0001960355 2023-01-01 0001960355 exyn:EvergreenCapitalManagementLlcConvertiblePromissoryNoteMember us-gaap:SubsequentEventMember 2026-04-01 2026-04-30 0001960355 us-gaap:PreferredStockMember 2026-01-01 2026-03-31 0001960355 us-gaap:PreferredStockMember 2025-01-01 2025-12-31 0001960355 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001960355 us-gaap:PreferredStockMember 2024-01-01 2024-12-31 0001960355 us-gaap:SubsequentEventMember 2026-04-06 2026-04-06 0001960355 2026-04-06 2026-04-06 0001960355 us-gaap:RetainedEarningsMember 2026-03-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0001960355 us-gaap:RetainedEarningsMember 2025-12-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001960355 us-gaap:RetainedEarningsMember 2025-03-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001960355 us-gaap:RetainedEarningsMember 2024-12-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001960355 us-gaap:RetainedEarningsMember 2023-12-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001960355 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2025-12-31 0001960355 us-gaap:PreferredStockMember 2025-03-31 0001960355 us-gaap:CommonStockMember 2025-03-31 0001960355 us-gaap:PreferredStockMember 2023-12-31 0001960355 us-gaap:CommonStockMember 2023-12-31 0001960355 2023-01-01 2023-12-31 0001960355 us-gaap:ServiceMember exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 stpr:CA exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 exyn:RestOfWorldOtherThanCanadaAustraliaAndUnitedStatesMember exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 exyn:LeaseMember exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 exyn:AerialRoboticSystemsMember exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 country:US exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 country:AU exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 us-gaap:ServiceMember exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 stpr:CA exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 exyn:RestOfWorldOtherThanCanadaAustraliaAndUnitedStatesMember exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 exyn:LeaseMember exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 exyn:AerialRoboticSystemsMember exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 country:US exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 country:AU exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 us-gaap:ServiceMember exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 stpr:CA exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 exyn:RestOfWorldOtherThanCanadaAustraliaAndUnitedStatesMember exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 exyn:LeaseMember exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 exyn:AerialRoboticSystemsMember exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 country:US exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 country:AU exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 us-gaap:ServiceMember exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 stpr:CA exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 exyn:RestOfWorldOtherThanCanadaAustraliaAndUnitedStatesMember exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 exyn:LeaseMember exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 exyn:AerialRoboticSystemsMember exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 country:US exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 country:AU exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 srt:MinimumMember us-gaap:MachineryAndEquipmentMember 2026-03-31 0001960355 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2026-03-31 0001960355 srt:MinimumMember us-gaap:BuildingImprovementsMember 2026-03-31 0001960355 srt:MaximumMember us-gaap:MachineryAndEquipmentMember 2026-03-31 0001960355 srt:MaximumMember us-gaap:FurnitureAndFixturesMember 2026-03-31 0001960355 srt:MaximumMember us-gaap:BuildingImprovementsMember 2026-03-31 0001960355 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2026-03-31 0001960355 srt:MinimumMember us-gaap:MachineryAndEquipmentMember 2025-12-31 0001960355 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2025-12-31 0001960355 srt:MinimumMember us-gaap:BuildingImprovementsMember 2025-12-31 0001960355 srt:MaximumMember us-gaap:MachineryAndEquipmentMember 2025-12-31 0001960355 srt:MaximumMember us-gaap:FurnitureAndFixturesMember 2025-12-31 0001960355 srt:MaximumMember us-gaap:BuildingImprovementsMember 2025-12-31 0001960355 us-gaap:MachineryAndEquipmentMember 2026-03-31 0001960355 us-gaap:LeaseholdImprovementsMember 2026-03-31 0001960355 us-gaap:FurnitureAndFixturesMember 2026-03-31 0001960355 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-12-31 0001960355 us-gaap:MachineryAndEquipmentMember 2025-12-31 0001960355 us-gaap:LeaseholdImprovementsMember 2025-12-31 0001960355 us-gaap:FurnitureAndFixturesMember 2025-12-31 0001960355 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2024-12-31 0001960355 us-gaap:MachineryAndEquipmentMember 2024-12-31 0001960355 us-gaap:LeaseholdImprovementsMember 2024-12-31 0001960355 us-gaap:FurnitureAndFixturesMember 2024-12-31 0001960355 exyn:SeriesA4PreferredStockMember us-gaap:SubsequentEventMember 2026-02-24 2026-02-24 0001960355 exyn:NeolyncHoldingsLtdTermLoanMember us-gaap:SubsequentEventMember 2026-01-12 2026-01-12 0001960355 exyn:NeolyncHoldingsLtdTermLoanMember 2025-12-26 2025-12-26 0001960355 exyn:NeolyncHoldingsLtdTermLoanMember 2025-12-23 2025-12-23 0001960355 2025-05-30 2025-05-30 0001960355 exyn:MaximcashSolutionsLlcTermLoanMember us-gaap:SubsequentEventMember 2026-05-18 2026-05-18 0001960355 exyn:SeriesB2PreferredStockMember 2024-12-31 0001960355 exyn:SeriesB1PreferredStockMember 2024-12-31 0001960355 exyn:SeriesA4PreferredStockMember 2024-12-31 0001960355 exyn:SeriesA3PreferredStockMember 2024-12-31 0001960355 exyn:SeriesA2PreferredStockMember 2024-12-31 0001960355 exyn:SeriesA1PreferredStockMember 2024-12-31 0001960355 exyn:SeriesB2PreferredStockMember 2026-03-31 0001960355 exyn:SeriesB1PreferredStockMember 2026-03-31 0001960355 exyn:SeriesA4PreferredStockMember 2026-03-31 0001960355 exyn:SeriesA3PreferredStockMember 2026-03-31 0001960355 exyn:SeriesA2PreferredStockMember 2026-03-31 0001960355 exyn:SeriesA1PreferredStockMember 2026-03-31 0001960355 exyn:SeriesB2PreferredStockMember 2025-12-31 0001960355 exyn:SeriesB1PreferredStockMember 2025-12-31 0001960355 exyn:SeriesA4PreferredStockMember 2025-12-31 0001960355 exyn:SeriesA3PreferredStockMember 2025-12-31 0001960355 exyn:SeriesA2PreferredStockMember 2025-12-31 0001960355 exyn:SeriesA1PreferredStockMember 2025-12-31 0001960355 us-gaap:PreferredStockMember 2026-03-31 0001960355 exyn:SeriesA4PreferredStockMember us-gaap:SubsequentEventMember 2026-02-24 0001960355 us-gaap:PreferredStockMember 2025-12-31 0001960355 us-gaap:PreferredStockMember 2024-12-31 0001960355 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2025-01-01 2025-12-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-03-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-12-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0001960355 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0001960355 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0001960355 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0001960355 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001960355 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001960355 2025-05-30 0001960355 srt:ScenarioPreviouslyReportedMember 2025-12-31 0001960355 srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember 2025-12-31 0001960355 srt:MinimumMember 2026-03-31 0001960355 srt:MaximumMember 2026-03-31 0001960355 srt:MinimumMember 2025-12-31 0001960355 srt:MaximumMember 2025-12-31 0001960355 exyn:LoanAndSecurityAgreementMember 2024-12-31 0001960355 exyn:EvergreenCapitalManagementLlcConvertiblePromissoryNoteMember us-gaap:SubsequentEventMember 2026-06-17 2026-06-17 0001960355 2026-08-16 2026-08-16 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-03-31 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputPriceVolatilityMember 2026-03-31 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputExpectedTermMember 2026-03-31 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputExpectedDividendRateMember 2026-03-31 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2023-09-27 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputPriceVolatilityMember 2023-09-27 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputExpectedTermMember 2023-09-27 0001960355 exyn:LoanAndSecurityAgreementMember us-gaap:MeasurementInputExpectedDividendRateMember 2023-09-27 0001960355 exyn:LoanAndSecurityAgreementMember 2025-12-31 0001960355 srt:MinimumMember exyn:LoanAndSecurityAgreementMember 2023-09-27 0001960355 exyn:EvergreenCapitalManagementLlcConvertiblePromissoryNoteMember us-gaap:SubsequentEventMember 2026-05-06 0001960355 exyn:LoanAndSecurityAgreementMember 2026-04-10 0001960355 exyn:NchVenturesLlcConvertiblePromissoryNoteMember us-gaap:SubsequentEventMember 2026-03-13 0001960355 exyn:NeolyncHoldingsLtdConvertiblePromissoryNoteMember 2026-03-13 0001960355 exyn:MaximcashSolutionsLlcTermLoanMember 2025-12-26 0001960355 exyn:NeolyncHoldingsLtdTermLoanMember 2025-12-23 0001960355 exyn:LoanAndSecurityAgreementTermMember 2023-09-27 0001960355 exyn:LoanAndSecurityAgreementTermBMember 2023-09-27 0001960355 exyn:LoanAndSecurityAgreementMember 2026-01-01 2026-03-31 0001960355 exyn:LoanAndSecurityAgreementMember 2023-09-27 2023-09-27 0001960355 exyn:LoanAndSecurityAgreementMember 2026-03-31 0001960355 exyn:LoanAndSecurityAgreementMember 2023-09-27 0001960355 exyn:SingleReportableSegmentMember 2026-01-01 2026-03-31 0001960355 exyn:SingleReportableSegmentMember 2025-01-01 2025-12-31 0001960355 exyn:SingleReportableSegmentMember 2025-01-01 2025-03-31 0001960355 exyn:SingleReportableSegmentMember 2024-01-01 2024-12-31 0001960355 us-gaap:PreferredStockMember us-gaap:SubsequentEventMember 2026-05-18 2026-05-18 0001960355 us-gaap:CommonStockMember us-gaap:SubsequentEventMember 2026-05-18 2026-05-18 0001960355 exyn:TwoCustomersMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2026-01-01 2026-03-31 0001960355 exyn:FourCustomersMember us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-03-31 0001960355 exyn:OneCustomersMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2025-01-01 2025-12-31 0001960355 exyn:CustomerCMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001960355 exyn:CustomerBMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001960355 exyn:CustomeraMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001960355 exyn:CustomeraMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2025-01-01 2025-12-31 0001960355 exyn:TwoCustomersMember us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-03-31 0001960355 exyn:CustomerBMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001960355 exyn:CustomerBMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2024-01-01 2024-12-31 0001960355 exyn:CustomeraMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001960355 exyn:CustomeraMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2024-01-01 2024-12-31 0001960355 exyn:MaximcashSolutionsLlcTermLoanMember us-gaap:SubsequentEventMember 2026-06-17 0001960355 exyn:MaximcashSolutionsLlcTermLoanMember us-gaap:SubsequentEventMember 2026-05-18 0001960355 exyn:EvergreenCapitalManagementLlcConvertiblePromissoryNoteMember us-gaap:SubsequentEventMember 2026-04-30 0001960355 us-gaap:CommonStockMember 2024-12-31 0001960355 us-gaap:CommonStockMember 2026-03-31 0001960355 us-gaap:CommonStockMember 2025-12-31 0001960355 2023-12-31 0001960355 2026-06-29 0001960355 exyn:SingleReportableSegmentMember 2026-03-31 0001960355 exyn:SingleReportableSegmentMember 2025-12-31 0001960355 exyn:SingleReportableSegmentMember 2025-03-31 0001960355 exyn:SingleReportableSegmentMember 2024-12-31 0001960355 us-gaap:WarrantMember 2026-01-01 2026-03-31 0001960355 us-gaap:StockOptionMember 2026-01-01 2026-03-31 0001960355 us-gaap:ConvertiblePreferredStockMember 2026-01-01 2026-03-31 0001960355 us-gaap:WarrantMember 2025-01-01 2025-12-31 0001960355 us-gaap:StockOptionMember 2025-01-01 2025-12-31 0001960355 us-gaap:ConvertiblePreferredStockMember 2025-01-01 2025-12-31 0001960355 us-gaap:WarrantMember 2025-01-01 2025-03-31 0001960355 us-gaap:StockOptionMember 2025-01-01 2025-03-31 0001960355 us-gaap:ConvertiblePreferredStockMember 2025-01-01 2025-03-31 0001960355 us-gaap:WarrantMember 2024-01-01 2024-12-31 0001960355 us-gaap:StockOptionMember 2024-01-01 2024-12-31 0001960355 us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0001960355 exyn:LoanAndSecurityAgreementMember 2025-01-01 2025-12-31 0001960355 exyn:LoanAndSecurityAgreementMember 2024-01-01 2024-12-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001960355 2025-01-01 2025-03-31 0001960355 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001960355 exyn:SeriesA4PreferredStockMember 2025-01-01 2025-12-31 0001960355 us-gaap:SubsequentEventMember 2026-04-15 2026-04-15 0001960355 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001960355 exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member 2025-12-01 0001960355 exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member 2025-08-01 0001960355 exyn:SimpleAgreementsForFutureEquityApril2025Member 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member us-gaap:MeasurementInputPriceVolatilityMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member us-gaap:MeasurementInputDiscountRateMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfLiquidityEventMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfEquityEventMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfDissolutionMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputPreMoneyValuationCapMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputFairValueMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountPeriodMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountFactorMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member us-gaap:MeasurementInputPriceVolatilityMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member us-gaap:MeasurementInputDiscountRateMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfTerminationMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfLiquidityEventMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfEquityEventMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfDissolutionMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputPreMoneyValuationCapMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputFairValueMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountPeriodMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountFactorMember 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member 2026-03-31 0001960355 srt:MinimumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member us-gaap:MeasurementInputPriceVolatilityMember 2025-12-31 0001960355 srt:MinimumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountPeriodMember 2025-12-31 0001960355 srt:MinimumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountFactorMember 2025-12-31 0001960355 srt:MaximumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member us-gaap:MeasurementInputPriceVolatilityMember 2025-12-31 0001960355 srt:MaximumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountPeriodMember 2025-12-31 0001960355 srt:MaximumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountFactorMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member us-gaap:MeasurementInputDiscountRateMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfTerminationMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfLiquidityEventMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfEquityEventMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfDissolutionMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputPreMoneyValuationCapMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputFairValueMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member us-gaap:MeasurementInputPriceVolatilityMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member us-gaap:MeasurementInputDiscountRateMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfTerminationMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfLiquidityEventMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfEquityEventMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfDissolutionMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputPreMoneyValuationCapMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputFairValueMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountPeriodMember 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountFactorMember 2025-12-31 0001960355 srt:MinimumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountPeriodMember 2025-08-01 0001960355 srt:MaximumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountPeriodMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member us-gaap:MeasurementInputPriceVolatilityMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member us-gaap:MeasurementInputDiscountRateMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfTerminationMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfLiquidityEventMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfEquityEventMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputProbabilityOfDissolutionMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputPreMoneyValuationCapMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputFairValueMember 2025-08-01 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member exyn:MeasurementInputDiscountFactorMember 2025-08-01 0001960355 srt:MinimumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member us-gaap:MeasurementInputPriceVolatilityMember 2025-04-05 0001960355 srt:MinimumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountPeriodMember 2025-04-05 0001960355 srt:MinimumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountFactorMember 2025-04-05 0001960355 srt:MaximumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member us-gaap:MeasurementInputPriceVolatilityMember 2025-04-05 0001960355 srt:MaximumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountPeriodMember 2025-04-05 0001960355 srt:MaximumMember us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputDiscountFactorMember 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member us-gaap:MeasurementInputDiscountRateMember 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfTerminationMember 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfLiquidityEventMember 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfEquityEventMember 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputProbabilityOfDissolutionMember 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputPreMoneyValuationCapMember 2025-04-05 0001960355 us-gaap:FairValueInputsLevel3Member exyn:SimpleAgreementsForFutureEquityApril2025Member exyn:MeasurementInputFairValueMember 2025-04-05 0001960355 exyn:SimpleAgreementsForFutureEquityAprilAugustAndDecember2025Member 2025-12-31 0001960355 us-gaap:FairValueInputsLevel3Member 2026-03-31 0001960355 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001960355 2025-04-01 2025-04-30 0001960355 exyn:SimpleAgreementsForFutureEquityApril2025Member 2025-04-01 2025-04-30 0001960355 exyn:SimpleAgreementsForFutureEquityAugustAndDecember2025Member 2025-01-01 2025-12-31 0001960355 exyn:SeriesA4PreferredStockMember 2026-01-01 2026-03-31 0001960355 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001960355 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001960355 us-gaap:SeriesBPreferredStockMember 2025-01-01 2025-12-31 0001960355 us-gaap:SeriesAPreferredStockMember 2025-01-01 2025-12-31 0001960355 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2026-03-31 0001960355 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2025-12-31 0001960355 exyn:FourCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-03-31 0001960355 exyn:MajorCustomerMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001960355 exyn:TwoCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-03-31 0001960355 exyn:MajorCustomerMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001960355 us-gaap:SeriesBPreferredStockMember 2025-12-31 0001960355 us-gaap:SeriesAPreferredStockMember 2025-12-31 0001960355 2025-03-31 0001960355 exyn:EvergreenCapitalManagementLlcConvertiblePromissoryNoteMember us-gaap:SubsequentEventMember 2026-05-06 2026-05-06 0001960355 exyn:NeolyncHoldingsLtdConvertiblePromissoryNoteMember 2025-05-20 0001960355 exyn:NeolyncHoldingsLtdConvertiblePromissoryNoteMember 2025-05-20 2025-05-20 0001960355 2024-01-01 2024-12-31 0001960355 2026-03-31 0001960355 2025-12-31 0001960355 2024-12-31 0001960355 2025-01-01 2025-12-31 0001960355 2026-01-01 2026-03-31 exyn:Y exyn:item exyn:segment shares iso4217:USD pure iso4217:CLP iso4217:USD exyn:customer exyn:director exyn:subsidiary exyn:Vote iso4217:USD shares

