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<p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z7Jv4utdg6Zc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Note 1 – Organization CapForce Inc. (“CapForce” or the “Company”, formerly known as OpGen, Inc.) was incorporated in Delaware in 2001. From inception through November 2023, the Company operated as a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease. In 2024, following the sale of control of the Company to AEI Capital Ltd. (“AEI Capital”), the Company scaled down legacy operations while repositioning itself to operate in the financial services and technology industry. In furtherance of such shift, the Company established a wholly-owned subsidiary, CapForce International Holdings Ltd. (“CapForce International”), which launched a new business line in 2024 offering listing sponsorship and consultancy services to international companies seeking to list their securities on securities exchanges. As part of the Company’s strategic focus on capital markets advisory, in December 2025, the Company acquired all the issued and outstanding ordinary shares of Sun Investment Enterprises Limited (“SIE”), a company incorporated under the laws of the British Virgin Islands from AEI Capital. SIE is a holding company that owns all the equity interests of iCapX Sdn. Bhd. (“iCapX”), a private company limited by shares incorporated under the laws of Malaysia, which provides cap table management and related platform services to customers. The iCapX platform will provide customers with proprietary datasets of structured private company equity information in order to enhance due diligence capabilities, improve listing readiness assessments, and support pricing accuracy. The platform will also serve as a pipeline for business development by engaging private companies ahead of potential listing events. Ongoing development initiatives include AI-driven analytics for identifying listing-related and liquidity risks, optimizing exchange selection, and supporting predictive insights related to post-listing performance. In February 2026, at the Company’s 2025 Annual Meeting of Stockholders, the Company’s stockholders voted to approve, among other proposals, an amendment to the Company’s Amended and Restated Certificate of Incorporation to change the Company’s name from OpGen, Inc. to CapForce Inc. and, in connection therewith, the Company changed its ticker symbol to “CFOR.” The amendment was filed with the Secretary of State of the State of Delaware in February 2026, and the Company also amended and restated its bylaws to reflect the name change. As of March 31, 2026, the Company operates virtually in the United States and Singapore. The Company’s subsidiaries, CapForce International, SIE, and iCapX, occupy office space located in Kuala Lumpur, Malaysia, pursuant to an access and shared services agreement with AEI Capital, the Company’s controlling shareholder. The subsidiaries pay a nominal fee under this arrangement. The Company operates in one business segment.

Note 2 – Going Concern and Management’s Plans The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since inception, the Company has incurred significant losses from operations and negative operating cash flows. Historically, the Company has funded its operations primarily through external investor financing arrangements and strategic actions taken by the Company, but, in the near term, the Company anticipates funding its operations primarily through financing arrangements with AEI Capital until the Company’s operating business is able to sustain its operations. Through the Company’s financing efforts, which consisted of sales of Company common stock in private placements pursuant to securities purchase agreements, the Company received gross proceeds of approximately $0.5 million in 2025. The Company has cash and cash equivalents of approximately $0.1 78,586 million as of March 31, 2026. The Company is party to a securities purchase agreement, entered into in August 2024, with AEI Capital, pursuant to which the Company may sell, in its sole discretion, shares of common stock to AEI Capital. Through December 31, 2025, the Company received aggregate gross proceeds of $2.5 million under the agreement. The agreement remains available through December 31, 2026, and, as of March 31, 2026, $6.5 million of capacity remains available (see Note 9). The Company believes that its current cash resources, together with its access to additional capital under this agreement, will be sufficient to fund operations for at least 12 months from the issuance date of these financial statements. On June 5, 2024, the Company received a letter from the listing staff of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Rule”). The Stockholders’ Equity Rule requires companies listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 or to meet alternatives of market value of listed securities or net income from continuing operations, which the Company did not meet. In response to the letter, the Company submitted its plan to regain compliance with the Stockholders’ Equity Rule to the Nasdaq Hearings Panel (the “Panel”) and requested additional time to regain compliance with such rule. On August 16, 2024, following the Panel’s review of the Company’s plan to regain compliance, the Company received a letter (the “Notice”) indicating that the Panel had determined to deny the Company’s request for continued listing on Nasdaq. Pursuant to the Notice, based on the preliminary nature of the Company’s plan, the Panel determined that the Company did not provide a definitive plan evidencing its ability to achieve near- and long-term compliance with the Stockholders’ Equity Requirement. The Notice also provided that the Company’s securities be suspended from trading on the Nasdaq Capital Market at the opening of business on August 20, 2024. The Company submitted its appeal regarding the Panel’s determination on September 13, 2024 and requested that the Nasdaq Listing and Hearing Review Council (the “Listing Council”) review the decision of the Panel. Such appeal stayed the delisting of the Company’s securities with Nasdaq; however, on December 19, 2024, the Listing Council affirmed the decision of the Panel. Although the Company continues to disagree with the Listing Council’s decision, as a result of such decision, Nasdaq ultimately filed a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (the “Commission”) on August 8, 2025 that removed the Company’s securities from listing on Nasdaq. The Company’s shares of common stock are currently quoted on the OTC Markets Group Expert Market under the symbol “CFOR”. The Company is appealing Nasdaq’s delisting determination to the Commission. The parties have completed their submissions, and the matter is currently under review by the Commission, but no timetable for a final decision has been indicated. If the Company is unsuccessful with its appeal to the Commission, the Company plans to apply for relisting with The Nasdaq Stock Market LLC after meeting the relevant Nasdaq listing requirements. There can be no assurance that the Company will be able to relist with The Nasdaq Stock Market LLC. The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

