Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

A summary of the activities of Level 3 fair value measurements is as follows:


	March 31, 2026
	Circle8 Benelux Warrant		Preferred Stock Purchase Warrant		Bifurcated Derivatives		Share Settled Earnout		Circle8 Contingent Consideration		Total
Beginning balance	$	—	$	—	$	—	$	—	$	—	$	—
Assumed during Circle8 Acquisition	1,795,491		—		—		—		—		1,795,491
Issuance	—		5,970,000		2,260,000		5,600,000		2,098,574		15,928,574
Change in fair value	(28,976)		(1,520,000)		160,000		—		—		(1,388,976)
Ending balance	$	1,766,515	$	4,450,000	$	2,420,000	$	5,600,000	$	2,098,574	$	16,335,089

Significant inputs used in the model to derive the provisional fair value used as of December 31, 2025 are as follows:


Estimated term	1 year
Estimated annual volatility of underlying stock	46	%
Risk-free interest rate	3.5	%

inputs used in the model at March 31, 2026 are as follows:


Estimated term	1 year
Estimated annual volatility of underlying stock	50	%
Risk-free interest rate	3.7	%

Significant inputs used in the model at January 23, 2026 are as follows:


Expected revenue volatility	4.8	%
Revenue discount rate	4.5	%
Risk-free interest rate	3.4	%

Significant inputs used in the model at March 31, 2026 are as follows:


Estimated term	1 year
Estimated annual volatility	60		%
Annual variance	36		%
Risk-free interest rate	3.6		%
Strike price for each underlying share	$	1,000

Significant inputs used in the model at March 31, 2026 are as follows:

Significant inputs used in to the model at March 20, 2026 are as follows: