received) by the Company for the year ended December 31, 2025 were as follows:</span></p> <p id="xdx_89B_ecustom--SummaryOfAmountsOfCashIncomeTaxesPaidReceivedTableTextBlock_zBF6q8GpBH1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B8_z5usQTcOh0rg" style="display: none">Summary of Amounts of Cash Income Taxes Paid (Received)</span><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-family: Times New Roman, Times, Serif"> </td><td style="display: none; font-family: Times New Roman, Times, Serif"> </td> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_491_20250101__20251231_z4dEIS9mXqN" style="display: none; font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxPaidFederalAfterRefundReceived_maITPzyoi_z6Kr7ZkGY8Nb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif">Federal</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6126">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxPaidStateAndLocalAfterRefundReceived_maITPzyoi_z0BZwAIM6gPa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">State and local</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6128">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxPaidForeignAfterRefundReceived_maITPzyoi_zaUIeQWTbDed" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6130">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxesPaid_iT_mtITPzyoi_zFdNX8fzOJEh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Income taxes, net of amounts refunded</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6132">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A9_z0L0odBJgzK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income taxes reflect the net tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The temporary differences that give rise to deferred tax assets and liabilities are as follows:</span></p> <p id="xdx_890_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z2EVntKXQMQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BA_z12PHLvpzVGg" style="display: none">Schedule of Temporary Differences that Give Rise to Deferred Tax Assets and Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231_zrAquMgDj5o5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20241231_zmrMkUZzFhZ9" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets (liabilities):</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzFvz_ziRM5HcEonB" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carryforwards</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,736,074</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,347,734</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsCharitableContributionCarryforwards_iI_maDTAGzFvz_zJZ8wUmSAuwl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contribution carryforwards</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,803</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,718</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwards_iI_maDTAGzFvz_zjcX88w8m4ke" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax credits</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">175,785</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">91,889</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_maDTAGzFvz_zVMOMt6mmnx3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,981</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">157,165</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsAccrualToCashAdjustment_iI_maDTAGzFvz_zn2yQ8iFZRxk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrual to cash adjustment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6148">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6149">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--DeferredTaxAssetsTaxStartupCostsAndOtherIntangibles_iI_maDTAGzFvz_z4goRnfobVdc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Startup costs and other intangibles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,618,932</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,700,257</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--DeferredTaxLiabilitiesAcquiredIntangibles_iNI_di_msDTAGzFvz_zAVcfcK62XTj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Acquired intangibles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,953,499</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(870,569</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_ecustom--DeferredTaxAssetsLeaseLiabilities_iI_maDTAGzFvz_zrjamamNFrA8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,030</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,339</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--DeferredTaxLiabilitiesRightOfUseAssets_iNI_di_msDTAGzFvz_zmX0BCG4V1Wk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right-of-use assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(12,830</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(16,308</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_iI_maDTAGzFvz_zvULtWrOyL59" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">664,106</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">651,519</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--DeferredTaxAssetsCapitalizedResearchAndDevelopmentCosts_iI_maDTAGzFvz_zukOjn3i89U6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capitalized R&amp;D costs (Sec. 174)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,959,520</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,930,337</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_iI_maDTAGzFvz_z6mcXAThs2X4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,496</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,182</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzFvz_maDTANzwk9_zNCuxGKdtcl9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets</span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,561,398</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,040,263</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzwk9_zLQVJUisN2sg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(19,679,073</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(16,040,263</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsNet_iNTI_di_mtDTANzwk9_zXNkNJSrkfDl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets (liabilities), net of allowance</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,170,469</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6179">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AD_zRwqBhXqRxs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the Company had federal and state net operating loss carryforwards of approximately $<span id="xdx_906_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_c20251231_ztKb4zRfbLS1" title="Federal net operating loss carryforwards">65,375,600</span> and $<span id="xdx_907_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_c20251231_zIekEMfPi03i" title="State net operating loss carryforwards">35,660,700</span>, respectively. As of December 31, 2025 the company has no foreign net operating loss carryforwards. As of December 31, 2024, the Company had federal and state net operating loss carryforwards of approximately $<span id="xdx_90C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_c20241231_z1ZhL1bKF2pi" title="Federal net operating loss carryforwards">50,966,400</span> and $<span id="xdx_900_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_c20241231_zUVmytwq6i07" title="State net operating loss carryforwards">28,244,800</span>, respectively. Federal losses of $<span id="xdx_903_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration_iI_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_z6iFjzfGM3ub" title="Operating loss carryforwards to expire">180,000</span> begin to expire in 2036 and $<span id="xdx_905_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration_iI_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zZ7b9a5mmAS2" title="Operating loss carryforwards indefinitely">65,195,600</span> of the federal losses carryforward indefinitely. State losses of $<span id="xdx_907_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration_iI_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zKQeK2j9J3Pc" title="Operating loss carryforwards to expire">22,175,100</span> begin to expire in 2031 and $<span id="xdx_90B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration_iI_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_z1DBIAIegb88" title="Operating loss carryforwards indefinitely">13,485,600</span> of the state losses carryforward indefinitely. Utilization of the net operating loss carryforwards may be subject to an annual limitation according to Section 382 of the Internal Revenue Code of 1986 as amended, and similar provisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has determined, based upon available evidence, that it is more likely than not that all of the U.S. net deferred tax assets will not be realized and, accordingly, has provided a full valuation allowance against its U.S. net deferred tax asset. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, net operating loss carryback potential, and tax planning strategies in making these assessments. During the period, the Company acquired its UK subsidiary, which generated intangible assets for U.S. GAAP, for which the Company has no tax basis in. Additionally, the UK company has historically generated taxable income, and has no positive evidence that would warrant a valuation allowance. As such, the Company has recorded a deferred tax liability for its UK subsidiary. Also, none of the GAAP basis of Goodwill recorded in relation to the Vidello, Ltd. acquisition is deductible for tax purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA), which includes several changes to U.S. federal income tax law, including temporary and permanent extension, of expiring provisions of the Tax Cuts and Jobs Act of 2017. Significant provisions for corporate taxpayers include permanent <span id="xdx_901_ecustom--PercentageOfProvisionsForCorporateTaxpayersIncludePermanentBonusDepreciation_pid_dp_uPure_c20250101__20251231_zU8s9TZky8nb" title="Percentage of provisions for corporate taxpayers include permanent bonus depreciation">100</span>% bonus depreciation for qualified property, immediate expensing of domestic R&amp;D expenditures, and changes to the limitation on business interest expense deductions under Section 163(j). None of these provisions have a material impact on the Company’s 2025 income tax provision.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has determined that it had <span id="xdx_907_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20251231_zL7aGxjyoVgl" title="Uncertain tax benefits"><span id="xdx_90C_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20241231_zQtXnXybDRtl" title="Uncertain tax benefits">no</span></span> material uncertain tax benefits for the year ended December 31, 2025, and 2024. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in interest expense and penalties in operating expense. <span id="xdx_907_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestAccrued_iI_do_c20251231_z7FzniSReR6k" title="Interest and penalties"><span id="xdx_90F_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestAccrued_iI_do_c20241231_zh8AjLLSwzl3" title="Interest and penalties">No</span></span> amounts were accrued for the payment of interest and penalties at December 31, 2025, and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company files tax returns as prescribed by the tax laws of the jurisdictions in which they operate. In the normal course of business, the Company is subject to examination by federal, state, and foreign jurisdictions where applicable based on the statute of limitations that apply in each jurisdiction. As of December 31, 2025, the <span id="xdx_905_eus-gaap--OpenTaxYear_c20250101__20251231_zUI2bMQmNk2j" title="Open years related to all jurisdictions">2018</span> and subsequent tax years related to all US jurisdictions remain open.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--IncomeTaxExaminationDescription_c20250101__20251231_zx6Hox6Zscpj" title="Open tax audits, description">The Company has no open tax audits with any taxing authority as of December 31, 2025.