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Note 3 – Summary of Significant Accounting Policies Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Commission and the standards of accounting measurement set forth in the Interim Reporting Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company recommends that the unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K. In the opinion of management, all adjustments that are necessary for a fair presentation of the Company’s financial position for the periods presented have been reflected. All adjustments are of a normal, recurring nature, unless otherwise stated. The interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The December 31, 2025 consolidated balance sheet included herein was derived from the audited consolidated financial statements but does not include all disclosures including notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements consolidate the operations of all controlled subsidiaries; all intercompany activity is eliminated. The unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 include the balance sheet and income statement activity for CapForce International, the Company’s wholly-owned subsidiary. The unaudited condensed consolidated financial statements for the three months ended March 31, 2026 also include the activity of iCapX, the wholly-owned subsidiary of SIE which was acquired in December 2025, and CapForce Singapore, which was established in December 2025, both of which are wholly-owned subsidiaries of the Company. Use of Estimates In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the accompanying unaudited condensed consolidated financial statements, estimates are used for, but not limited to, liquidity assumptions, revenue recognition, stock-based compensation, allowances for credit losses and inventory obsolescence, discount rates used to discount unpaid lease payments to present values, deferred tax assets and liabilities and related valuation allowance, the estimated useful lives of long-lived assets, and the recoverability of long-lived assets. Actual results could differ from those estimates. Segment Reporting The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer. The CODM is assisted in his responsibilities of making decisions regarding resource allocation and performance assessment by the leadership team. The Company views its operations and manages its business as one operating segment. Following the Company’s repositioning, the Company offers listing sponsorship and consultancy services to international companies seeking to list their securities on securities exchanges and the Company is developing a digital investment banking platform to support cross-border securities trading, advanced computational model-enabled investment banking advisory, asset management services, and fintech-enabled capital table management. Segment profit or loss is measured as the Company’s net income (loss) as reported on the Company’s statement of operations. The Company monitors its cash and cash equivalents, as reported on the Company’s balance sheets, to determine funding for its activities. The CODM assesses Company performance through the achievement of revenue goals, integration objectives and cost optimization initiatives. In addition to the Company’s Statement of Operations, the CODM is regularly provided with budgeted and forecasted expense information which is used to determine the Company’s liquidity needs and cash allocation. Foreign Currency iCapX and CapForce Singapore are located in Malaysia and Singapore, respectively, and each use a currency other than the United States dollar as its functional currency. As a result, all assets and liabilities of these entities are translated into United States dollars based on exchange rates at the end of the reporting period. Income and expense items are translated at the average exchange rates prevailing during the reporting period. Translation adjustments are reported in accumulated other comprehensive income (loss), a component of stockholders’ equity. Foreign currency transaction gains and losses, excluding gains and losses on intercompany balances where there is no current intent to settle such amounts in the foreseeable future, are included in the determination of net income (loss). Unless otherwise noted, all references to “$” or “dollar” refer to the United States dollar. Fair Value of Financial Instruments Financial instruments classified as current assets and liabilities (including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses) are carried at cost, which approximates fair value, because of the short-term maturities of those instruments. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with original maturities of three months or less to be cash equivalents. The Company has cash and cash equivalents deposited in financial institutions in which the balances occasionally exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000. The Company also holds a portion of its cash and cash equivalents in accounts with foreign financial institutions that are not federally insured. While the Company has not experienced any losses related to its cash concentrations, the Company may be subject to risks relating to its cash held in U.S. financial institutions in excess of the FDIC limit or in financial institutions that are not FDIC-insured. At March 31, 2026 and December 31, 2025, the Company had funds totaling $302,262 which are required as collateral for letters of credit benefiting a landlord and information technology vendor. These funds are reflected in other noncurrent assets on the accompanying unaudited condensed consolidated balance sheets. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--ScheduleOfReconciliationOfCashCashEquivalentsAndRestrictedCashTableTextBlock_zAbC0sQI1vM1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Schedule of reconciliation of cash, cash equivalents and restricted cash</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_494_20260331_zj1m20xlmfS2" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20250331_z0poFsxJfFr9" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="6" style="border-bottom: #000000 1pt solid; text-align: center; vertical-align: bottom">March 31,</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0d_maCCERCzOEN_zPZo5yXcJKDf" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">78,586</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,112,781</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40C_eus-gaap--RestrictedCash_iI_pp0d_maCCERCzOEN_zyuKlzyxcBh9" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Restricted cash</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">302,262</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">302,262</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_407_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pp0d_mtCCERCzOEN_z8wFeF3K6svj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Total cash and cash equivalents and restricted cash in the condensed consolidated statements of cash flows</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">380,848</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,415,043</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> Accounts Receivable and Credit Concentration The Company’s accounts receivable result from revenues earned but not yet collected from customers. Credit is extended based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are due within 30 to 90 days and are stated at amounts due from customers. The Company evaluates if an allowance is necessary by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history and the customer’s current ability to pay its obligation. If amounts become uncollectible, they are charged to operations when that determination is made. The allowance for credit losses was $0 as of March 31, 2026 and December 31, 2025. At March 31, 2026, the Company had accounts receivable from two customers that individually represented <span id="xdx_900_ecustom--ConcentrationRiskPercentage_c20260101__20260331__srt--MajorCustomersAxis__custom--FirstCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">79% and <span id="xdx_909_ecustom--ConcentrationRiskPercentage_c20260101__20260331__srt--MajorCustomersAxis__custom--SecondCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">20% of total accounts receivable, respectively. At December 31, 2025, the Company had accounts receivable from two customers that individually represented <span id="xdx_902_ecustom--ConcentrationRiskPercentage_c20250101__20251231__srt--MajorCustomersAxis__custom--FirstCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">80% and <span id="xdx_90B_ecustom--ConcentrationRiskPercentage_c20250101__20251231__srt--MajorCustomersAxis__custom--SecondCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">19% of total accounts receivable, respectively. The Company did <span id="xdx_909_ecustom--ConcentrationRiskPercentage_dpo_c20260101__20260331__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zJtzpI6ZiGP6" title="Concentration risk, percentage"><span id="xdx_901_ecustom--ConcentrationRiskPercentage_dpo_c20250101__20250331__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zJepMZl9VbCj" title="Concentration risk, percentage">not earn revenues during the three months ended March 31, 2026 or 2025. Investments in Equity Securities The Company currently has a single investment in equity securities issued by a privately held entity. In the fourth quarter of 2024, CapForce International performed part of its listing sponsorship and consulting services and completed the first performance obligation, pursuant to the agreement with its client, generating proceeds of $5.0 million in the client’s equity. During the second quarter of 2025, CapForce International completed the second performance obligation within the engagement agreement, earning proceeds of $4.0 million in the client’s equity. During the fourth quarter of 2025, CapForce International completed the remaining performance obligations within the engagement agreement, earning proceeds of $26.0 million in the client’s equity and $0.2 million in cash consideration. The $26.0 million in the client’s equity consists of $12.0 million attributable to the original 2.1% interest previously assigned to CapForce International by AEI Capital and $14.0 million attributable to the separate 1.4% interest assigned to CapForce International by iCapX. The $200,000 of aggregate cash consideration consists of $120,000 attributable to the original assignment by AEI Capital and $80,000 attributable to the assignment by iCapX (see Note 5). The Company has elected to account for this investment using the measurement alternative as the investment does not have a readily determinable fair value. Pursuant to this alternative, the investment is carried at its estimated fair value calculated as its cost minus any impairment. The Company will adjust the investment to fair value only when it identifies observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company will evaluate the investment at each reporting period to determine whether the investment is impaired. Inventory Inventory is entirely comprised of the remaining Unyvero system instruments and components and is valued using the first in, first out cost method and stated at the lower of cost or net realizable value. The inventory of approximately $1.2 million at both March 31, 2026 and December 31, 2025 is fully reserved given the uncertainty surrounding the net realizable value and future demand for the Company’s products. Long-Lived Assets Property and Equipment Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability measurement and estimation of undiscounted cash flows is performed at the lowest possible level for which the Company can identify assets. If such assets are considered to be impaired, impairment is recognized as the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment was identified in any of the periods presented. Leases The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset also includes any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while expense for financing leases is recognized as depreciation expense and interest expense using the effective interest method of recognition. The Company has made certain accounting policy elections whereby the Company (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12 months or less) and (ii) combines lease and non-lease elements of our operating leases. ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability measurement and estimation of undiscounted cash flows is performed at the lowest possible level for which the Company can identify assets. If such assets are considered to be impaired, impairment is recognized as the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment was identified in any of the periods presented. Intangible Assets Intangible assets represent costs incurred related to the Company’s proprietary platform during the application development stage that are capitalized as finite-lived intangible assets. These costs include external direct costs for infrastructure and services, as well as personnel and related costs for consultants directly involved in the development effort. Once the project is substantially complete and available for use, capitalized costs will be amortized on a straight-line basis over the asset’s estimated useful life. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment was identified in any of the periods presented. Revenue Recognition The Company derives revenues primarily from offering listing sponsorship and consultancy services to international companies seeking to list their securities on securities exchanges. The Company analyzes its contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers, (ii) identification of distinct performance obligations in the contract, (iii) determination of contract transaction price, (iv) allocation of contract transaction price to the performance obligations, and (v) determination of revenue recognition based on timing of satisfaction of the performance obligations. The Company recognizes revenues upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to our customers) in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company defers incremental costs of obtaining a customer contract and amortizes the deferred costs over the period that the goods and services are transferred to the customer. The Company had no material incremental costs to obtain customer contracts in any period presented. Deferred revenue results from amounts billed in advance to customers or cash received from customers in advance of services being provided. Research and Development Costs Research and development costs are expensed as incurred. Research and development costs primarily consist of fees to develop, expand and innovate the Company’s digital investment banking platform, salaries and related expenses for personnel, and fees paid to consultants and outside service providers. Stock-Based Compensation Stock-based compensation expense is recognized at fair value. For stock options, the fair value of stock-based compensation to employees and directors is estimated on the date of grant using the Black-Scholes model. The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the award. For all time-vesting awards granted, expense is amortized using the straight-line attribution method. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially, and subsequently, measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company had federal net operating loss (“NOL”) carryforwards of approximately $288.1 million at December 31, 2025. NOLs created prior to 2018 began expiring in 2022 while those created 2018 and after do not expire. Despite the existence of federal NOLs, the Company may have state tax requirements. Also, use of the NOL carryforwards may be subject to an annual limitation as provided by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). To date, the Company has not performed a formal study to determine if any of its remaining NOL and credit attributes might be further limited due to the ownership change rules of Section 382 or Section 383 of the Code. The Company will continue to monitor this matter going forward. There can be no assurance that the NOL carryforwards will ever be fully utilized. Net Income (Loss) Per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s Series D and E convertible preferred stock contain non-forfeitable rights to dividends, and are therefore considered to be participating securities in the periods in which each are outstanding; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the preferred stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. In periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the preferred stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury stock method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and preferred stock using the if-converted method. The number of anti-dilutive shares consisting of common shares underlying (i) common stock options, (ii) restricted stock units, (iii) preferred stock and (iv) stock purchase warrants, which have been excluded from the computation of diluted income (loss) per share because their effect was anti-dilutive, was <span id="xdx_905_eus-gaap--WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_pn5n6_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zGKh9REql3qb" title="Number of anti dilutive shares excluded from earnings per share (in millions of shares)">1.2 million and <span id="xdx_901_eus-gaap--WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zS3EVDsZ3Kf8" title="Number of anti dilutive shares excluded from earnings per share (in millions of shares)">1.3 million shares, respectively, as of March 31, 2026 and 2025. None of the potentially dilutive securities had a dilutive impact during the three months ended March 31, 2026 and 2025 due to the Company’s net loss. Recently Adopted Accounting Pronouncements In 2025, the Company adopted ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The adoption of ASU No. 2023-09 did not affect recognition or measurement in the Company’s unaudited condensed consolidated financial statements. In 2026, the Company adopted ASU No. 2025-05: Financial Instruments-Credit Losses which amends topic 326. Specifically, the ASU provides a practical expedient whereby an entity can assume that current conditions as of the balance sheet date will not change for the remaining life of the asset (e.g., the account receivable). The adoption of ASU No. 2025-05 did not have a material impact on the Company’s unaudited condensed consolidated financial statements. <p id="xdx_84A_ecustom--NewAccountingPronouncementsAndChangesInAccountingPrinciplesPolicyTextBlock_zQldM3KFKmm5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Recently Issued Accounting Pronouncements In September 2025, the FASB issued ASU No. 2025-06, which amends the guidance on ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. Specifically, the ASU modernized the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. The guidance is effective for the Company’s fiscal year ending December 31, 2028 and can be adopted early. The Company is in the process of evaluating the effects of this guidance on its unaudited condensed consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-07, which, among other things, provides scope clarification for share-based non-cash consideration from a customer in a revenue contract. Specifically, the ASU clarifies that share-based payments from customers in exchange for the transfer of goods or services should be accounted for as non-cash consideration within the scope of ASC 606 as opposed to as a derivative pursuant to ASC 815 or as an equity security pursuant to ASC 321. This guidance is effective for the Company’s fiscal year ending December 31, 2027 and can be adopted early. The Company is in the process of evaluating the effects of this guidance on its unaudited condensed consolidated financial statements. The Company has evaluated all other issued and unadopted ASUs and believes the adoption of these standards will not have a material impact on its results of operations, financial position or cash flows.

Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Commission and the standards of accounting measurement set forth in the Interim Reporting Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company recommends that the unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K. In the opinion of management, all adjustments that are necessary for a fair presentation of the Company’s financial position for the periods presented have been reflected. All adjustments are of a normal, recurring nature, unless otherwise stated. The interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The December 31, 2025 consolidated balance sheet included herein was derived from the audited consolidated financial statements but does not include all disclosures including notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements consolidate the operations of all controlled subsidiaries; all intercompany activity is eliminated. The unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 include the balance sheet and income statement activity for CapForce International, the Company’s wholly-owned subsidiary. The unaudited condensed consolidated financial statements for the three months ended March 31, 2026 also include the activity of iCapX, the wholly-owned subsidiary of SIE which was acquired in December 2025, and CapForce Singapore, which was established in December 2025, both of which are wholly-owned subsidiaries of the Company.

Use of Estimates In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the accompanying unaudited condensed consolidated financial statements, estimates are used for, but not limited to, liquidity assumptions, revenue recognition, stock-based compensation, allowances for credit losses and inventory obsolescence, discount rates used to discount unpaid lease payments to present values, deferred tax assets and liabilities and related valuation allowance, the estimated useful lives of long-lived assets, and the recoverability of long-lived assets. Actual results could differ from those estimates.

Segment Reporting The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer. The CODM is assisted in his responsibilities of making decisions regarding resource allocation and performance assessment by the leadership team. The Company views its operations and manages its business as one operating segment. Following the Company’s repositioning, the Company offers listing sponsorship and consultancy services to international companies seeking to list their securities on securities exchanges and the Company is developing a digital investment banking platform to support cross-border securities trading, advanced computational model-enabled investment banking advisory, asset management services, and fintech-enabled capital table management. Segment profit or loss is measured as the Company’s net income (loss) as reported on the Company’s statement of operations. The Company monitors its cash and cash equivalents, as reported on the Company’s balance sheets, to determine funding for its activities. The CODM assesses Company performance through the achievement of revenue goals, integration objectives and cost optimization initiatives. In addition to the Company’s Statement of Operations, the CODM is regularly provided with budgeted and forecasted expense information which is used to determine the Company’s liquidity needs and cash allocation.

Foreign Currency iCapX and CapForce Singapore are located in Malaysia and Singapore, respectively, and each use a currency other than the United States dollar as its functional currency. As a result, all assets and liabilities of these entities are translated into United States dollars based on exchange rates at the end of the reporting period. Income and expense items are translated at the average exchange rates prevailing during the reporting period. Translation adjustments are reported in accumulated other comprehensive income (loss), a component of stockholders’ equity. Foreign currency transaction gains and losses, excluding gains and losses on intercompany balances where there is no current intent to settle such amounts in the foreseeable future, are included in the determination of net income (loss). Unless otherwise noted, all references to “$” or “dollar” refer to the United States dollar.

Fair Value of Financial Instruments Financial instruments classified as current assets and liabilities (including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses) are carried at cost, which approximates fair value, because of the short-term maturities of those instruments.

Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with original maturities of three months or less to be cash equivalents. The Company has cash and cash equivalents deposited in financial institutions in which the balances occasionally exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000. The Company also holds a portion of its cash and cash equivalents in accounts with foreign financial institutions that are not federally insured. While the Company has not experienced any losses related to its cash concentrations, the Company may be subject to risks relating to its cash held in U.S. financial institutions in excess of the FDIC limit or in financial institutions that are not FDIC-insured. At March 31, 2026 and December 31, 2025, the Company had funds totaling $302,262 which are required as collateral for letters of credit benefiting a landlord and information technology vendor. These funds are reflected in other noncurrent assets on the accompanying unaudited condensed consolidated balance sheets. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--ScheduleOfReconciliationOfCashCashEquivalentsAndRestrictedCashTableTextBlock_zAbC0sQI1vM1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Schedule of reconciliation of cash, cash equivalents and restricted cash</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_494_20260331_zj1m20xlmfS2" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20250331_z0poFsxJfFr9" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="6" style="border-bottom: #000000 1pt solid; text-align: center; vertical-align: bottom">March 31,</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0d_maCCERCzOEN_zPZo5yXcJKDf" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">78,586</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,112,781</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40C_eus-gaap--RestrictedCash_iI_pp0d_maCCERCzOEN_zyuKlzyxcBh9" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Restricted cash</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">302,262</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">302,262</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_407_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pp0d_mtCCERCzOEN_z8wFeF3K6svj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Total cash and cash equivalents and restricted cash in the condensed consolidated statements of cash flows</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">380,848</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,415,043</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table>

250000

302262

<table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--ScheduleOfReconciliationOfCashCashEquivalentsAndRestrictedCashTableTextBlock_zAbC0sQI1vM1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Schedule of reconciliation of cash, cash equivalents and restricted cash</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_494_20260331_zj1m20xlmfS2" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20250331_z0poFsxJfFr9" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="6" style="border-bottom: #000000 1pt solid; text-align: center; vertical-align: bottom">March 31,</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0d_maCCERCzOEN_zPZo5yXcJKDf" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">78,586</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,112,781</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40C_eus-gaap--RestrictedCash_iI_pp0d_maCCERCzOEN_zyuKlzyxcBh9" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Restricted cash</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">302,262</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">302,262</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_407_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pp0d_mtCCERCzOEN_z8wFeF3K6svj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Total cash and cash equivalents and restricted cash in the condensed consolidated statements of cash flows</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">380,848</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,415,043</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table>

78586

1112781

302262

380848

1415043

Accounts Receivable and Credit Concentration The Company’s accounts receivable result from revenues earned but not yet collected from customers. Credit is extended based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are due within 30 to 90 days and are stated at amounts due from customers. The Company evaluates if an allowance is necessary by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history and the customer’s current ability to pay its obligation. If amounts become uncollectible, they are charged to operations when that determination is made. The allowance for credit losses was $0 as of March 31, 2026 and December 31, 2025. At March 31, 2026, the Company had accounts receivable from two customers that individually represented <span id="xdx_900_ecustom--ConcentrationRiskPercentage_c20260101__20260331__srt--MajorCustomersAxis__custom--FirstCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">79% and <span id="xdx_909_ecustom--ConcentrationRiskPercentage_c20260101__20260331__srt--MajorCustomersAxis__custom--SecondCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">20% of total accounts receivable, respectively. At December 31, 2025, the Company had accounts receivable from two customers that individually represented <span id="xdx_902_ecustom--ConcentrationRiskPercentage_c20250101__20251231__srt--MajorCustomersAxis__custom--FirstCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">80% and <span id="xdx_90B_ecustom--ConcentrationRiskPercentage_c20250101__20251231__srt--MajorCustomersAxis__custom--SecondCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_pd" title="Concentration risk, percentage">19% of total accounts receivable, respectively. The Company did <span id="xdx_909_ecustom--ConcentrationRiskPercentage_dpo_c20260101__20260331__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zJtzpI6ZiGP6" title="Concentration risk, percentage"><span id="xdx_901_ecustom--ConcentrationRiskPercentage_dpo_c20250101__20250331__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zJepMZl9VbCj" title="Concentration risk, percentage">not earn revenues during the three months ended March 31, 2026 or 2025.