74382714

1322500

0001960355 false

0.025

P30D

P5Y

P7Y

P15Y

P5Y

1322500

1316616

P4Y

P10Y

P3Y

0.04

-14322806

S-1 Exyn Technologies, Inc. Non-accelerated Filer true true false

812534

1981564

1456208

1733929

1622833

1598840

1246286

339418

5137861

5653751

344114

612750

312041

458894

63700

5857716

6789095

1618701

1038796

1866123

1612833

6887000

348538

129140

156797

146515

6123992

3462515

17001152

6389799

167290

324107

167290

324107

17168442

6713906

0.0001

74382714

64322487

6432

0.0001

5120000

1322500

1316616

132

64642374

63820629

-75913195

-63721509

-46470

-30496

-11310726

75189

5857716

6789095

5810504

5568280

3720224

3611850

2090281

1956430

6209055

6358094

4730789

6487224

806937

935525

349630

11746781

14130473

-9656500

-12174043

399384

315167

21436

138133

-2187000

29761

-459040

-2535187

-636074

-12191687

-12810117

-12191687

-12810117

-9.22

-9.73

1322500

1316616

-12191687

-12810117

-15973

-25247

-12207660

-12835364

59779602

5978

1316016

132

57922000

-50911392

-5249

7011470

600

3000

4542885

454

4960104

4960558

-25247

935525

-12810117

64322487

6432

1316616

132

63820629

-63721509

-30496

75189

5884

14808

-15973

806937

-12191687

64322487

6432

1322500

132

64642374

-75913195

-46470

-11310726

-12191687

-12810117

318964

421919

17640

28000

146853

141264

-2187000

806937

935525

42492

66301

-235229

718549

39967

-299761

906867

-31508

579905

115807

472688

223384

-146535

-137448

-8477349

-11402645

50328

10646

-50328

-10646

4960558

14808

3000

2643838

3500000

4700000

7358646

8463558

-1169030

-2949733

1981564

4931297

812534

1981564

338047

304110

682498

65485

3500000

The effects of the restatement on the Company’s consolidated balance sheet as of December 31, 2025 were as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:287.8pt;padding:0pt;"></td><td style="width:11.89pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:55.71pt;padding:0pt;"></td><td style="width:11.9pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:55.7pt;padding:0pt;"></td><td style="width:11.9pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:55.6pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:287.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:287.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.2pt;margin:0pt;padding:0pt;">As Previously</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.6pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:287.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Reported</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Adjustment</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As Restated</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:287.8pt;background:#cceeff;margin:0pt;padding:0pt;">Current portion of notes payable</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,643,837</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,480,155</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.6pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,123,992</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:287.8pt;margin:0pt;padding:0pt;">Long-term notes payable</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;margin:0pt;padding:0pt;"> 3,480,155</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;margin:0pt;padding:0pt;"> (3,480,155)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.6pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:287.8pt;background:#cceeff;margin:0pt;padding:0pt;">Total current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;background:#cceeff;margin:0pt;padding:0pt;"> 13,520,997</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.7pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,480,155</td><td style="vertical-align:bottom;white-space:nowrap;width:11.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.6pt;background:#cceeff;margin:0pt;padding:0pt;"> 17,001,152</td></tr></table></div>