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zHjGK9OB9Oa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_zjD3FUCsYkk" style="display: none">Schedule of Components of Net Loss Before Income Taxes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zHYOtUaaEZ55" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20241231_zo1TLF3w8ph8" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Components of net loss before income taxes:</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_zI2XxFSoXPmi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">United States</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(22,673,927</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(31,513,389</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_zg4e0t9UwK8l" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">242,469</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5981">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> -22673927 -31513389 242469 <p id="xdx_899_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zu7MFUUv5iQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 for the year ended December 31, 2025 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BC_zqfnJNoF4tbc" style="display: none">Schedule of US Federal Income Tax Rate to the Company's Effective Tax Rate</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">% of Pretax Income</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">US Federal Statutory Tax Rate</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maABC_c20250101__20251231_zypVJGjNUWvf" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="US Federal Statutory Tax Rate, value"><span style="font-family: Times New Roman, Times, Serif">(4,710,559</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maA123_c20250101__20251231_zJvg7TRUEYk9" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Statutory federal income tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">21.00</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">State and Local Income Taxes, Net of Federal Income Tax Effect</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maABC_c20250101__20251231_zdGSSJPbRiI2" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State and Local Income Taxes, Net of Federal Income Tax Effect, value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl5989">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maA123_c20250101__20251231_zdoDiTmCtjib" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State taxes, net of federal tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">0.00</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign Tax Effects</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">United Kingdom</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Statutory tax rate difference between United Kingdom and United States</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maABC_c20250101__20251231_zLqCPblEvFG4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Statutory tax rate difference between United Kingdom and United States, value"><span style="font-family: Times New Roman, Times, Serif">9,699</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maA123_c20250101__20251231_zlVikAzzrjhf" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Foreign Tax Effects, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.04</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect of Changes in Tax Laws or Rate Enacted in the Current Period</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect of Cross-Border Tax Laws</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectAmount_maABC_c20250101__20251231_zgzyv63LvM64" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Effect of Cross-Border Tax Laws, value"><span style="font-family: Times New Roman, Times, Serif">18,900</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectPercent_pid_dp_uPure_maA123_c20250101__20251231_z2Xu64enuyAk" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Effect of Cross-Border Tax Laws, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.09</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax Credits</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">R&amp;D Credits</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_iN_di_msABC_c20250101__20251231_zGvmvohmDNf9" style="font-family: Times New Roman, Times, Serif; text-align: right" title="R&amp;D Credits, value"><span style="font-family: Times New Roman, Times, Serif">(15,243</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_msA123_c20250101__20251231_zOfmMxl5oiYf" style="font-family: Times New Roman, Times, Serif; text-align: right" title="R&amp;D Credits, percentage"><span style="font-family: Times New Roman, Times, Serif">0.07</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in valuation allowance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maABC_c20250101__20251231_zPKpJtCtyk0k" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, value"><span style="font-family: Times New Roman, Times, Serif">3,149,702</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--ChangeInValuationAllowance_pid_dp_uPure_maA123_c20250101__20251231_zQ7pKaWFLIl8" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, percentage"><span style="font-family: Times New Roman, Times, Serif">-14.04</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_zFCzOk8jOJP1" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in state tax rate, value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_zIrg0vK7idd" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in state tax rate, percentage</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_402_ecustom--IncomeTaxReconciliationNondeductibleInterest_z5YPXjV83fld" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible interest – IRC 163(l), value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40F_ecustom--IncomeTaxReconciliationNondeductibleInterestRate_pid_dp_uPure_zkEC2jCDbmrg" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible interest – IRC 163(l), percentage</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges_zUCI0t7Sjyrb" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Non-deductible transaction/restructuring costs, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseRestructuringCharges_pid_dp_uPure_zAOnTVhbqPY9" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Non-deductible transaction/restructuring costs, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_407_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpense_z6BQaQcDNxI6" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nondeductible warrant issuance expense</span>, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_402_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpenseRate_pid_dp_uPure_zWx32LKn2qkc" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nondeductible warrant issuance expense</span>, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses_zZGsMOiXC1yf" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Impairment of goodwill, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses_pid_dp_uPure_zN8xLapSsiJg" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Impairment of goodwill, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_z27Mxh1f3854" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Other non-deductible expenses, value</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr id="xdx_40A_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_zRMlu7NmxwRc" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Other non-deductible expenses, percentage</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nontaxable or Nondeductible Items:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in Fair Value Estimates</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimates_maABC_c20250101__20251231_zYrj1yUqO2Rc" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in Fair Value Estimates, value"><span style="font-family: Times New Roman, Times, Serif">(602,735</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimatesRate_pid_dp_uPure_maA123_c20250101__20251231_z2w9ksP4e1x9" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in Fair Value Estimates, percentage"><span style="font-family: Times New Roman, Times, Serif">2.76</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on Conversion – 163(l)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--IncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishment_maABC_c20250101__20251231_zTwFtPnT8wqk" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on Conversion - 163(l), value"><span style="font-family: Times New Roman, Times, Serif">1,528,553</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_ecustom--EffectiveIncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishmentRate_pid_dp_uPure_maA123_c20250101__20251231_zuTm9ZAJaP7d" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on Conversion - 163(l), percentage"><span style="font-family: Times New Roman, Times, Serif">-6.81</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock Compensation Adjustments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_maABC_c20250101__20251231_zs54LLjnqST3" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Stock Compensation Adjustments, value"><span style="font-family: Times New Roman, Times, Serif">293,474</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_maA123_c20250101__20251231_znS3ShgLNmm1" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Stock Compensation Adjustments, percentage"><span style="font-family: Times New Roman, Times, Serif">-1.34</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maABC_c20250101__20251231_zbhj2PL4ApKb" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other, value"><span style="font-family: Times New Roman, Times, Serif">388,826</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maA123_c20250101__20251231_zut6fVjoDeE5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other, percentage"><span style="font-family: Times New Roman, Times, Serif">-1.79</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--IncomeTaxExpenseBenefit_iT_mtABC_c20250101__20251231_zTvaSxJfcPyj" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate"><span style="font-family: Times New Roman, Times, Serif">60,617</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtA123_c20250101__20251231_zYvedLmOoHw5" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.28</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate for the period ended December 31, 2024 consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Statutory federal income tax benefit</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maABC_c20240101__20241231_zPB3v1JmNrj1" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Statutory federal income tax benefit, value"><span style="font-family: Times New Roman, Times, Serif">(6,617,812</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maA123_c20240101__20241231_zJSyAtmBYBPh" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right" title="Statutory federal income tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">21.0</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">State taxes, net of federal tax benefit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maABC_c20240101__20241231_zpWixSjF5Ml7" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State taxes, net of federal tax benefit, value"><span style="font-family: Times New Roman, Times, Serif">(463,682</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maA123_c20240101__20241231_z1BqwIRQBDu8" style="font-family: Times New Roman, Times, Serif; text-align: right" title="State taxes, net of federal tax benefit, percentage"><span style="font-family: Times New Roman, Times, Serif">1.5</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in valuation allowance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maABC_c20240101__20241231_zvneA5juMXzd" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, value"><span style="font-family: Times New Roman, Times, Serif">2,968,883</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_ecustom--ChangeInValuationAllowance_pid_dp_uPure_maA123_c20240101__20241231_zOb3CQ09xM0h" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in valuation allowance, percentage"><span style="font-family: Times New Roman, Times, Serif">-9.4</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in state tax rate</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_maABC_c20240101__20241231_zx43hOqUthyj" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in state tax rate, value"><span style="font-family: Times New Roman, Times, Serif">16,101</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_maA123_c20240101__20241231_zZGVxxIC2Qzc" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in state tax rate, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.1</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value estimates</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimates_maABC_c20240101__20241231_zsLGfSs0Gnr" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in fair value estimates, value"><span style="font-family: Times New Roman, Times, Serif">(107,489</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueEstimatesRate_pid_dp_uPure_maA123_c20240101__20241231_zLKy2Insd7h4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Change in fair value estimates, percentage"><span style="font-family: Times New Roman, Times, Serif">0.3</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible interest – IRC 163(l)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--IncomeTaxReconciliationNondeductibleInterest_maABC_c20240101__20241231_zrx9MGPKO62" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible interest - IRC 163(l), value"><span style="font-family: Times New Roman, Times, Serif">516,624</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_ecustom--IncomeTaxReconciliationNondeductibleInterestRate_pid_dp_uPure_maA123_c20240101__20241231_zd41dg623o8b" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible interest - IRC 163(l), percentage"><span style="font-family: Times New Roman, Times, Serif">-1.6</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible transaction/restructuring costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges_maABC_c20240101__20241231_zqvR0XcNHy4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible transaction/restructuring costs, value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6065">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseRestructuringCharges_pid_dp_uPure_maA123_c20240101__20241231_zLtnPzpnfrF4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Non-deductible transaction/restructuring costs, percentage"><span style="font-family: Times New Roman, Times, Serif">0.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt conversion and extinguishment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_ecustom--IncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishment_maABC_c20240101__20241231_zyrElYgDUYi1" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on debt conversion &amp; extinguishment, value"><span style="font-family: Times New Roman, Times, Serif">2,935,747</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_ecustom--EffectiveIncomeTaxRateReconciliationLossOnDebtConversionAndExtinguishmentRate_pid_dp_uPure_maA123_c20240101__20241231_zZhRYfP5mAJ4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Loss on debt conversion &amp; extinguishment, percentage"><span style="font-family: Times New Roman, Times, Serif">-9.3</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nondeductible warrant issuance expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpense_maABC_c20240101__20241231_zwBnV8vv9963" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Nondeductible warrant issuance expense, value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6073">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_ecustom--IncomeTaxReconciliationNondeductibleWarrantIssuanceExpenseRate_pid_dp_uPure_maA123_c20240101__20241231_z9qsyCZJICJ" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Nondeductible warrant issuance expense, percentage"><span style="font-family: Times New Roman, Times, Serif">0.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Impairment of goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses_maABC_c20240101__20241231_znzExmWvJUe7" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Impairment of goodwill, value"><span style="font-family: Times New Roman, Times, Serif">612,511</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses_pid_dp_uPure_maA123_c20240101__20241231_zl6EanBrVGt7" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Impairment of goodwill, percentage"><span style="font-family: Times New Roman, Times, Serif">-1.9</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other non-deductible expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_maABC_c20240101__20241231_znIw5mY4Y9Lg" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other non-deductible expenses, value"><span style="font-family: Times New Roman, Times, Serif">139,117</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_maA123_c20240101__20241231_z2cC0xygAB25" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Other non-deductible expenses, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.5</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--IncomeTaxExpenseBenefit_mtABC_c20240101__20241231_zMQ7eQVaWBog" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6085">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtA123_c20240101__20241231_zU3j2MRmjyif" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Effective tax rate, percentage"><span style="font-family: Times New Roman, Times, Serif">-0.1</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> -4710559 0.2100 0.0000 9699 -0.0004 18900 -0.0009 15243 -0.0007 3149702 -0.1404 -602735 0.0276 1528553 -0.0681 293474 -0.0134 388826 -0.0179 60617 -0.0028 -6617812 0.210 -463682 0.015 2968883 -0.094 16101 -0.001 -107489 0.003 516624 -0.016 0.000 2935747 -0.093 0.000 612511 -0.019 139117 -0.005 -0.001 <p id="xdx_890_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zPW6uuHHIWwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of income tax provision (benefit) are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B2_z32megwcM8n8" style="display: none">Schedule of Components of Income Tax Provision (Benefit)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20250101__20251231_z9YDDp7SrpS2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20240101__20241231_zaOWsW1a2a04" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zWrea3kpKOh9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Current:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--CurrentFederalTaxExpenseBenefit_maCITEBzxmj_z64HkkrmnyU5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6094">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6095">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_maCITEBzxmj_zzHPzff0NS01" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">State</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6097">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6098">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--CurrentForeignTaxExpenseBenefit_maCITEBzxmj_zrLbFJrrTMy4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt; width: 60%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">214,398</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6101">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--CurrentIncomeTaxExpenseBenefit_iT_mtCITEBzxmj_maITEBz1kv_zlbkoEh3d0nd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total current</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">214,398</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6104">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zBkWfbqnnom7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Deferred:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_maDITEBzYxW_zccS7SdCl0T3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6109">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6110">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_maDITEBzYxW_zxtMqXreX3O7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif">State</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6112">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6113">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_maDITEBzYxW_z39t2CpdBft2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(153,781</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6116">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredIncomeTaxExpenseBenefit_iT_mtDITEBzYxW_maITEBz1kv_zMcpIjPa0yJ" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total deferred</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(153,781</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6119">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBz1kv_zBtGH4IvVri5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,617</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6122">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 214398 214398 -153781 -153781 60617 <p id="xdx_89B_ecustom--SummaryOfAmountsOfCashIncomeTaxesPaidReceivedTableTextBlock_zBF6q8GpBH1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B8_z5usQTcOh0rg" style="display: none">Summary of Amounts of Cash Income Taxes Paid (Received)</span><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-family: Times New Roman, Times, Serif"> </td><td style="display: none; font-family: Times New Roman, Times, Serif"> </td> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_491_20250101__20251231_z4dEIS9mXqN" style="display: none; font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxPaidFederalAfterRefundReceived_maITPzyoi_z6Kr7ZkGY8Nb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif">Federal</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6126">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxPaidStateAndLocalAfterRefundReceived_maITPzyoi_z0BZwAIM6gPa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">State and local</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6128">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxPaidForeignAfterRefundReceived_maITPzyoi_zaUIeQWTbDed" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6130">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxesPaid_iT_mtITPzyoi_zFdNX8fzOJEh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Income taxes, net of amounts refunded</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6132">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_890_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z2EVntKXQMQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BA_z12PHLvpzVGg" style="display: none">Schedule of Temporary Differences that Give Rise to Deferred Tax Assets and Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231_zrAquMgDj5o5" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20241231_zmrMkUZzFhZ9" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets (liabilities):</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzFvz_ziRM5HcEonB" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carryforwards</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,736,074</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,347,734</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsCharitableContributionCarryforwards_iI_maDTAGzFvz_zJZ8wUmSAuwl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contribution carryforwards</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,803</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,718</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwards_iI_maDTAGzFvz_zjcX88w8m4ke" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax credits</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">175,785</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">91,889</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_maDTAGzFvz_zVMOMt6mmnx3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,981</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">157,165</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsAccrualToCashAdjustment_iI_maDTAGzFvz_zn2yQ8iFZRxk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrual to cash adjustment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6148">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6149">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--DeferredTaxAssetsTaxStartupCostsAndOtherIntangibles_iI_maDTAGzFvz_z4goRnfobVdc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Startup costs and other intangibles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,618,932</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,700,257</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--DeferredTaxLiabilitiesAcquiredIntangibles_iNI_di_msDTAGzFvz_zAVcfcK62XTj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Acquired intangibles</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,953,499</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(870,569</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_407_ecustom--DeferredTaxAssetsLeaseLiabilities_iI_maDTAGzFvz_zrjamamNFrA8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,030</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,339</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_ecustom--DeferredTaxLiabilitiesRightOfUseAssets_iNI_di_msDTAGzFvz_zmX0BCG4V1Wk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right-of-use assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(12,830</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(16,308</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_iI_maDTAGzFvz_zvULtWrOyL59" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">664,106</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">651,519</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--DeferredTaxAssetsCapitalizedResearchAndDevelopmentCosts_iI_maDTAGzFvz_zukOjn3i89U6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capitalized R&amp;D costs (Sec. 