P30D P90D

0.79 0.20 0.80 0.19 0 0

Investments in Equity Securities The Company currently has a single investment in equity securities issued by a privately held entity. In the fourth quarter of 2024, CapForce International performed part of its listing sponsorship and consulting services and completed the first performance obligation, pursuant to the agreement with its client, generating proceeds of $5.0 million in the client’s equity. During the second quarter of 2025, CapForce International completed the second performance obligation within the engagement agreement, earning proceeds of $4.0 million in the client’s equity. During the fourth quarter of 2025, CapForce International completed the remaining performance obligations within the engagement agreement, earning proceeds of $26.0 million in the client’s equity and $0.2 million in cash consideration. The $26.0 million in the client’s equity consists of $12.0 million attributable to the original 2.1% interest previously assigned to CapForce International by AEI Capital and $14.0 million attributable to the separate 1.4% interest assigned to CapForce International by iCapX. The $200,000 of aggregate cash consideration consists of $120,000 attributable to the original assignment by AEI Capital and $80,000 attributable to the assignment by iCapX (see Note 5). The Company has elected to account for this investment using the measurement alternative as the investment does not have a readily determinable fair value. Pursuant to this alternative, the investment is carried at its estimated fair value calculated as its cost minus any impairment. The Company will adjust the investment to fair value only when it identifies observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company will evaluate the investment at each reporting period to determine whether the investment is impaired.

4000000.0

26000000.0

200000 The $26.0 million in the client’s equity consists of $12.0 million attributable to the original 2.1% interest previously assigned to CapForce International by AEI Capital and $14.0 million attributable to the separate 1.4% interest assigned to CapForce International by iCapX. The $200,000 of aggregate cash consideration consists of $120,000 attributable to the original assignment by AEI Capital and $80,000 attributable to the assignment by iCapX (see Note 5).

Inventory Inventory is entirely comprised of the remaining Unyvero system instruments and components and is valued using the first in, first out cost method and stated at the lower of cost or net realizable value. The inventory of approximately $1.2 million at both March 31, 2026 and December 31, 2025 is fully reserved given the uncertainty surrounding the net realizable value and future demand for the Company’s products.

1200000

Long-Lived Assets Property and Equipment Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability measurement and estimation of undiscounted cash flows is performed at the lowest possible level for which the Company can identify assets. If such assets are considered to be impaired, impairment is recognized as the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment was identified in any of the periods presented. Leases The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset also includes any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while expense for financing leases is recognized as depreciation expense and interest expense using the effective interest method of recognition. The Company has made certain accounting policy elections whereby the Company (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12 months or less) and (ii) combines lease and non-lease elements of our operating leases. ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability measurement and estimation of undiscounted cash flows is performed at the lowest possible level for which the Company can identify assets. If such assets are considered to be impaired, impairment is recognized as the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment was identified in any of the periods presented. Intangible Assets Intangible assets represent costs incurred related to the Company’s proprietary platform during the application development stage that are capitalized as finite-lived intangible assets. These costs include external direct costs for infrastructure and services, as well as personnel and related costs for consultants directly involved in the development effort. Once the project is substantially complete and available for use, capitalized costs will be amortized on a straight-line basis over the asset’s estimated useful life. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment was identified in any of the periods presented.

Revenue Recognition The Company derives revenues primarily from offering listing sponsorship and consultancy services to international companies seeking to list their securities on securities exchanges. The Company analyzes its contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers, (ii) identification of distinct performance obligations in the contract, (iii) determination of contract transaction price, (iv) allocation of contract transaction price to the performance obligations, and (v) determination of revenue recognition based on timing of satisfaction of the performance obligations. The Company recognizes revenues upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to our customers) in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company defers incremental costs of obtaining a customer contract and amortizes the deferred costs over the period that the goods and services are transferred to the customer. The Company had no material incremental costs to obtain customer contracts in any period presented. Deferred revenue results from amounts billed in advance to customers or cash received from customers in advance of services being provided.

Research and Development Costs Research and development costs are expensed as incurred. Research and development costs primarily consist of fees to develop, expand and innovate the Company’s digital investment banking platform, salaries and related expenses for personnel, and fees paid to consultants and outside service providers.

Stock-Based Compensation Stock-based compensation expense is recognized at fair value. For stock options, the fair value of stock-based compensation to employees and directors is estimated on the date of grant using the Black-Scholes model. The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the award. For all time-vesting awards granted, expense is amortized using the straight-line attribution method. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award.

Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially, and subsequently, measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company had federal net operating loss (“NOL”) carryforwards of approximately $288.1 million at December 31, 2025. NOLs created prior to 2018 began expiring in 2022 while those created 2018 and after do not expire. Despite the existence of federal NOLs, the Company may have state tax requirements. Also, use of the NOL carryforwards may be subject to an annual limitation as provided by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). To date, the Company has not performed a formal study to determine if any of its remaining NOL and credit attributes might be further limited due to the ownership change rules of Section 382 or Section 383 of the Code. The Company will continue to monitor this matter going forward. There can be no assurance that the NOL carryforwards will ever be fully utilized.

288100000

Net Income (Loss) Per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s Series D and E convertible preferred stock contain non-forfeitable rights to dividends, and are therefore considered to be participating securities in the periods in which each are outstanding; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the preferred stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. In periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the preferred stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury stock method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and preferred stock using the if-converted method. The number of anti-dilutive shares consisting of common shares underlying (i) common stock options, (ii) restricted stock units, (iii) preferred stock and (iv) stock purchase warrants, which have been excluded from the computation of diluted income (loss) per share because their effect was anti-dilutive, was <span id="xdx_905_eus-gaap--WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_pn5n6_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zGKh9REql3qb" title="Number of anti dilutive shares excluded from earnings per share (in millions of shares)">1.2 million and <span id="xdx_901_eus-gaap--WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zS3EVDsZ3Kf8" title="Number of anti dilutive shares excluded from earnings per share (in millions of shares)">1.3 million shares, respectively, as of March 31, 2026 and 2025. None of the potentially dilutive securities had a dilutive impact during the three months ended March 31, 2026 and 2025 due to the Company’s net loss.

1200000

1300000

Recently Adopted Accounting Pronouncements In 2025, the Company adopted ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The adoption of ASU No. 2023-09 did not affect recognition or measurement in the Company’s unaudited condensed consolidated financial statements. In 2026, the Company adopted ASU No. 2025-05: Financial Instruments-Credit Losses which amends topic 326. Specifically, the ASU provides a practical expedient whereby an entity can assume that current conditions as of the balance sheet date will not change for the remaining life of the asset (e.g., the account receivable). The adoption of ASU No. 2025-05 did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

<p id="xdx_84A_ecustom--NewAccountingPronouncementsAndChangesInAccountingPrinciplesPolicyTextBlock_zQldM3KFKmm5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Recently Issued Accounting Pronouncements In September 2025, the FASB issued ASU No. 2025-06, which amends the guidance on ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. Specifically, the ASU modernized the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. The guidance is effective for the Company’s fiscal year ending December 31, 2028 and can be adopted early. The Company is in the process of evaluating the effects of this guidance on its unaudited condensed consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-07, which, among other things, provides scope clarification for share-based non-cash consideration from a customer in a revenue contract. Specifically, the ASU clarifies that share-based payments from customers in exchange for the transfer of goods or services should be accounted for as non-cash consideration within the scope of ASC 606 as opposed to as a derivative pursuant to ASC 815 or as an equity security pursuant to ASC 321. This guidance is effective for the Company’s fiscal year ending December 31, 2027 and can be adopted early. The Company is in the process of evaluating the effects of this guidance on its unaudited condensed consolidated financial statements. The Company has evaluated all other issued and unadopted ASUs and believes the adoption of these standards will not have a material impact on its results of operations, financial position or cash flows.

Note 4 – Revenue from Contracts with Customers The Company provides listing sponsorship and consulting services to growth-stage private companies. The Company did not recognize any revenue during the three months ended March 31, 2026 and 2025.

Note 5 – Investment in Equity Securities In January 2024, AEI Capital, the Company’s controlling stockholder, entered into an advisory engagement with a client, a privately held company, pursuant to which AEI Capital became entitled to advisory fees consisting of equity interests representing 3.5% of the client’s outstanding equity and cash consideration of $200,000. In October 2024, CapForce International entered into an assignment agreement with AEI Capital pursuant to which AEI Capital assigned to CapForce International a portion of AEI Capital’s rights and obligations under the engagement, including advisory fees consisting of equity interests representing 2.1% of the client’s outstanding equity and cash consideration of $120,000. Following the assignment, CapForce International satisfied the first performance obligation under the engagement during the fourth quarter of 2024 and earned equity consideration with a fair value of $5.0 million. During the second quarter of 2025, CapForce International satisfied another performance obligation under the engagement and earned additional equity consideration with a fair value of $4.0 million. On December 1, 2025, the Company acquired all the issued and outstanding shares of Sun Investment Enterprises Limited, or SIE, a holding company that owns iCapX Sdn. Bhd. (“iCapX”), a Malaysia-based provider of cap table management fintech platform services and related corporate advisory services. Prior to the acquisition, iCapX had been assigned a portion of the advisory engagement described above, consisting of advisory fees equivalent to 1.4% of the client’s outstanding equity interests and cash consideration of $80,000. On December 30, 2025, iCapX assigned its rights and obligations under that portion of the engagement to CapForce International. During the fourth quarter of 2025, <span id="xdx_901_ecustom--ShareSaleAgreementDescription_c20251001__20251231__us-gaap--TypeOfArrangementAxis__custom--ShareSaleAgreementMember__srt--CounterpartyNameAxis__custom--AEICapitalLtdMember_zEYlItCkwrAk" title="Share sale agreement description">CapForce International satisfied the remaining performance obligations under the engagement and earned aggregate equity consideration with a fair value of $26.0 million, consisting of $12.0 million attributable to the original 2.1% interest previously assigned to CapForce International by AEI Capital and $14.0 million attributable to the separate 1.4% interest assigned by iCapX. CapForce International also earned aggregate cash consideration of $200,000, consisting of $120,000 attributable to the original assignment by AEI Capital and $80,000 attributable to the separate assignment by iCapX (see Note 12). In connection with the Company’s advisory services for the client, pursuant to a services agreement between CapForce International and the European Credit Investment Bank (“ECIB”), CapForce International owes ECIB $3,020,000 in shares of the client’s equity for its investment banking services. Such amount remains accrued and unpaid as of March 31, 2026. The CEO of AEI Capital and former CEO and current Chairman of the Board of Directors of CapForce Inc., serves as a member of the Board of Directors of the advisory engagement client, making the client a related party. The agreements between the client, AEI Capital, iCapX, and CapForce International were conducted in the ordinary course of business and on terms the Company believes are comparable to those with unrelated third parties. The Company’s management and Board of Directors have evaluated the relationship and concluded that appropriate governance and conflict of interest procedures were followed. As of March 31, 2026 and 2025, the Company held an investment in the equity securities of the client valued at $35.0 million and $5.0 million, respectively, which is classified as a non-current asset on the accompanying unaudited condensed consolidated balance sheet. The investment was received as consideration for services rendered and represents a non-controlling equity interest in a privately held entity. The Company estimated the fair value of the investment based on an anticipated initial public offering by the client expected to occur within the next twelve months. The estimated valuation is derived from pricing and valuation metrics provided by the issuer and underwriters in connection with the planned initial public offering. This estimate is subject to significant judgment and market risk and is not based on observable inputs. In the event the final initial public offering valuation results in proceeds to the Company of less than $35.0 million for these shares of equity securities, the client has contractually agreed to issue additional shares to the Company to ensure that the total value of the equity consideration received equals $35.0 million. The Company accounts for this investment under ASC 321, Investments – Equity Securities. Since the equity securities do not have a readily determinable fair value, the Company has elected the measurement alternative and, accordingly, it is carried at its estimated fair value calculated as its cost less any impairment charges until such time as there is evidence of an orderly transaction. As of March 31, 2026, no fair value adjustments have been recognized, nor have there been any impairment charges. This investment is considered a financial asset that is measured at fair value on a non-recurring basis.

5000000.0

4000000.0

CapForce International satisfied the remaining performance obligations under the engagement and earned aggregate equity consideration with a fair value of $26.0 million, consisting of $12.0 million attributable to the original 2.1% interest previously assigned to CapForce International by AEI Capital and $14.0 million attributable to the separate 1.4% interest assigned by iCapX. CapForce International also earned aggregate cash consideration of $200,000, consisting of $120,000 attributable to the original assignment by AEI Capital and $80,000 attributable to the separate assignment by iCapX (see Note 12).

35000000.0

5000000.0

Note 6 – Fair Value Measurements The carrying value of short-term instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the relatively short period to maturity for these instruments. The Company has elected to account for its single investment using the measurement alternative and it is considered a financial instrument accounted for at fair value on a non-recurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 1 - defined as observable inputs such as quoted prices in active markets;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions such as expected revenue growth and discount factors applied to cash flow projections.</td> </tr> </table> For the three months ended March 31, 2026 and 2025, the Company has not transferred any assets between fair value measurement levels. Financial assets and liabilities measured at fair value on a recurring basis The Company does not have any financial assets or liabilities measured at fair value on a recurring basis. Financial assets and liabilities carried at fair value on a non-recurring basis As disclosed in Note 5, as of March 31, 2026 and 2025, the Company held an investment in the equity securities valued at $35.0 million and $5.0 million, respectively, which is classified as a non-current asset on the accompanying unaudited condensed consolidated balance sheets. The investment was received as consideration for services rendered and represents a non-controlling equity interest in a privately held entity. The Company accounts for this investment under ASC 321, Investments – Equity Securities. Since the equity securities do not have a readily determinable fair value, the Company has elected the measurement alternative and, accordingly, it is carried at its estimated fair value calculated as its cost less any impairment charges until such time as there is evidence of an orderly transaction. No fair value adjustments have been recognized, nor have there been any impairment charges for the periods presented. Non-financial assets and liabilities carried at fair value on a recurring basis The Company does not have any non-financial assets or liabilities measured at fair value on a recurring basis. Non-financial assets and liabilities carried at fair value on a non-recurring basis The Company measures its long-lived assets, including property and equipment and lease assets, at fair value on a non-recurring basis when a triggering event requires such evaluation. During the three months ended March 31, 2026 and 2025, the Company did not record any impairment charges.

35000000.0

5000000.0

Note 7 – Short-Term Insurance Financing In May 2025, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy for the policy period of May 2025 through May 2026. The agreement provides for financing of approximately $284,000 of the premium, which financing will be repaid in 10 equal monthly installments of approximately $29,000 each through March 2026 and accrued interest at 6.85%. The loan was paid in full as of March 31, 2026. In May 2024, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy for the policy period of May 2024 through May 2025. The agreement provided for financing of approximately $301,000 of the premium, which financing would be repaid in 10 equal monthly installments of approximately $31,000 each through March 2025 and accrued interest at 7.75%. The loan was paid in full as of March 31, 2025. Interest expense on short term insurance financing was $995 and $3,238 for the three months ended March 31, 2026 and 2025, respectively.