2643837

3480155

6123992

3480155

-3480155

13520997

3480155

17001152

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESUse of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and 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. Actual results could differ from these estimates. The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, revenue recognition, fair value of stock-based compensation, and the determination of the economic useful life of depreciable property and equipment. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates.Cash and Cash Equivalents. The Company considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents.Accounts Receivable. Accounts receivable are carried at their contractual amounts, less an estimated allowance for credit losses. Credit is granted in the normal course of business without collateral. The typical payment term is 30 days. Management estimates the allowance for credit losses using a loss-rate approach based on historical loss information, adjusted for management’s expectations about current and future economic conditions, as the basis to determine expected credit losses. Management exercises significant judgment in determining expected credit losses. Key inputs include macroeconomic factors, industry trends, the creditworthiness of counterparties, historical experience, the financial conditions of the customers, and the amount and age of past due accounts. Management believes that the composition of receivables at year-end is consistent with historical conditions as credit terms and practices and the client base has not changed significantly. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted. The allowance for credit losses was $203,960 and $173,267 as of December 31, 2025 and 2024, respectively. The following customers individually represented 10% or more of total accounts receivable as of December 31, 2025 and 2024:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:357.55pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.29pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:357.55pt;background:#cceeff;margin:0pt;padding:0pt;">Customer A</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 12</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 33</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;">Customer B</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> 19</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;">%</td></tr></table></div>Inventories. Inventory is recorded at the lower of cost or net realizable value on an average basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow moving based on a review of recent sales trends and expected future demand.Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for lab, office and computer equipment, 5 to 7 years for furniture and fixtures, 10 to 15 years for building improvements, and 5 years for software. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the statements of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining estimated useful lives.Deferred revenue. The Company classifies amounts billed to customers for which the related services or performance obligations have not yet been satisfied as deferred revenue, which represents contract liabilities under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606. These amounts are recorded as a contract liability until the Company fulfills its obligations under the contract.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Deferred revenue activity for the years ended December 31, 2025 and 2024 is summarized as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:351.3pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">Balance, beginning of year</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 129,140</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 281,403</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;">Billings in advance of revenue recognition</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 376,981</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 26,169</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from beginning balance</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (157,583)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (178,432)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;">Balance, end of year</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 348,538</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 129,140</td></tr></table></div>All deferred revenue outstanding as of December 31, 2025 is expected to be recognized within the following twelve months. Because the Company’s contracts have an original expected duration of one year or less, the Company has elected the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations.Contingent Liabilities. The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel handling its defense in these matters and the Company’s analysis of potential outcomes, if the Company determines that a loss arising from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its consolidated financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions and judgments, reflects the most likely outcome, is recorded as a contingent liability in the consolidated financial statements. In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses for these types of contingencies are recognized in the period in which the litigation services were provided.Stock-based PaymentsThe Company accounts for stock-based compensation under the provisions of FASB ASC 718, “Compensation — Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the shorter of the requisite service period or the actual vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the requisite service period or the actual vesting period, using the straight-line method. In June 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-07, Compensation — Stock Compensation (Topic 718), Improvements to Nonemployee stock-based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include stock-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share-based transactions to employees. Consistent with the accounting requirement for employee stock-based payment awards, nonemployee stock-based payment awards within the scope of Topic 718 are measured at grant- date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.The Company has elected to account for forfeiture of stock-based awards as they occur.Warrants. The Company classifies a warrant to purchase shares of its common stock as equity on its consolidated balance sheets as this warrant is a free-standing financial instrument that is indexed to the Company’s own stock and meets the criteria for equity classification. Each warrant is initially recorded within equity at the date of grant, net of issuance costs, and is not subsequently re-measured. Changes in the fair value of the warrant are not recognized after the initial measurement. The warrants will remain classified in equity until they are exercised or expire.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Revenue Recognition. In accordance with FASB ASC 606, “Revenue from Contracts with Customers”, the Company recognizes revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for fulfilling those performance obligations. The Company’s primary revenue streams include sales of aerial robotic systems and related software solutions, service revenue and subscription revenue generated through the Company’s installment program.Product SalesBeginning in August 2024, revenue for product sales is recognized upon shipment, which is the point in time when control of the product transfers to the customer. Prior to August 2024, revenue was recognized upon customer receipt.Subscription Revenue Installment ProgramThe Company offers customers an installment-based subscription program under which a drone is delivered to the customer at the outset, and the customer pays fixed monthly subscription fees usually over a 24-month term. Customers may cancel the arrangement at any time by providing 90 days’ notice and returning the drone at the end of the notice period. Because the customer may cancel the arrangement prior to completing the 24-month term, the Company does not have an unconditional right to the remaining consideration at the time of delivery.Under ASC 606, the Company has determined that the installment program represents a series of monthly performance obligations to provide the customer with access to and use of the drone for as long as the customer continues to participate in the program. Revenue is recognized monthly, as invoices are issued and the Company’s right to consideration for each installment becomes unconditional. A trade receivable is recorded only for amounts invoiced. The total monthly subscription fees over the 24-month period equal the cash selling price of the drone. The Company evaluated whether the installment program includes a significant financing component and concluded that it does not, as the absence of interest represents a sales incentive.Service RevenueService revenue is recognized over time as the related services are performed, based on the nature of the underlying service arrangement.Remaining Performance ObligationsAs of December 31, 2025 and December 31, 2024, deferred revenue totaled $348,538 and $129,140, respectively, representing amounts billed in advance for which performance obligations have not yet been satisfied.ConcentrationsThree and two customers represented in the aggregate 36% and 28% of total revenues for the years ended December 31, 2025 and 2024, respectively, as shown below:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:357.55pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.29pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:357.55pt;background:#cceeff;margin:0pt;padding:0pt;">Customer A</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 14</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 15</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;">Customer B</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> 13</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:357.55pt;background:#cceeff;margin:0pt;padding:0pt;">Customer C</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr></table></div>2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Cost of Revenues. Cost of revenues includes materials, wages, freight charges, depreciation and inspection costs.Comprehensive income. The Company follows ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments. Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments.Foreign Currency Transactions and Translation. Exyn’s functional currency is the United States Dollar (“USD”) and the Exyn Latam functional currency is the Chilean Peso (“CLP”).For the purpose of presenting these consolidated financial statements the reporting currency is USD. The Company’s assets and liabilities are expressed in USD at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.Exchange rate used for the translation as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:351.3pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">12/31/2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">12/31/2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">CLP to USD</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;">Spot</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 907.13</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 996.46</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">Average</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 951.50</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 996.46</td></tr></table></div>Earnings Per Share. The Company follows ASC 260 when reporting Earnings Per Share (“EPS”) resulting in the presentation of basic and diluted earnings per share. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding, plus the effect of potentially dilutive common stock equivalents, if any. In periods when losses are reported, the weighted- average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.For the years ended December 31, 2025 and 2024, the Company had net losses and therefore all potentially dilutive securities were excluded from the diluted EPS calculation, as their inclusion would have been anti-dilutive.As of December 31, 2025 and 2024, the Company excluded the following common stock equivalents, from its calculation of diluted EPS, as their effect would have been anti-dilutive.