174)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,959,520</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,930,337</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_iI_maDTAGzFvz_z6mcXAThs2X4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,496</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,182</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzFvz_maDTANzwk9_zNCuxGKdtcl9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets</span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,561,398</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,040,263</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzwk9_zLQVJUisN2sg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(19,679,073</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(16,040,263</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsNet_iNTI_di_mtDTANzwk9_zXNkNJSrkfDl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets (liabilities), net of allowance</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,170,469</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6179">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 15736074 12347734 8803 23718 175785 91889 284981 157165 1618932 1700257 1953499 870569 13030 16339 12830 16308 664106 651519 1959520 1930337 66496 8182 18561398 16040263 19679073 16040263 1170469 65375600 35660700 50966400 28244800 180000 65195600 22175100 13485600 1 0 0 0 0 2018 The Company has no open tax audits with any taxing authority as of December 31, 2025. <p id="xdx_803_eus-gaap--SegmentReportingDisclosureTextBlock_zKcniHs5nle9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. <span id="xdx_827_zAEI1tQ0wa82">Segment Reporting</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has <span id="xdx_907_eus-gaap--NumberOfReportableSegments_dc_uInteger_c20250101__20251231_zfnizr1zNNJj" title="Number of reportable segments"><span id="xdx_905_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20240101__20241231_zM0oyX5U8Msb" title="Number of operating segments">three</span></span> reportable operating segments, Banzai Operating Co, Inc., OpenReel, and Vidello. The Company’s segments deliver SaaS tools that leverage data, analytics, and AI to provide marketing and sales solutions, including video production and editing, for businesses of all sizes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”), primarily uses segment revenue, gross profit, and adjusted EBITDA to allocate resources and assess performance. <span id="xdx_904_eus-gaap--SegmentReportingCodmProfitLossMeasureHowUsedDescription_c20250101__20251231_z7kw1VCiwWIg" title="Segment reporting, CODM, profit (loss) measure, how used, description">Segment revenue and gross profit are determined on the same basis as consolidated revenue and consolidated gross profit as shown in the Company’s consolidated statements of operations. Segment adjusted EBITDA is defined as revenue less the following expenses associated with each segment: cost of revenue, people, marketing and advertising, technology, and other segment expenses. Segment adjusted EBITDA excludes certain non-cash items or items that management does not consider reflective of ongoing core operations.</span> Currently, the CODM does not review assets in evaluating the results of the operating segments, and therefore, such information is not presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_892_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zQ2UbxYK7Zj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BE_zftxOh6Gv8ha" style="display: none">Summary of Information About Reported Segments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Year ended December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zpQMeYpz8Sai" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zAH7XpKGaKc5" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zGJSZt9IGhpk" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z7ApfqlYhXc6" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Banzai</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Operating</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Vidello</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Total</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zI2970Wse8pl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,426,868</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,473,389</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,261,162</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,161,419</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--CostOfRevenue_ztHMiIFdNvff" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,476,701</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">310,362</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">401,520</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,188,583</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--GrossProfit_zSygwCSmFq2j" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,950,167</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,163,027</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,859,642</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,972,836</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--LaborAndRelatedExpense_zH9Egz3bgXTk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">People</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,254,527</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,545,813</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">393,025</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,193,365</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--MarketingAndAdvertisingExpense_z4SD7wbnW3e4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Marketing and advertising</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,160,168</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">155,237</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">558,059</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,873,464</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--CommunicationsAndInformationTechnology_ziW9IxKeo1Qi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">926,334</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">272,926</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">83,839</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,283,099</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--OtherSegmentExpenses_z9aqIJpDVx4a" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F4B_zhpDEDmTqFi5">1</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,223,686</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">535,823</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">198,407</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,957,915</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--OperatingExpenses_zcthui4I83Cl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,564,715</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,509,799</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,233,330</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,307,843</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--AdjustedEBITDAFromContinuingOperations_z2BD0lKzUm0g" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Segment Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,614,548</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(346,772</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">626,312</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,335,007</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_403_ecustom--OperatingCostsExpensesAndStockBasedCompensation_zQcI4WGXx0Of" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Transaction, PubCo. Expenses and Stock-based compensation</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,819,671</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,320</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">88,511</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,979,501</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--EarningsBeforeInterestTaxesDepreciationAndAmortisation_zQ0QstYzQgg1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,434,219</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(418,092</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">537,801</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,314,508</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_z594rQVb0tp">1</sup></span></td><td style="text-align: justify"><span id="xdx_F14_z5TF9WRZPMab" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes provision for credit losses, foreign currency exchange rate changes, travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, insurance expenses, and expenses related to licenses.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the year ended December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zVTr30V0mJb7" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Banzai</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Operating</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49F_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zPrUyDELCLae" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zEP2W7UJQUkd" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b><sup id="xdx_F58_zwUtFemPSne4">1</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zIJp0XeMtYg" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Total</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Year ended December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Banzai</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Operating</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b>¹</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Total</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zc4nUEapVkFe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,305,429</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">222,450</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6279">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,527,879</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--CostOfRevenue_z9hrdVT2paMc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,407,564</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,978</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6284">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,422,542</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--GrossProfit_z3YExVKqbQPd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,897,865</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">207,472</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6289">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,105,337</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--LaborAndRelatedExpense_zr1Bpv974LJ9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">People</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,209,488</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,642</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6294">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,227,130</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--MarketingAndAdvertisingExpense_zbTwtNsddFR8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Marketing and advertising</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,587,085</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,020</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6299">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,592,105</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--CommunicationsAndInformationTechnology_zvdof5UgWkAc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">861,775</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112,429</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6304">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">974,204</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--OtherSegmentExpenses_zf8OWVPuIgz5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F45_zVobSCxGksBj">2</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">811,519</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,856</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6309">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">818,375</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--OperatingExpenses_zjN3gC1I7alk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,469,867</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">141,947</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6314">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,611,814</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--AdjustedEBITDAFromContinuingOperations_zgCaLcgIMfs9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Segment Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,572,002</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,525</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6319">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,506,477</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_403_ecustom--OperatingCostsExpensesAndStockBasedCompensation_z8klYJTFIU05" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Transaction, PubCo. Expenses and Stock-based compensation</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,912,309</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6323">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6324">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,912,309</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--EarningsBeforeInterestTaxesDepreciationAndAmortisation_zNlUbdM9QtPg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,484,311</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,525</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6329">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,418,786</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zeIG8fHb3B68">1</sup></span></td><td style="text-align: justify"><span id="xdx_F12_zScqZiKzgzK1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello acquisition occurred on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgSW5mb3JtYXRpb24gQWJvdXQgUmVwb3J0ZWQgU2VnbWVudHMgKERldGFpbHMpoChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--BusinessAcquisitionEffectiveDateOfAcquisition1_dd_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zVc10e8GocJ" title="Acquisition date">January 31, 2025</span> (refer to <i>Note 4 – Acquisitions</i> and therefore is presented at $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgSW5mb3JtYXRpb24gQWJvdXQgUmVwb3J0ZWQgU2VnbWVudHMgKERldGFpbHMpoChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--OperatingIncomeLoss_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z5fjbPR6bIg1" title="Operating income">0</span> for comparative purposes.