284000

29000

0.0685

301000

31000

0.0775

995

3238

Note 8 – Accrued Liabilities Accrued liabilities consisted of the following at March 31, 2026 and December 31, 2025: <table cellpadding="0" cellspacing="0" id="xdx_889_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zhYYjT84esaj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accrued Liabilities (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Schedule of accrued liabilities</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260331_zGzmYfCjtVwb" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_495_20251231_zH7sXsWnMeAd" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">March 31,</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">December 31,</td> <td style="vertical-align: bottom; text-align: center"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">2026</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40A_ecustom--AccruedServiceFees_iI_pp0d_maALCzokA_zUKNheC5JCv4" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Accrued service fees</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,020,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,020,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_pp0d_maALCzokA_z02tDNbMYaWl" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Accrued other</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">142,757</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">131,485</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_iTI_pp0d_mtALCzokA_zzKT9bAzS8t4" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Total accrued liabilities</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,162,757</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,151,485</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_889_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zhYYjT84esaj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accrued Liabilities (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Schedule of accrued liabilities</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260331_zGzmYfCjtVwb" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left"> </td> <td id="xdx_495_20251231_zH7sXsWnMeAd" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">March 31,</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">December 31,</td> <td style="vertical-align: bottom; text-align: center"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">2026</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40A_ecustom--AccruedServiceFees_iI_pp0d_maALCzokA_zUKNheC5JCv4" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Accrued service fees</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,020,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,020,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_pp0d_maALCzokA_z02tDNbMYaWl" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Accrued other</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">142,757</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">131,485</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_iTI_pp0d_mtALCzokA_zzKT9bAzS8t4" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Total accrued liabilities</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,162,757</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,151,485</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table>

3020000 3020000

142757

131485

3162757

3151485

Note 9 – Stockholders’ Equity Common Stock As of March 31, 2026, the Company had 100,000,000 shares of authorized common stock, of which 12,368,008 shares were issued and outstanding. Preferred Stock As of March 31, 2026, the Company had 10,000,000 shares of authorized preferred stock, of which 1,000 shares were designated as Series D Preferred Stock, of which 250 shares were issued and outstanding. In October 2023, the Company entered into a Preferred Stock Purchase Agreement (the “October 2023 Purchase Agreement”) with a single investor, pursuant to which the Company agreed to issue and sell to the investor in a private placement (the “Private Placement”) 1,000 shares of the Company’s Series D Preferred Stock, par value $0.01 per share (the “Preferred Stock”) at a price of $<span id="xdx_90E_ecustom--StatedValuePerShareOfSeriesDPreferredStock_iI_c20231031__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_zU0JhaFMb37j" title="Stated value per share of Series D Preferred Stock">1,000 per share for expected aggregate gross proceeds of $1.0 million before deducting offering expenses. The investor funded $250,000 of the purchase price under the October 2023 Purchase Agreement in November 2023 and was issued 250 shares in consideration for the partial payment. As of March 31, 2026, all 250 Series D Preferred Shares remain outstanding and the remaining $750,000 of the purchase price remains unpaid. The Company reserves all rights and remedies arising from the investor’s failure to close the transaction, and the Company continues to consider the investor in breach of the Purchase Agreement until the remaining amount is paid in full. Pursuant to the October 2023 Purchase Agreement, the Company filed a certificate of designation (the “Series D Certificate of Designation”) with the Secretary of State of the State of Delaware designating the rights, preferences and limitations of the shares of preferred stock. The Series D Certificate of Designation provides that the shares of preferred stock have a stated value of $1,000 per share and are convertible into shares of common stock, par value $0.01 per share, of the Company at a price of $4.09 per share, subject to adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications, or similar events affecting the common stock. The preferred stock may be converted at any time at the option of the holder. Notwithstanding the foregoing, the Series D Certificate of Designation provides that in no event will the preferred stock be convertible into common stock in a manner that would result in the holder, its permitted transferees and affiliates holding more than 19.99% (together with any shares of common stock otherwise held by the investor, its permitted transferees and their affiliates) of the then issued and outstanding common stock (the “Ownership Limitation”), prior to the date that the Company’s stockholders approve the issuance of shares of common stock to the holder upon conversion of the preferred stock. Upon receipt of stockholder approval, the shares of preferred stock will automatically be converted into shares of common stock without further action of the holder thereof. AEI Capital Transactions In 2024, the Company entered into a Securities Purchase Agreement, as amended (the “2024 Securities Purchase Agreement”) with AEI Capital, pursuant to which the Company has the right, in its sole discretion, to sell to AEI Capital, shares of common stock, par value $0.01 per share, of the Company having an aggregate value of up to $9.0 million through December 31, 2026. The Company controls the timing and amount of any sales of shares pursuant to the 2024 Securities Purchase Agreement. During 2024, the Company sold <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pp0d_c20240101__20241231__srt--CounterpartyNameAxis__custom--AEICapitalLtdMember__us-gaap--TransactionTypeAxis__custom--SecuritiesPurchaseAgreementMember_zY5sYTLKdKwe" title="Number of common stock sold">1,079,109 shares of common stock to AEI Capital for gross proceeds of $2.0 million before deducting offering expenses, and, during 2025, the Company sold 78,125 shares of common stock to AEI Capital for gross proceeds of $0.5 million before deducting offering expenses. Accordingly, as of March 31, 2026, the Company has the right, in its sole discretion, to sell to AEI Capital, at any time and from time to time prior to December 31, 2026, up to $6.5 million worth of additional shares of common stock under the 2024 Securities Purchase Agreement. In December 2025, the Company entered into a Share Sale Agreement (the “Purchase Agreement”) with AEI Capital, the controlling stockholder of the Company, pursuant to which the Company acquired all the issued and outstanding ordinary shares of Sun Investment Enterprises Limited, a British Virgin Islands company (see Note 12). SIE is a holding company that owns all the equity interests of iCapX Sdn. Bhd., a Malaysia-based provider of cap table management fintech platform services and related corporate advisory services. The contractual purchase price for the acquisition was approximately $12.3 million. The aggregate purchase consideration was satisfied through the issuance of 2,028,867 shares of the Company’s common stock in January 2026. The number of shares was determined using the “Minimum Price” as defined under Nasdaq Listing Rule 5635(d), which was based on the average closing price of the Company’s common stock for the five trading days preceding execution of the Purchase Agreement, resulting in a reference price of $6.052 per share. As the shares had not yet been issued as of December 31, 2025, the fair value of the equity consideration was recorded as common stock issuable as of the acquisition date. The shares were subsequently issued in January 2026. Stock Purchase Warrants The Company has historically issued common stock purchase warrants in connection with various equity or debt offerings or development agreements. These issuances include entering into inducement agreements with holders of existing warrants whereby terms are amended or additional warrants are issued in order to induce exercise of the existing warrants. The Company did not issue any common stock warrants nor were any warrants exercised in the three months ended March 31, 2026 or the year ended December 31, 2025. At March 31, 2026 and December 31, 2025, the following warrants to purchase shares of common stock were outstanding: <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock_zwZcUOuwRmRi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of stock purchase warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="text-align: center; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Outstanding at</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Exercise</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Issuance</td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Price</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Expiration</td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 52%">November 2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20260331__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Exercise Price">504.40</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: center; vertical-align: top"><span id="xdx_90D_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zhxjUrxPycm2" title="Expiration">May 2026</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">1,211</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">1,211</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">February 2021</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260331__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zksAE8O9q275" title="Exercise Price">780.00</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: top"><span id="xdx_905_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zk5WVHR8uYp" title="Expiration">August 2026</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">2,084</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">2,084</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">May 2023</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260331__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_z429kWZ65VTl" title="Exercise Price">7.79</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: top"><span id="xdx_903_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zBKJ2M9IcOAl" title="Expiration">February 2031</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">889,274</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">889,274</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">October 2023</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left; padding-bottom: 0.5pt">$</td> <td style="text-align: right; padding-bottom: 0.5pt"><span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20260331__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Exercise Price">3.36</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; vertical-align: top; padding-bottom: 0.5pt"><span id="xdx_90E_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zPXuHUoFSHRa" title="Expiration">April 2029</td> <td style="padding-bottom: 0.5pt"> </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--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">200,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </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_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">200,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: left; padding-bottom: 1.25pt"> </td> <td style="text-align: right; padding-bottom: 1.25pt"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: left; vertical-align: top; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,092,569</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,092,569</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> Stock Compensation 2015 Equity Incentive Plan In April 2015, the Company adopted, and the Company’s stockholders approved, the 2015 Equity Incentive Plan (the “2015 Plan”); the 2015 Plan became effective upon the execution and delivery of the underwriting agreement for the Company’s initial public offering in May 2015. The 2015 Plan provided for the granting of incentive stock options within the meaning of Section 422 of the Code to employees and the granting of non-qualified stock options to employees, non-employee directors and consultants. The 2015 Plan also provided for the grant of restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and stock payments to employees, non-employee directors and consultants. Effective April 1, 2025, which was the ten (10) year anniversary of the adoption of the 2015 Plan, no additional grants may be made under the 2015 Plan. 2026 Stock Incentive Plan In February 2026, the Company adopted, and the Company’s stockholders approved, the 2026 Stock Incentive Plan (the “2026 Plan”). Under the 2026 Plan, 1,000,000 shares of the Company’s common stock were made available for issuance, subject to adjustments for stock dividends, stock splits, reverse stock splits, share combinations, recapitalizations, mergers, consolidations, spin-offs, split-ups, reorganizations, rights offerings, liquidations, or any similar change event by the Company. Under the 2026 Plan, the Company is authorized to grant stock options, stock appreciation rights, restricted stock and other stock-based awards. The 2026 Plan includes an evergreen provision providing for an automatic annual increase in the shares of common stock available for issuance under the 2026 Plan over the next 10 years in an amount equal to 5% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year. Pursuant to the evergreen provision, the number of shares available for issuance under the 2026 Plan shall automatically increase on January 1st of each year for a period of 9 years, commencing on January 1, 2027 and ending on (and including) January 1, 2036, in an amount equal to 5% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, provided that our board of directors may decide, prior to the first day of any calendar year, that there shall be no increase in the shares available for issuance under the 2026 Plan for such calendar year or that the increase shall be a lesser number of shares than otherwise provided under the evergreen provision. In the event of any stock dividend, stock split, reverse stock split, share combination, recapitalization, merger, consolidation, spin-off, split-up, reorganization, rights offering, liquidation, or any similar change event of or by the Company, appropriate adjustments will be made to any outstanding awards under the 2026 Plan. Shares available for awards under the 2026 Plan may be either newly-issued shares or treasury shares. Share-Based Compensation The Company recognized share-based compensation expense as follows: <table cellpadding="0" cellspacing="0" id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zJ0A3yOc7DY5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of share-based compensation expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended March 31,</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cost of services</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">General and administrative</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">111,660</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">81,708</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Sales and marketing</td> <td style="padding-bottom: 0.5pt"> </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="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </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="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">111,660</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">81,708</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> Stock Options As of March 31, 2026, the Company does <span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0d_do_c20260331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zjkjihIpD13c" title="Unrecognized compensation costs">not have any unrecognized expense related to its stock options. The Company did <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_do_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zmrQFZSjCtog" title="Options grant in period"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_do_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zQ6VhMX485ui" title="Options grant in period">not grant any options during the three months ended March 31, 2026 or 2025. During the three months ended March 31, 2026 and 2025, <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_do_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_z8tJX2x6I4si" title="Options forfeited or expired"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_do_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zRhJkJmsjiEd" title="Options forfeited or expired">no options were forfeited or expired. The Company had stock options to acquire 138 shares of common stock outstanding at March 31, 2026. Restricted Stock Units During the fourth quarter of 2025, the Company entered into restricted stock unit agreements with certain officers and directors granting the recipients the right to receive an aggregate of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zeNTMizfxIM9" title="Restricted stock units grant in period">30,553 shares of common stock upon vesting. Such grants were contingent upon stockholder approval of the Company’s 2026 equity plan. Since the 2026 equity plan was not approved until the Company’s 2025 Annual Meeting of Stockholders in February 2026, the Company did not record the awards as outstanding or recognize any related stock-based compensation expense as of December 31, 2025. Upon stockholder approval in February 2026, the awards were recognized as outstanding and the related cumulative stock-based compensation expense was recognized during the three months ended March 31, 2026. During the three months ended March 31, 2026, no restricted stock units were granted, <span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pp0d_do_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zFLeNG0zvYg1" title="Number of restricted stock units vested">no restricted stock units vested and <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_do_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBli2yNVAybf" title="Restricted stock units forfeited">no restricted stock units were forfeited. During the three months ended March 31, 2025, <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_do_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zA0xTIYiHoK">no restricted stock units were granted, <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pp0d_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxbdm2lZLNgg">507 restricted stock units vested, and <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_do_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zJTxJW40kXB9">no restricted stock units were forfeited. The Company had <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_c20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_pd" title="Restricted stock units outstanding">49,971 restricted stock units outstanding as of March 31, 2026. As of March 31, 2026, there was approximately $<span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_c20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_pp0p" title="Unrecognized compensation costs">183,000 of unrecognized compensation costs related to restricted stock units, which are expected to be recognized over a weighted average period of <span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zkdW2MKfHas9" title="Weighted average period">0.7 years.