<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:364.1pt;padding:0pt;"></td><td style="width:15.1pt;padding:0pt;"></td><td style="width:59.4pt;padding:0pt;"></td><td style="width:15.1pt;padding:0pt;"></td><td style="width:59.3pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:364.1pt;background:#cceeff;margin:0pt;padding:0pt;">Convertible Preferred Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,494,347</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,494,347</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;">Options</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;"> 492,749</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;margin:0pt;padding:0pt;"> 437,453</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:364.1pt;background:#cceeff;margin:0pt;padding:0pt;">Warrants for equity investors and placement agent</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 78,280</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 78,280</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;">Total Common Stock Equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,065,376</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,010,080</td></tr></table></div>During the year ended December 31, 2025, the Company issued Simple Agreements for Future Equity (“SAFE”), which are contingently convertible upon the occurrence of specified events (e.g., an equity financing or liquidity event); as such conditions were not met as of December 31, 2025, the related shares are not considered issuable and are therefore excluded from the table above.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Deferred Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the term of the recognized debt liability which approximates the effective interest method.Income Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes” (“ASC Topic 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2025 and 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.Fair Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:Level 1 — quoted prices in active markets for identical assets or liabilitiesLevel 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observableLevel 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)The following table shows the fair value measurements used by level:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:260.2pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.45pt;padding:0pt;"></td><td style="width:58.45pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:57.05pt;padding:0pt;"></td><td style="width:8.3pt;padding:0pt;"></td><td style="width:5.4pt;padding:0pt;"></td><td style="width:48.85pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.45pt;padding:0pt;"></td><td style="width:58.2pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="8" style="vertical-align:bottom;white-space:nowrap;width:199.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value Measurements at Reporting Date Using:</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Quoted Prices in</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;">Amount Reported</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Active Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.35pt;margin:0pt;padding:0pt;">Significant Other</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.25pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;">in the Balance</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Identical Assets </td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.35pt;margin:0pt;padding:0pt;">Observable Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.25pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;">Sheet as of</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Inputs (Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:260.2pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.45pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.45pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table>The carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments. The estimated fair value of the Company’s long-term debt approximates the carrying value of these instruments due to the interest rates on this debt approximating current market interest rates.During the year ended December 31, 2025, the Company issued SAFEs, with gross proceeds totaling $4,700,000.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Liability classificationThe Company evaluates its SAFEs for equity classification and has concluded the instruments do not qualify for equity classification under ASC 815-40. Accordingly, the SAFEs are classified as liabilities and remeasured at fair value each reporting date, with changes in fair value recognized in earnings. See Note 10, SAFE Liabilities, for additional information.MeasurementAs there are no quoted prices or observable market inputs available for these instruments, the SAFEs are classified within Level 3 of the fair value hierarchy. The Company engaged a third-party valuation specialist to assist in the estimation of fair value at each reporting date using a Probability-Weighted Expected Return Method (“PWERM”) to probability-weight discrete outcomes (including equity financing, liquidity event, termination, and dissolution) and an Option Pricing Model (“OPM”) to value the option-like conversion features within the applicable scenarios.For the April 5, 2025 ($1,500,000 SAFE) issuance, the significant unobservable inputs used in the Level 3 valuation include:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:343.75pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.15pt;padding:0pt;"></td><td style="width:62.5pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:6.35pt;padding:0pt;"></td><td style="width:62.3pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:343.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">April 5, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 66</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 20</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 19</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 74</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">0.74 – 0.90</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 0.16</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 17.08</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 22.67</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">87 – 89</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 97</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;">50 – 52</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 69</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 1,959,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 2,343,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table></div>For the August 1, 2025 ($3,000,000 SAFE) and December 1, 2025 ($100,000 SAFEs each) issuances, the significant unobservable inputs used in the Level 3 valuation include the inputs set forth in the table below. Because the December 2025 SAFEs had terms identical to the August 1, 2025 SAFE and management concluded there were no significant changes in the Company’s facts and circumstances or key valuation drivers between issuance dates, the Company applied the same valuation methodology and significant unobservable inputs used for the August 1, 2025 issuance to estimate the initial fair values of the December 2025 SAFEs.<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:343.75pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.15pt;padding:0pt;"></td><td style="width:62.5pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:6.35pt;padding:0pt;"></td><td style="width:62.3pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:343.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">August 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 66</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 20</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 24</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 74</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">0.56 – 0.58</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">0.16 – 0.18</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 20.76</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 22.67</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 90</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">96 – 97</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 56</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;">66 – 69</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 4,059,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 4,544,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table></div>2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)The following tables summarize the changes in SAFE liabilities for the year ended December 31, 2025:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:415.4pt;padding:0pt;"></td><td style="width:13.15pt;padding:0pt;"></td><td style="width:8.29pt;padding:0pt;"></td><td style="width:76.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Level 3 Rollforward of SAFE Liabilities (Fair Value Basis)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Beginning Balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Issuances (initial fair value)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,018,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Change in fair value recognized in earnings</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 869,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Ending Balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Supplemental Reconciliation of SAFE Proceeds and Earnings Impact</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Proceeds from issuance of SAFEs</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"> 4,700,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Noncash change in fair value upon issuance (Day 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,318,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Noncash change in fair value subsequent to issuance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 869,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Ending SAFE liability at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table></div>The supplemental reconciliation above is provided to bridge cash proceeds to the initial and subsequent fair value measurements and to reconcile to the income statement caption Noncash Change in Fair Value of SAFE Liabilities. For the year ended December 31, 2025, the Company recognized a total noncash loss of $2,187,000, consisting of $1,318,000 attributable to initial recognition of SAFEs issued during the year where the initial fair value exceeded cash proceeds and $869,000 attributable to changes in fair value subsequent to issuance through December 31, 2025.As a Level 3 fair value measurement, the estimated fair value of the SAFE liabilities is sensitive to changes in significant unobservable inputs, including the assumed probability and timing of future equity financings and liquidity events, the Company’s implied equity value, volatility, and the discount rate. Changes in these inputs may increase or decrease the estimated fair value depending on their effect on the probability- weighted expected payoff to SAFE holders. For example, a decrease in the discount rate generally increases the estimated fair value; however, changes in event probabilities or volatility may have different directional effects depending on the contractual terms and modeled outcomes.Concentration of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. With regard to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic conditions and, generally, requires no collateral from its customers.Leases. The Company leases certain facilities and office space. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component in the calculation of the lease asset and corresponding liability.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.Recent Accounting Pronouncements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, as modified by FASB ASU No. 2019-10 and other subsequently issued related ASUs. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this new guidance effective January 1, 2023 utilizing the modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but did change how the allowance for credit losses is determined.In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an interim and annual basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the annual reporting period ended December 31, 2024. There was no impact on the Company’s reportable segments identified.Segment Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue stream includes the sale of aerial robotic systems and related software solutions that enable data collection, mapping, and inspection. Based on the CODM’s evaluation and internal reporting, the Company has one reportable segment: Aerial Robotic Systems.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and 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. Actual results could differ from these estimates. The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, revenue recognition, fair value of stock-based compensation, and the determination of the economic useful life of depreciable property and equipment. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates.