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zvcwnDEw4d3d">2</sup></span></td><td style="text-align: justify"><span id="xdx_F15_zUcWaxDqksKa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, the SEPA commitment fee expense and deferred fee expense, the GEM warrant expense, and the GEM commitment fee expense.</span></td> </tr></table> <p id="xdx_8A7_zbeuQngUyJG" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zq3kSli4e6sg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation between EBITDA by reportable segment to consolidated net loss before income taxes for the years ended December 31, 2025, and 2024 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B8_zRVGbayeEFd9" style="display: none">Summary of Reconciliation Between Reportable Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zvRv9VLcfn92" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zXKBbxTJlXde" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">EBITDA by segment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zr15yX5xKEo4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Banzai Operating Co.</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,434,219</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,484,311</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zOhYHPJkkYLh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(418,092</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,525</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--VidelloMember_zsIvkCELaGb9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Vidello</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">537,801</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6347">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--OperatingIncomeLoss_zmRyMG1twiug" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,314,510</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,418,786</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Reconciliation to loss before income taxes:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--InvestmentIncomeInterest_iN_di_zTuYxv7LrBxc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,955</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_eus-gaap--InterestExpenseNonoperating_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z2kIzz9Sjp2g" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6355">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6356">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--InterestExpenseNonoperating_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_ziVnFoeZRFjk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense – related party</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,156,984</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,047,101</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--InterestExpenseNonoperating_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zBF9iX0AoIm8" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,156,984</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,047,101</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--DepreciationDepletionAndAmortization_zWjOLiN8ma1c" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation and amortization expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150,471</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,179</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--GainLossOnConversionOfLiabilities_zquioIiE0Fsj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on conversion of liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6367">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,338,284</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--GainLossOnExtinguishmentOfLiabilitiesNet_z4wRsZxUtXvc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on extinguishment of liabilities, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,085,895</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">390,801</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--GainLossOnReleaseOfRevenueHoldback_iN_di_zIGC4QQBnHr5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on release of Vidello revenue holdback</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(973,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6374">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--VidelloEarnoutExpense_iN_di_zCKobTd9jjq5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Vidello earnout expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">485,720</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6377">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--FailedAcquisitionCosts_iN_di_zPU9XcjnWjQ9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Failed acquisition costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,382,002</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6380">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--LossOnYorkvilleSepaAdvances_iN_di_zSbVth8BTwbb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on Yorkville SEPA advances</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">974,079</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6383">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--GemSettlementFeeExpense_iN_di_zj9YotWFNRAl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">GEM settlement fee expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6385">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">200,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--YorkvillePrepaymentPremiumExpense_z4LfD4cz4bNh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Yorkville prepayment premium expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6388">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">80,760</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_ecustom--GainsLossesOnDebtIssuance_zShHLHjzf5Nk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,580,835</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">653,208</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--ChangesInFairValueOfFinancialInstruments_z1QcOTqxRhj1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes in fair value of financial instruments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,052,229</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(478,288</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40F_eus-gaap--GoodwillImpairmentLoss_z0j9zATFV6Gk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Goodwill impairment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6397">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,725,460</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--SegmentReportingOtherItemAmount_zSjdeYdm90Je" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(726,572</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">113,108</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zwLZc2AJt2Vi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Loss before income taxes</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(21,203,950</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(31,513,389</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p id="xdx_8A9_zJkfG0E3dLA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Disaggregation of Revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zHfvhz27pUXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Company’s percentage of revenue generated by SaaS product for the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8BD_zVDShalPTcli" style="display: none">Summary of Company's Revenue Generated by Saas Product</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: justify; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Revenue %</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z45SBrLYaWJ7" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zCiUIhoL3Yo6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: justify; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Revenue %</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--ReachMember_z7pqaaYmV8aa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reach</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.2</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.8</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_407_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--DemioMember_zoYR4mJTEV44" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demio</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34.2</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">91.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--OpenReelMember_zZgTS5ryYbaf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OpenReel ¹</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">45.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.2</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40D_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--VidelloMember_z5EaPvRXJmi9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vidello ²</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18.6</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6418">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_403_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_zdeR7XMYRjfh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_406_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_zBH2ZHUC40D8" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p id="xdx_8AE_zRBC2totzxw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For disaggregation of revenue by geographic area, refer to <i>Note 6 – Revenue</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3 3 Segment revenue and gross profit are determined on the same basis as consolidated revenue and consolidated gross profit as shown in the Company’s consolidated statements of operations. Segment adjusted EBITDA is defined as revenue less the following expenses associated with each segment: cost of revenue, people, marketing and advertising, technology, and other segment expenses. Segment adjusted EBITDA excludes certain non-cash items or items that management does not consider reflective of ongoing core operations. <p id="xdx_892_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zQ2UbxYK7Zj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BE_zftxOh6Gv8ha" style="display: none">Summary of Information About Reported Segments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Year ended