100000000

12368008

10000000

250

1000

0.01 1000

1000000.0

250000

250

750000

4.09

0.1999

9000000.0

1079109

2000000.0

78125

500000

<table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock_zwZcUOuwRmRi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of stock purchase warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="text-align: center; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Outstanding at</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Exercise</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Issuance</td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Price</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Expiration</td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 52%">November 2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20260331__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Exercise Price">504.40</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: center; vertical-align: top"><span id="xdx_90D_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zhxjUrxPycm2" title="Expiration">May 2026</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">1,211</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--NovemberTwoThousandTwentyMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">1,211</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">February 2021</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260331__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zksAE8O9q275" title="Exercise Price">780.00</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: top"><span id="xdx_905_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zk5WVHR8uYp" title="Expiration">August 2026</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">2,084</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">2,084</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">May 2023</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260331__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_z429kWZ65VTl" title="Exercise Price">7.79</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: top"><span id="xdx_903_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zBKJ2M9IcOAl" title="Expiration">February 2031</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">889,274</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">889,274</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">October 2023</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: left; padding-bottom: 0.5pt">$</td> <td style="text-align: right; padding-bottom: 0.5pt"><span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20260331__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Exercise Price">3.36</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; vertical-align: top; padding-bottom: 0.5pt"><span id="xdx_90E_ecustom--StockWarrantsExpirationDate_c20260101__20260331__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_zPXuHUoFSHRa" title="Expiration">April 2029</td> <td style="padding-bottom: 0.5pt"> </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--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20260331__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">200,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </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_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20251231__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyThreeMember__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantsExercisePriceOneMember_pd" title="Shares of common stock subject to warrants">200,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: left; padding-bottom: 1.25pt"> </td> <td style="text-align: right; padding-bottom: 1.25pt"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: left; vertical-align: top; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,092,569</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,092,569</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table>

504.40

May 2026

1211

780.00

August 2026

2084

7.79

February 2031

889274

3.36

April 2029

200000

1092569

1000000

P10Y P9Y

<table cellpadding="0" cellspacing="0" id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zJ0A3yOc7DY5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of share-based compensation expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended March 31,</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cost of services</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">General and administrative</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">111,660</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">81,708</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Sales and marketing</td> <td style="padding-bottom: 0.5pt"> </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="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </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="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">111,660</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">81,708</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table>

111660

81708

111660

81708

138

30553

507

49971

183000

P0Y8M12D

Note 10 – Commitments and Contingencies Registration and other stockholder rights In connection with various of its investment transactions, the Company entered into registration rights agreements with stockholders, pursuant to which the investors were granted certain demand registration rights and/or piggyback and/or resale registration rights in connection with subsequent registered offerings of the Company’s common stock. Leases The Company has a continuing liability under its former headquarters’ office lease, which lease was assigned to a third party in April 2024 but for which it remains liable to the landlord. Maturities under this lease as of March 31, 2026 by year are as follows: <table cellpadding="0" cellspacing="0" id="xdx_88B_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zUtCWSyV46Bk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Commitments and Contingencies (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of maturities of lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260331_zVaM5qt87qpg" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Maturity of Lease Liabilities</td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0d_maLOLLPzlMr_zShapxSlXJl3" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2026 (April to December)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">285,409</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0d_maLOLLPzlMr_zd4wqFjL5iFa" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2027</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">388,682</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0d_maLOLLPzlMr_z2bejELQBHu9" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2028</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">399,388</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0d_maLOLLPzlMr_zDZFdERITrC" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">410,397</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0d_maLOLLPzlMr_zD9gQWFQy4Qf" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2030</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">421,709</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pp0d_maLOLLPzlMr_z7wUrdMNzRA9" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Thereafter</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">506,194</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0d_mtLOLLPzlMr_zeSXpfxLEmcc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,411,779</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0d_di_zH2POLxRXuh6" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: interest</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(610,952</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iI_pp0d_zCBK9wusCzu9" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Present value of lease liabilities</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,800,827</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> For the three months ended March 31, 2026 and 2025, lease costs of $58,496 are classified as operating expenses in the unaudited condensed consolidated statements of operations. The remaining term of the lone operating lease as of March 31, 2026 is 5.9 years and reflects a discount rate of 10%. In the three months ended March 31, 2026 and 2025, cash paid for amounts under the lone operating lease were $58,496 and are classified as cash used in operating activities.