Cash and Cash Equivalents. The Company considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents.

Accounts Receivable. Accounts receivable are carried at their contractual amounts, less an estimated allowance for credit losses. Credit is granted in the normal course of business without collateral. The typical payment term is 30 days. Management estimates the allowance for credit losses using a loss-rate approach based on historical loss information, adjusted for management’s expectations about current and future economic conditions, as the basis to determine expected credit losses. Management exercises significant judgment in determining expected credit losses. Key inputs include macroeconomic factors, industry trends, the creditworthiness of counterparties, historical experience, the financial conditions of the customers, and the amount and age of past due accounts. Management believes that the composition of receivables at year-end is consistent with historical conditions as credit terms and practices and the client base has not changed significantly. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted. The allowance for credit losses was $203,960 and $173,267 as of December 31, 2025 and 2024, respectively. The following customers individually represented 10% or more of total accounts receivable as of December 31, 2025 and 2024:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:357.55pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.29pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:357.55pt;background:#cceeff;margin:0pt;padding:0pt;">Customer A</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 12</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 33</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;">Customer B</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> 19</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;">%</td></tr></table></div>

203960

173267

<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:357.55pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.29pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:357.55pt;background:#cceeff;margin:0pt;padding:0pt;">Customer A</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 12</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 33</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;">Customer B</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> 19</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;">%</td></tr></table></div>

0.12

0.33

0.19

Inventories. Inventory is recorded at the lower of cost or net realizable value on an average basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow moving based on a review of recent sales trends and expected future demand.

Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for lab, office and computer equipment, 5 to 7 years for furniture and fixtures, 10 to 15 years for building improvements, and 5 years for software. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the statements of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining estimated useful lives.

P3Y

P5Y

P10Y

Deferred revenue. The Company classifies amounts billed to customers for which the related services or performance obligations have not yet been satisfied as deferred revenue, which represents contract liabilities under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606. These amounts are recorded as a contract liability until the Company fulfills its obligations under the contract.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Deferred revenue activity for the years ended December 31, 2025 and 2024 is summarized as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:351.3pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">Balance, beginning of year</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 129,140</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 281,403</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;">Billings in advance of revenue recognition</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 376,981</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 26,169</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from beginning balance</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (157,583)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (178,432)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;">Balance, end of year</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 348,538</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 129,140</td></tr></table></div>All deferred revenue outstanding as of December 31, 2025 is expected to be recognized within the following twelve months. Because the Company’s contracts have an original expected duration of one year or less, the Company has elected the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations.

129140

281403

376981 26169

-157583

-178432

348538

129140

Contingent Liabilities. The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel handling its defense in these matters and the Company’s analysis of potential outcomes, if the Company determines that a loss arising from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its consolidated financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions and judgments, reflects the most likely outcome, is recorded as a contingent liability in the consolidated financial statements. In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses for these types of contingencies are recognized in the period in which the litigation services were provided.

Stock-based PaymentsThe Company accounts for stock-based compensation under the provisions of FASB ASC 718, “Compensation — Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the shorter of the requisite service period or the actual vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the requisite service period or the actual vesting period, using the straight-line method. In June 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-07, Compensation — Stock Compensation (Topic 718), Improvements to Nonemployee stock-based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include stock-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share-based transactions to employees. Consistent with the accounting requirement for employee stock-based payment awards, nonemployee stock-based payment awards within the scope of Topic 718 are measured at grant- date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.The Company has elected to account for forfeiture of stock-based awards as they occur.

Warrants. The Company classifies a warrant to purchase shares of its common stock as equity on its consolidated balance sheets as this warrant is a free-standing financial instrument that is indexed to the Company’s own stock and meets the criteria for equity classification. Each warrant is initially recorded within equity at the date of grant, net of issuance costs, and is not subsequently re-measured. Changes in the fair value of the warrant are not recognized after the initial measurement. The warrants will remain classified in equity until they are exercised or expire.

Revenue Recognition. In accordance with FASB ASC 606, “Revenue from Contracts with Customers”, the Company recognizes revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for fulfilling those performance obligations. The Company’s primary revenue streams include sales of aerial robotic systems and related software solutions, service revenue and subscription revenue generated through the Company’s installment program.Product SalesBeginning in August 2024, revenue for product sales is recognized upon shipment, which is the point in time when control of the product transfers to the customer. Prior to August 2024, revenue was recognized upon customer receipt.Subscription Revenue Installment ProgramThe Company offers customers an installment-based subscription program under which a drone is delivered to the customer at the outset, and the customer pays fixed monthly subscription fees usually over a 24-month term. Customers may cancel the arrangement at any time by providing 90 days’ notice and returning the drone at the end of the notice period. Because the customer may cancel the arrangement prior to completing the 24-month term, the Company does not have an unconditional right to the remaining consideration at the time of delivery.Under ASC 606, the Company has determined that the installment program represents a series of monthly performance obligations to provide the customer with access to and use of the drone for as long as the customer continues to participate in the program. Revenue is recognized monthly, as invoices are issued and the Company’s right to consideration for each installment becomes unconditional. A trade receivable is recorded only for amounts invoiced. The total monthly subscription fees over the 24-month period equal the cash selling price of the drone. The Company evaluated whether the installment program includes a significant financing component and concluded that it does not, as the absence of interest represents a sales incentive.Service RevenueService revenue is recognized over time as the related services are performed, based on the nature of the underlying service arrangement.Remaining Performance ObligationsAs of December 31, 2025 and December 31, 2024, deferred revenue totaled $348,538 and $129,140, respectively, representing amounts billed in advance for which performance obligations have not yet been satisfied.ConcentrationsThree and two customers represented in the aggregate 36% and 28% of total revenues for the years ended December 31, 2025 and 2024, respectively, as shown below:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:357.55pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.29pt;padding:0pt;"></td><td style="width:14.75pt;padding:0pt;"></td><td style="width:58.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:357.55pt;background:#cceeff;margin:0pt;padding:0pt;">Customer A</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 14</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 15</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:357.55pt;margin:0pt;padding:0pt;">Customer B</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;margin:0pt;padding:0pt;"> 13</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:357.55pt;background:#cceeff;margin:0pt;padding:0pt;">Customer C</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:14.75pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:58.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr></table></div>

P24M P90D P24M

348538

129140

3 2

0.36

0.28

0.14

0.15

0.11

0.13

0.11

Cost of Revenues. Cost of revenues includes materials, wages, freight charges, depreciation and inspection costs.

Comprehensive income. The Company follows ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments. Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments.