December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zpQMeYpz8Sai" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zAH7XpKGaKc5" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zGJSZt9IGhpk" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z7ApfqlYhXc6" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Banzai</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Operating</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Vidello</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Total</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zI2970Wse8pl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,426,868</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,473,389</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,261,162</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,161,419</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--CostOfRevenue_ztHMiIFdNvff" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,476,701</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">310,362</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">401,520</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,188,583</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--GrossProfit_zSygwCSmFq2j" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,950,167</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,163,027</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,859,642</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,972,836</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--LaborAndRelatedExpense_zH9Egz3bgXTk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">People</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,254,527</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,545,813</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">393,025</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,193,365</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--MarketingAndAdvertisingExpense_z4SD7wbnW3e4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Marketing and advertising</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,160,168</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">155,237</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">558,059</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,873,464</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--CommunicationsAndInformationTechnology_ziW9IxKeo1Qi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">926,334</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">272,926</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">83,839</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,283,099</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--OtherSegmentExpenses_z9aqIJpDVx4a" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F4B_zhpDEDmTqFi5">1</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,223,686</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">535,823</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">198,407</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,957,915</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--OperatingExpenses_zcthui4I83Cl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,564,715</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,509,799</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,233,330</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,307,843</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--AdjustedEBITDAFromContinuingOperations_z2BD0lKzUm0g" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Segment Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,614,548</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(346,772</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">626,312</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,335,007</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_403_ecustom--OperatingCostsExpensesAndStockBasedCompensation_zQcI4WGXx0Of" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Transaction, PubCo. Expenses and Stock-based compensation</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,819,671</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,320</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">88,511</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,979,501</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--EarningsBeforeInterestTaxesDepreciationAndAmortisation_zQ0QstYzQgg1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,434,219</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(418,092</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">537,801</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,314,508</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_z594rQVb0tp">1</sup></span></td><td style="text-align: justify"><span id="xdx_F14_z5TF9WRZPMab" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes provision for credit losses, foreign currency exchange rate changes, travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, insurance expenses, and expenses related to licenses.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents information about segments for the year ended December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zVTr30V0mJb7" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Banzai</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Operating</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49F_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zPrUyDELCLae" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VidelloLimitedMember_zEP2W7UJQUkd" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b><sup id="xdx_F58_zwUtFemPSne4">1</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zIJp0XeMtYg" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Total</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Year ended December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Banzai</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Operating</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vidello</b>¹</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Total</span></p> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Consolidated</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zc4nUEapVkFe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,305,429</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">222,450</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6279">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,527,879</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--CostOfRevenue_z9hrdVT2paMc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,407,564</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,978</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6284">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,422,542</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--GrossProfit_z3YExVKqbQPd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,897,865</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">207,472</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6289">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,105,337</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--LaborAndRelatedExpense_zr1Bpv974LJ9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">People</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,209,488</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,642</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6294">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,227,130</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--MarketingAndAdvertisingExpense_zbTwtNsddFR8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Marketing and advertising</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,587,085</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,020</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6299">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,592,105</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--CommunicationsAndInformationTechnology_zvdof5UgWkAc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Technology</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">861,775</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112,429</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6304">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">974,204</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--OtherSegmentExpenses_zf8OWVPuIgz5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses<sup id="xdx_F45_zVobSCxGksBj">2</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">811,519</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,856</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6309">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">818,375</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--OperatingExpenses_zjN3gC1I7alk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Total expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,469,867</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">141,947</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6314">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,611,814</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--AdjustedEBITDAFromContinuingOperations_zgCaLcgIMfs9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Segment Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,572,002</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,525</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6319">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,506,477</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_403_ecustom--OperatingCostsExpensesAndStockBasedCompensation_z8klYJTFIU05" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Transaction, PubCo. Expenses and Stock-based compensation</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,912,309</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6323">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6324">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,912,309</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--EarningsBeforeInterestTaxesDepreciationAndAmortisation_zNlUbdM9QtPg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Adjusted EBITDA</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,484,311</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,525</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6329">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,418,786</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zeIG8fHb3B68">1</sup></span></td><td style="text-align: justify"><span id="xdx_F12_zScqZiKzgzK1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Vidello acquisition occurred on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgSW5mb3JtYXRpb24gQWJvdXQgUmVwb3J0ZWQgU2VnbWVudHMgKERldGFpbHMpoChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--BusinessAcquisitionEffectiveDateOfAcquisition1_dd_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_zVc10e8GocJ" title="Acquisition date">January 31, 2025</span> (refer to <i>Note 4 – Acquisitions</i> and therefore is presented at $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgSW5mb3JtYXRpb24gQWJvdXQgUmVwb3J0ZWQgU2VnbWVudHMgKERldGFpbHMpoChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--OperatingIncomeLoss_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--BusinessAcquisitionAxis__custom--VidelloLimitedMember_z5fjbPR6bIg1" title="Operating income">0</span> for comparative purposes.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zvcwnDEw4d3d">2</sup></span></td><td style="text-align: justify"><span id="xdx_F15_zUcWaxDqksKa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, the SEPA commitment fee expense and deferred fee expense, the GEM warrant expense, and the GEM commitment fee expense.</span></td> </tr></table> 4426868 5473389 2261162 12161419 1476701 310362 401520 2188583 2950167 5163027 1859642 9972836 6254527 4545813 393025 11193365 2160168 155237 558059 2873464 926334 272926 83839 1283099 2223686 535823 198407 2957915 11564715 5509799 1233330 18307843 -8614548 -346772 626312 -8335007 8819671 71320 88511 8979501 -17434219 -418092 537801 -17314508 4305429 222450 4527879 1407564 14978 1422542 2897865 207472 3105337 6209488 17642 6227130 1587085 5020 1592105 861775 112429 974204 811519 6856 818375 9469867 141947 9611814 -6572002 65525 -6506477 6912309 6912309 -13484311 65525 -13418786 2025-01-31 0 <p id="xdx_896_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zq3kSli4e6sg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation between EBITDA by reportable segment to consolidated net loss before income taxes for the years ended December 31, 2025, and 2024 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B8_zRVGbayeEFd9" style="display: none">Summary of Reconciliation Between Reportable Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zvRv9VLcfn92" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zXKBbxTJlXde" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">EBITDA by segment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--BanzaiOperatingMember_zr15yX5xKEo4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Banzai Operating Co.