v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Current assets      
Cash and cash equivalents $ 24,099,529 $ 81,134  
Accounts receivable, net of allowance of $2,343,732 and $3,222,723 183,101,287 65,750,593  
Unbilled accounts receivable 6,679,154 4,242,245  
Contract assets 101,757,781 0  
Prepaid expenses and other current assets 3,648,394 3,123,447  
Deposits, current 8,000,000 8,000,000  
Total current assets 327,914,954 81,197,419  
Non-current assets      
Property and equipment, net 1,604,531 239,207  
Operating leases right-of-use assets 4,202,891 2,933,582  
Finance leases right-of-use assets, net 2,045,199 0  
Goodwill 448,745,779 0  
Intangible assets, net 191,833,745 26,602,223  
Deferred tax assets, net 381,266 0  
Other assets 4,118,856 2,257,405  
Total non-current assets 653,133,836 32,032,417  
Total assets 981,048,790 113,229,836  
Current liabilities      
Accounts payable 152,591,253 5,110,155  
Accrued expenses and other current liabilities 164,405,786 19,647,785  
PEO liability and accrued interest 39,908,098 32,894,331  
Current operating lease liabilities 2,008,853 1,459,704  
Finance Lease, Liability, Current 662,717 0  
Line of credit, current portion 45,141,541 49,308,253  
Factoring debt, current portion 205,933,405 3,205,506  
Contingent consideration liability – related parties 7,698,574 0  
Total current liabilities 836,197,276 114,950,734  
Non-current liabilities      
Warrant liabilities, non-current 6,216,515 0  
Non-current operating lease liabilities 2,283,113 1,543,091  
Non-current finance lease liabilities 1,433,904 0  
Deferred tax liability 32,215,449 0  
Other liabilities 3,304,307 0  
Total non-current liabilities 90,109,905 30,369,372  
Total liabilities 926,307,181 145,320,106  
Commitments and contingencies  
Series B convertible preferred stock, 5% cumulative dividends, 15,000 and 0 shares designated; and 5,600 and 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively, redemption amount of $7,300,387 and $0 as of March 31, 2026 and December 31, 2025, respectively 8,927,475 0  
Redeemable noncontrolling interest 3,388,143 0  
Stockholders’ equity/(deficit)      
Common stock, $0.00001 par value; 300,000,000 shares authorized; 79,289,016 and 55,713,259 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 793 557  
Additional paid-in capital 269,299,380 162,819,982  
Accumulated deficit (225,656,934) (194,910,809)  
Accumulated Other Comprehensive Income (Loss), Net of Tax (1,217,248) 0  
Total stockholders’ equity/(deficit) 42,425,991 (32,090,270) $ (14,035,197)
Total liabilities, mezzanine equity and stockholders’ equity 981,048,790 113,229,836  
Related Party      
Current assets      
Due From Employees 628,809   $ 0
Non-current assets      
Due from related parties 201,569 0  
Current liabilities      
Due to related parties 406,495 0  
Notes payable, current portion 1,950,000    
Convertible note payable – related parties 161,961,751 0  
Nonrelated Party      
Current liabilities      
Notes payable, current portion 53,528,803 1,375,000  
Non-current liabilities      
Notes payable, net of current portion - related parties $ 44,656,617 $ 28,826,281