<table cellpadding="0" cellspacing="0" id="xdx_88B_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zUtCWSyV46Bk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Commitments and Contingencies (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of maturities of lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260331_zVaM5qt87qpg" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Maturity of Lease Liabilities</td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0d_maLOLLPzlMr_zShapxSlXJl3" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2026 (April to December)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">285,409</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0d_maLOLLPzlMr_zd4wqFjL5iFa" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2027</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">388,682</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0d_maLOLLPzlMr_z2bejELQBHu9" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2028</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">399,388</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0d_maLOLLPzlMr_zDZFdERITrC" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">410,397</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0d_maLOLLPzlMr_zD9gQWFQy4Qf" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2030</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">421,709</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pp0d_maLOLLPzlMr_z7wUrdMNzRA9" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Thereafter</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">506,194</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0d_mtLOLLPzlMr_zeSXpfxLEmcc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,411,779</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0d_di_zH2POLxRXuh6" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: interest</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(610,952</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iI_pp0d_zCBK9wusCzu9" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Present value of lease liabilities</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,800,827</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table>

285409

388682

399388

410397

421709

506194

2411779

610952

1800827

58496

P5Y10M24D

0.10

58496

<p id="xdx_804_ecustom--LicenseAgreementsResearchCollaborationsAndDevelopmentAgreementsTextBlock_zZufunxBLr47" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Note 11 – Joint Venture In April 2025, CapForce International entered into a Joint Venture Agreement (the “JV Agreement”) with the European Credit Investment Bank (“ECIB”), a full-fledged, global facing mid-shore investment bank in Labuan, Malaysia licensed by the Labuan Financial Services Authority, pursuant to which the parties agreed to form a joint venture company named CapForce EC Capital Markets Ltd. (the “Joint Venture”) for purposes of developing and operating a stock trading platform (the “Trading Platform”) and digital investment banking platform across Asia and the rest of the world (the “Digital IB Platform,” and together with the Trading Platform, the “Platforms”). The Platforms encompass (i) a community-focused cross-border stock trading platform; (ii) a fintech-enabled cap table management platform; and (iii) an advanced computational model-enabled investment banking advisory platform for public listing sponsorship and wealth management. Pursuant to the JV Agreement, CapForce International will own 49% of the outstanding equity interests of the Joint Venture, and ECIB will own 51% of the outstanding equity interests of the Joint Venture. Under the JV Agreement, the parties agreed to strategically collaborate in order to develop the Platforms. The parties agreed to equally split all profits earned by the Joint Venture and all capital expenditures and operating expenses in the development and operation of the Trading Platform. With respect to operations unrelated to the Trading Platform, CapForce International will be entitled to receive 80% of the profits of the Joint Venture if the Joint Venture’s revenues are less than $10.0 million or 90% of the profits of the Joint Venture if its revenues exceed $10.0 million. The JV Agreement includes customary representations, warranties, covenants and agreements of the parties, including relating to the responsibilities and obligations of each party in managing and governing the Joint Venture. In particular, CapForce International will have the right to appoint two directors to the board of directors of the Joint Venture, and ECIB will have the right to appoint one director to the board of directors of the Joint Venture. In the JV Agreement, ECIB granted CapForce International an option to purchase between 11% and 30% of the equity interests of ECIB held in the Joint Venture. The purchase price for such option and the actual amount of equity interests must be mutually agreed upon by the parties. Upon the formation of the Joint Venture, CapForce International will retain contractual control over the Joint Venture, including for accounting consolidation purposes. As of March 31, 2026, there has not been any activity pursuant to this JV Agreement.

0.49

0.51

With respect to operations unrelated to the Trading Platform, CapForce International will be entitled to receive 80% of the profits of the Joint Venture if the Joint Venture’s revenues are less than $10.0 million or 90% of the profits of the Joint Venture if its revenues exceed $10.0 million. The JV Agreement includes customary representations, warranties, covenants and agreements of the parties, including relating to the responsibilities and obligations of each party in managing and governing the Joint Venture.

Note 12 – iCapX Acquisition On December 1, 2025, the Company entered into a Share Sale Agreement (the “Purchase Agreement”) with AEI Capital (the “Seller”), the controlling stockholder of the Company, pursuant to which the Company acquired all the issued and outstanding ordinary shares of Sun Investment Enterprises Limited, a British Virgin Islands company. SIE is a holding company that owns all the equity interests of iCapX Sdn. Bhd., a Malaysia-based provider of cap table management fintech platform services and related corporate advisory services. The acquisition was undertaken to expand the Company’s service offerings and strategic capabilities and to support the Company’s long-term growth strategy. The contractual purchase price for the acquisition was approximately $12.3 million. The aggregate purchase consideration was satisfied through the issuance of 2,028,867 shares of the Company’s common stock in January 2026. The number of shares was determined using the “Minimum Price” as defined under Nasdaq Listing Rule 5635(d), which was based on the average closing price of the Company’s common stock for the five trading days preceding execution of the Purchase Agreement, resulting in a reference price of $6.052 per share. As the shares had not yet been issued as of December 31, 2025, the fair value of the equity consideration was recorded as common stock issuable as of the acquisition date. The shares were subsequently issued in January 2026. The acquisition is deemed to be a reorganization of entities under common control. Consequently, the transaction is accounted for using the existing carrying value of the assets and liabilities iCapX as follows: <table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zA3B4QOUY3Ag" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - iCapX Acquisition (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Schedule of assets acquired and liabilities assumed</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20251201__us-gaap--BusinessAcquisitionAxis__custom--ICapXMember_zEyuEy5K7k6c" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Assets Acquired and Liabilities Assumed</td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td> <td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_iB_zcTavr2FYKb1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Assets and liabilities</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_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 88%; text-align: left">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">519</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Other current and non-current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,209</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pp0d_di_zu28FGSQkWYf" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Accounts payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,059</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iNI_pp0d_di_zX3EslhwYYDj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; 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">(44,249</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt">Total assets and liabilities</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,420</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--EquityAbstract_i" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CommonStockHeldBySubsidiary_iNI_pp0d_di_zkGETNx17qu1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Share capital</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(22,497</td> <td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--RetainedEarningsAppropriated_iI_pp0d_zmT1ynSp4Cl1" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; padding-bottom: 1pt">Retained earnings</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">11,077</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pp0d_zUYt9i70VBHh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt">Total equity</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">(11,420</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 12300000

2028867

6.052

<table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zA3B4QOUY3Ag" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - iCapX Acquisition (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Schedule of assets acquired and liabilities assumed</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20251201__us-gaap--BusinessAcquisitionAxis__custom--ICapXMember_zEyuEy5K7k6c" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Assets Acquired and Liabilities Assumed</td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td> <td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_iB_zcTavr2FYKb1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Assets and liabilities</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_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 88%; text-align: left">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">519</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Other current and non-current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,209</td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pp0d_di_zu28FGSQkWYf" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Accounts payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,059</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iNI_pp0d_di_zX3EslhwYYDj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; 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">(44,249</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt">Total assets and 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">11,420</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; 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--EquityAbstract_i" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Equity</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--CommonStockHeldBySubsidiary_iNI_pp0d_di_zkGETNx17qu1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Share capital</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(22,497</td> <td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--RetainedEarningsAppropriated_iI_pp0d_zmT1ynSp4Cl1" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; padding-bottom: 1pt">Retained earnings</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">11,077</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pp0d_zUYt9i70VBHh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt">Total equity</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(11,420</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

519

56209

1059

44249

11420

22497

11077

-11420

Note 13 – Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to June 12, 2026, the date that the unaudited condensed consolidated financial statements are issued. Other than as disclosed in this Note 13 and as may be disclosed elsewhere in the notes to the accompanying unaudited condensed consolidated financial statements, there have been no subsequent events that require adjustment or disclosure in the accompanying unaudited condensed consolidated financial statements. In April 2026, pursuant to the 2024 Securities Purchase Agreement with AEI Capital that permits the Company, in its sole discretion, to sell shares of common stock to AEI Capital, the Company sold <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20260401__20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--CounterpartyNameAxis__custom--AEICapitalLtdMember_pd" title="Number of share sold">6,425 shares of common stock to AEI Capital for gross proceeds of approximately $<span id="xdx_90E_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20260401__20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--CounterpartyNameAxis__custom--AEICapitalLtdMember_pp0p" title="Gross proceeds">160,000 before deducting offering expenses. The agreement remains available through December 31, 2026, and, with this sale, approximately $6.3 million of capacity remains available. In May 2026, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy for the policy period of May 2026 through May 2027. The agreement provides for financing of approximately $<span id="xdx_90F_ecustom--FinancingAmount_c20260501__20260531__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_pp0p" title="Financing amount">230,000 of the premium, which financing will be repaid in 10 equal monthly installments of approximately $<span id="xdx_908_ecustom--MonthlyInstallments_pp0d_c20260501__20260531__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zvZ2sw0aEjS7" title="Monthly installments">24,000 each through March 2027 and accrued interest at <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_c20260501__20260531__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_pd" title="Accrued interest">10.5%.

6425

160000

230000 24000

0.105

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