</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,434,219</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,484,311</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--OpenReelMember_zOhYHPJkkYLh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">OpenReel</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(418,092</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,525</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--OperatingIncomeLoss_hus-gaap--StatementBusinessSegmentsAxis__custom--VidelloMember_zsIvkCELaGb9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Vidello</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">537,801</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6347">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--OperatingIncomeLoss_zmRyMG1twiug" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,314,510</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,418,786</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Reconciliation to loss before income taxes:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_eus-gaap--InvestmentIncomeInterest_iN_di_zTuYxv7LrBxc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,955</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_405_eus-gaap--InterestExpenseNonoperating_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z2kIzz9Sjp2g" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6355">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6356">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--InterestExpenseNonoperating_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_ziVnFoeZRFjk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense – related party</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,156,984</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,047,101</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--InterestExpenseNonoperating_iN_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zBF9iX0AoIm8" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,156,984</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,047,101</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40A_eus-gaap--DepreciationDepletionAndAmortization_zWjOLiN8ma1c" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation and amortization expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,150,471</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,179</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_ecustom--GainLossOnConversionOfLiabilities_zquioIiE0Fsj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on conversion of liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6367">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,338,284</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_ecustom--GainLossOnExtinguishmentOfLiabilitiesNet_z4wRsZxUtXvc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on extinguishment of liabilities, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,085,895</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">390,801</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--GainLossOnReleaseOfRevenueHoldback_iN_di_zIGC4QQBnHr5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on release of Vidello revenue holdback</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(973,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6374">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--VidelloEarnoutExpense_iN_di_zCKobTd9jjq5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Vidello earnout expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">485,720</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6377">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--FailedAcquisitionCosts_iN_di_zPU9XcjnWjQ9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Failed acquisition costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,382,002</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6380">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_ecustom--LossOnYorkvilleSepaAdvances_iN_di_zSbVth8BTwbb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on Yorkville SEPA advances</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">974,079</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6383">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_ecustom--GemSettlementFeeExpense_iN_di_zj9YotWFNRAl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">GEM settlement fee expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6385">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">200,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_ecustom--YorkvillePrepaymentPremiumExpense_z4LfD4cz4bNh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Yorkville prepayment premium expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6388">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">80,760</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40F_ecustom--GainsLossesOnDebtIssuance_zShHLHjzf5Nk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on debt issuance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,580,835</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">653,208</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_ecustom--ChangesInFairValueOfFinancialInstruments_z1QcOTqxRhj1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes in fair value of financial instruments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,052,229</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(478,288</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40F_eus-gaap--GoodwillImpairmentLoss_z0j9zATFV6Gk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Goodwill impairment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6397">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,725,460</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--SegmentReportingOtherItemAmount_zSjdeYdm90Je" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(726,572</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">113,108</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zwLZc2AJt2Vi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Loss before income taxes</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(21,203,950</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(31,513,389</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> </table> -17434219 -13484311 -418092 65525 537801 -17314510 -13418786 2955 10 -1156984 -3047101 -1156984 -3047101 1150471 24179 11338284 -2085895 390801 973000 -485720 -1382002 -974079 -200000 80760 5580835 653208 -3052229 -478288 2725460 -726572 113108 -21203950 -31513389 <p id="xdx_89A_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zHfvhz27pUXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Company’s percentage of revenue generated by SaaS product for the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8BD_zVDShalPTcli" style="display: none">Summary of Company's Revenue Generated by Saas Product</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: justify; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Revenue %</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z45SBrLYaWJ7" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zCiUIhoL3Yo6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: justify; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Revenue %</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--ReachMember_z7pqaaYmV8aa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reach</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.2</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.8</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_407_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--DemioMember_zoYR4mJTEV44" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demio</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34.2</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">91.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--OpenReelMember_zZgTS5ryYbaf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OpenReel ¹</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">45.0</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.2</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40D_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_hsrt--ProductOrServiceAxis__custom--VidelloMember_z5EaPvRXJmi9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vidello ²</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18.6</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl6418">—</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_403_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_zdeR7XMYRjfh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_406_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_zBH2ZHUC40D8" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> 0.022 0.038 0.342 0.910 0.450 0.052 0.186 1.000 1.000 1.000 1.000 <p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zHGqAPagcfN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19. <span id="xdx_82D_zLm24gFrEC61">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Agreements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to December 31, 2025, on January 27, 2026, February 9, 2026, February 25, 2026, and March 30, 2026, the Company entered into exchange agreements with Agile pursuant to which the Company issued an aggregate of approximately <span id="xdx_90C_ecustom--SharesIssuedUnderPromissoryNote_pid_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zsROgRjzS5bl" title="Aggregate share issued">29,306</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its Class A Common Stock in exchange for aggregate reductions of approximately $<span id="xdx_90B_ecustom--AggregateReductionsOfInOutstandingBalanceDebt_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zaOqIG8xRPz6" title="Aggregate reductions of in outstanding balance debt">660,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the outstanding balance of the March Agile Note. Following these exchanges, the outstanding balance of the March Agile Note was reduced to approximately $<span id="xdx_905_eus-gaap--LongTermNotesPayable_iI_pn5n6_c20260331__us-gaap--DebtInstrumentAxis__custom--MarchAgileNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zkdHDVNPCHfg">1.3</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vesting of Employee Awards</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 31, 2026, approximately <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pid_c20260331__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zuwEN32h5y26">34,200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSUs granted to employees vested into shares of Class A Common Stock. In addition, the Company will issue <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20260331__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zSMzQvgjnABl">18,845</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B Common Stock to the Company’s CEO, of which, approximately <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20260331__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--AchievingMarketCapitalizationThresholdMember_z4IVYOiUOf37">12,563</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares relate to a tranche of the CEO Award vesting upon achieving a market capitalization threshold, and the remaining <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20260331__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--PlanNameAxis__custom--BonusPaymentMember_zAC9EjYAnNie">6,282</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares relate to the CEO’s 2025 bonus payment. See <i>Note 16, Stock-Based Compensation</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Yorkville Advanced Notice Settlements and Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between January 1, 2026 and March 31, 2026, the Company issued Advance Notices to Yorkville pursuant to the SEPA in which the Company requested the purchase of approximately <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYyCJYFF3Ylg">31,750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A Common Stock at an aggregate gross value of approximately $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn3n3_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2zqLkqnUjQ8">700</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand, and net proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--YorkvilleAdvisorsGlobalLPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ze8CdqwpjsM9">670</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand were applied against the outstanding Yorkville Convertible Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private Placement Offering (3i, LP)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 13, 2026, the parties held an additional closing pursuant to the terms of the Purchase Agreement (the “February Closing”). The Company issued an additional note in the original principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20260213__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember_zPNJsd8s9Pdh">2,333,333</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, with an initial conversion price equal to $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260213__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember_zJHuj1NfHov7">22.20</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share and issuance date of February 13, 2026 (the “February 3i Note,” together with the August Note, the October Note, and the Initial Note, are collectively referred to herein as the “Notes”), and additional warrants to purchase up to <span id="xdx_90F_ecustom--WarrantsIssued_pid_c20260213__20260213__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryWarrantsMember__srt--RangeAxis__srt--MaximumMember_zcBS4yEntVbh" title="Warrants issued">21,021</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock, at an initial exercise price equal to $<span id="xdx_908_ecustom--ClassOfWarrantOrRightInitialExercisePrice_iI_pid_c20260213__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryWarrantsMember_zQiWa5K1rl61" title="Warrant initial exercise price">50.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (the “February Warrants,” together with the August Warrant, the October Warrants, August Warrants and the Initial Buyer Warrants, are collectively referred to herein as the “Buyer Warrants”), in the February Closing. The February Note matures on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20260213__20260213__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember_zrp2Q2uh4Vjl">February 13, 2027</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Other than the maturity date of the February Note and February Warrants, respectively, the February Note and February Warrants have the same terms as those issued on the August Closing, the October Closing and the Initial Closing Date. Upon the issuance of the February Note, the Company received proceeds of approximately $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_pn5n6_c20260213__20260213__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember_zYYhkxKULwqa">1.6</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, net of original issue discount and issuance fees and costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The February Note was issued with an original issue discount of <span id="xdx_90F_ecustom--DebtInstrumentInterestRateOriginalIssuePercentage_iI_pid_dp_uPure_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember_z5iNhpdAEAs3" title="Debt instrument, interest rate, original issue percentage">10.0</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% (the “OID”), as were the other Notes issued on the August Closing, the October Closing and the Initial Closing Date and accrue interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember_zUGi40OF7obh">10.0</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% per annum. The Notes mature <span id="xdx_903_ecustom--DebtInstrumentMaturityFromDateOfIssuance_dtMp_c20260213__20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_z6zLN8AKpPRi" title="Debt instrument, maturity from date of issuance">12</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">months from the date of issuance (the “Maturity Date”), unless extended pursuant to the terms thereof. The Notes are convertible (in whole or in part) at any time prior to the Maturity Date into the number of shares of Common Stock equal to quotient of the Conversion Amount divided by (y) the Conversion Price (the “Conversion Rate”). At no time may the Buyer hold more than <span id="xdx_902_ecustom--MinimumPercentageOfOutstandingCommonStockBuyerHold_iI_pid_dp_uPure_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zFTCml8dI3Oe" title="Minimum percentage of outstanding common Stock, buyer hold">4.99</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% (or up to <span id="xdx_90B_ecustom--MaximumPercentageOfOutstandingCommonStockBuyerHold_iI_pid_dp_uPure_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_z8sd6C4sbDZj" title="Maximum percentage of outstanding common Stock, buyer hold">9.99</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% at the election of the Buyers pursuant to the Notes) of the outstanding Common Stock. The conversion price of the October Note is subject to a floor price of $<span id="xdx_906_ecustom--FloorPrice_iI_pid_c20260213__us-gaap--DebtInstrumentAxis__custom--PrivatePlacementNotesMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LongtermDebtTypeAxis__custom--FebruaryNoteMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_z4vVRR4par0l" title="Floor price">5.08</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>1800 Diagonal Issuance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 12, 2026 and March 17, 2026, the Company issued the eleventh and twelfth promissory notes (the “January 1800 Diagonal Note and “March 1800 Diagonal Note,” respectively) for an aggregate principal amount of approximately $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3AfxLrlKtqi" title="Aggregate principal amount">296</span> thousand and $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z43kcqgQysGa" title="Aggregate principal amount">180</span> thousand, respectively, and received net proceeds of approximately $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20260112__20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zLYhFDdClrb2" title="Proceeds from issuance of debt">250</span> thousand and $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20260317__20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zy7aDjAovyv4" title="Proceeds from issuance of debt">157</span> thousand, respectively, after discount and transaction fees. The notes have maturity dates of <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20260112__20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhwnJPaLqSg2" title="Debt maturity date">October 15, 2026</span> and <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20260317__20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2y5BvrHxNv3" title="Debt maturity date">December 15, 2026</span>, respectively and bear interest at <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20260112__us-gaap--LongtermDebtTypeAxis__custom--January1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zLnxh3C42s2d" title="Interet rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20260317__us-gaap--LongtermDebtTypeAxis__custom--March1800DiagonalNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJqPQ400pFe1" title="Interet rate">14</span></span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common Stock Issuances</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3i, LP Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between January 1, 2026 and March 31, 2026, the Buyer exercised its contractual conversion option multiple times under the August 3i Note, the October 3i Note, and the February 3i Note and received an aggregate of approximately <span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pn5n6_c20260101__20260331__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zKpgNXra9EZ5">144</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> shares of Class A Common Stock at conversion prices per share ranging from $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260101__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zMrNJhdYl2n3">16.60</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260331__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfWELSMgyRWa">22.00</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in satisfaction of approximately $<span id="xdx_90F_eus-gaap--DebtInstrumentCarryingAmount_iI_pn5n6_c20260331__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--AugustOctoberAndFebruary3INoteMember__us-gaap--LineOfCreditFacilityAxis__custom--ThreeILPMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zf4Mmwozd7Bj">2.7</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of the Company’s obligations under the respective Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>1800 Diagonal Conversions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between January 1, 2026 and March 31, 2026, the Lender exercised its contractual conversion option multiple times under the July 1800 Diagonal Note and September 1800 Diagonal Note and received an aggregate of approximately <span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pn3n3_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--JulyAndSeptember1800DiagonalNoteMember_z1NPB2K8Y855">24</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand shares of Class A Common Stock at conversion prices ranging from $<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260101__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--JulyAndSeptember1800DiagonalNoteMember_zuyh0Zhpws9l">16.50</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--JulyAndSeptember1800DiagonalNoteMember_zL1a5YCSGYP8">18.60</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in satisfaction of approximately $<span id="xdx_909_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtConversionByUniqueDescriptionAxis__custom--JulyAndSeptember1800DiagonalNoteMember_zqa6Fsey9Eb5">392</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand of the Company’s obligations under the respective Notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>At the Market Offering</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to December 31, 2025, the Company issued approximately <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn5n6_c20260101__20260101__us-gaap--SubsidiarySaleOfStockAxis__custom--AtTheMarketOfferingMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfXYirHPBpU1">107</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand shares under the ATM Agreement for net proceeds of approximately $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20260101__20260101__us-gaap--SubsidiarySaleOfStockAxis__custom--AtTheMarketOfferingMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z6YsJCGL0VOk">2.7</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million. The aggregate market value of the shares of Class A Common Stock eligible for sale under the ATM Prospectus Supplement is approximately $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20260326__20260326__us-gaap--SubsidiarySaleOfStockAxis__custom--AtTheMarketOfferingMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMxMfPFBQcY8">1.5</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million as of March 31, 2026, which is based on the limitations of General Instruction I.B.6 of Form S-3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction Announcement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 23, 2026, the Company announced that it reached an agreement on terms to acquire assets of ConnectAndSell, Inc. (“ConnectAndSell”), an AI-powered sales enablement platform serving B2B organizations across financial services, healthcare, technology, and other industries. The acquisition is expected to increase Banzai’s annual revenue by approximately $<span id="xdx_904_ecustom--IncreaseDecreaseInRevenueAssetAcquistion_pn6n6_c20260323__20260323__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXM300PO6ym7" title="Asset acquisition, increase in revenue">15</span> million. The two companies have executed a non-binding letter of intent, and the final transaction is expected to close in early second quarter 2026, subject to execution of a definitive agreement and closing conditions.</span></p> 29306 660000 1300000 34200 18845 12563 6282 31750 700000 670000 2333333 22.20 21021 50.00 2027-02-13 1600000 0.100 0.100 P12M 0.0499 0.0999 5.08 296000 180000 250000 157000 2026-10-15 2026-12-15 0.14 0.14 144000000 16.60 22.00 2700000 24000 16.50 18.60 392000 107000000 2700000 1500000 15000000 Other segment expenses for each reportable segment includes provision for credit losses, foreign currency exchange rate changes, travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, insurance expenses, and expenses related to licenses. The Vidello acquisition occurred on January 31, 2025 (refer to Note 4 – Acquisitions and therefore does not represent activity for the full three month period. Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, the SEPA commitment fee expense and deferred fee expense, the GEM warrant expense, and the GEM commitment fee expense. Other segment expenses for each reportable segment includes provision for credit losses, foreign currency exchange rate changes, travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, insurance expenses, and expenses related to licenses. The Vidello acquisition occurred on January 31, 2025 (refer to Note 4 – Acquisitions and therefore is presented at $0 for comparative purposes. Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo expenses, the SEPA commitment fee expense and deferred fee expense, the GEM warrant expense, and the GEM commitment fee expense.