Foreign Currency Transactions and Translation. Exyn’s functional currency is the United States Dollar (“USD”) and the Exyn Latam functional currency is the Chilean Peso (“CLP”).For the purpose of presenting these consolidated financial statements the reporting currency is USD. The Company’s assets and liabilities are expressed in USD at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.Exchange rate used for the translation as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:351.3pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:14.45pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">12/31/2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">12/31/2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">CLP to USD</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:351.3pt;margin:0pt;padding:0pt;">Spot</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 907.13</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 996.46</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:351.3pt;background:#cceeff;margin:0pt;padding:0pt;">Average</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 951.50</td><td style="vertical-align:bottom;white-space:nowrap;width:14.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 996.46</td></tr></table></div>

907.13

996.46

951.5 996.46

Earnings Per Share. The Company follows ASC 260 when reporting Earnings Per Share (“EPS”) resulting in the presentation of basic and diluted earnings per share. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding, plus the effect of potentially dilutive common stock equivalents, if any. In periods when losses are reported, the weighted- average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.For the years ended December 31, 2025 and 2024, the Company had net losses and therefore all potentially dilutive securities were excluded from the diluted EPS calculation, as their inclusion would have been anti-dilutive.As of December 31, 2025 and 2024, the Company excluded the following common stock equivalents, from its calculation of diluted EPS, as their effect would have been anti-dilutive.<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:364.1pt;padding:0pt;"></td><td style="width:15.1pt;padding:0pt;"></td><td style="width:59.4pt;padding:0pt;"></td><td style="width:15.1pt;padding:0pt;"></td><td style="width:59.3pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:364.1pt;background:#cceeff;margin:0pt;padding:0pt;">Convertible Preferred Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,494,347</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,494,347</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;">Options</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;margin:0pt;padding:0pt;"> 492,749</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;margin:0pt;padding:0pt;"> 437,453</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:364.1pt;background:#cceeff;margin:0pt;padding:0pt;">Warrants for equity investors and placement agent</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 78,280</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 78,280</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:364.1pt;margin:0pt;padding:0pt;">Total Common Stock Equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.4pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,065,376</td><td style="vertical-align:bottom;white-space:nowrap;width:15.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,010,080</td></tr></table></div>During the year ended December 31, 2025, the Company issued Simple Agreements for Future Equity (“SAFE”), which are contingently convertible upon the occurrence of specified events (e.g., an equity financing or liquidity event); as such conditions were not met as of December 31, 2025, the related shares are not considered issuable and are therefore excluded from the table above.

2494347

492749

437453

78280

3065376

3010080

Deferred Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the term of the recognized debt liability which approximates the effective interest method.

Income Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes” (“ASC Topic 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2025 and 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Fair Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:Level 1 — quoted prices in active markets for identical assets or liabilitiesLevel 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observableLevel 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)The following table shows the fair value measurements used by level:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:260.2pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.45pt;padding:0pt;"></td><td style="width:58.45pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:57.05pt;padding:0pt;"></td><td style="width:8.3pt;padding:0pt;"></td><td style="width:5.4pt;padding:0pt;"></td><td style="width:48.85pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.45pt;padding:0pt;"></td><td style="width:58.2pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="8" style="vertical-align:bottom;white-space:nowrap;width:199.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value Measurements at Reporting Date Using:</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Quoted Prices in</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;">Amount Reported</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Active Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.35pt;margin:0pt;padding:0pt;">Significant Other</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.25pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;">in the Balance</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;margin:0pt;padding:0pt;">Identical Assets </td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.35pt;margin:0pt;padding:0pt;">Observable Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.25pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;">Sheet as of</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:63.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:54.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Inputs (Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:260.2pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.45pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:260.2pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.45pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.05pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.4pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.45pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.2pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table>The carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments. The estimated fair value of the Company’s long-term debt approximates the carrying value of these instruments due to the interest rates on this debt approximating current market interest rates.During the year ended December 31, 2025, the Company issued SAFEs, with gross proceeds totaling $4,700,000.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Liability classificationThe Company evaluates its SAFEs for equity classification and has concluded the instruments do not qualify for equity classification under ASC 815-40. Accordingly, the SAFEs are classified as liabilities and remeasured at fair value each reporting date, with changes in fair value recognized in earnings. See Note 10, SAFE Liabilities, for additional information.MeasurementAs there are no quoted prices or observable market inputs available for these instruments, the SAFEs are classified within Level 3 of the fair value hierarchy. The Company engaged a third-party valuation specialist to assist in the estimation of fair value at each reporting date using a Probability-Weighted Expected Return Method (“PWERM”) to probability-weight discrete outcomes (including equity financing, liquidity event, termination, and dissolution) and an Option Pricing Model (“OPM”) to value the option-like conversion features within the applicable scenarios.For the April 5, 2025 ($1,500,000 SAFE) issuance, the significant unobservable inputs used in the Level 3 valuation include:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:343.75pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.15pt;padding:0pt;"></td><td style="width:62.5pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:6.35pt;padding:0pt;"></td><td style="width:62.3pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:343.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">April 5, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 66</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 20</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 19</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 74</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">0.74 – 0.90</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 0.16</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 17.08</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 22.67</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">87 – 89</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 97</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;">50 – 52</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 69</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 1,959,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 2,343,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table></div>For the August 1, 2025 ($3,000,000 SAFE) and December 1, 2025 ($100,000 SAFEs each) issuances, the significant unobservable inputs used in the Level 3 valuation include the inputs set forth in the table below. Because the December 2025 SAFEs had terms identical to the August 1, 2025 SAFE and management concluded there were no significant changes in the Company’s facts and circumstances or key valuation drivers between issuance dates, the Company applied the same valuation methodology and significant unobservable inputs used for the August 1, 2025 issuance to estimate the initial fair values of the December 2025 SAFEs.<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:343.75pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.15pt;padding:0pt;"></td><td style="width:62.5pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:6.35pt;padding:0pt;"></td><td style="width:62.3pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:343.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">August 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 66</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 20</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 24</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 74</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">0.56 – 0.58</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">0.16 – 0.18</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 20.76</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 22.67</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 90</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">96 – 97</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 56</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;">66 – 69</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 4,059,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 4,544,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table></div>2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)The following tables summarize the changes in SAFE liabilities for the year ended December 31, 2025:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:415.4pt;padding:0pt;"></td><td style="width:13.15pt;padding:0pt;"></td><td style="width:8.29pt;padding:0pt;"></td><td style="width:76.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Level 3 Rollforward of SAFE Liabilities (Fair Value Basis)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Beginning Balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Issuances (initial fair value)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,018,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Change in fair value recognized in earnings</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 869,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Ending Balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Supplemental Reconciliation of SAFE Proceeds and Earnings Impact</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Proceeds from issuance of SAFEs</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"> 4,700,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Noncash change in fair value upon issuance (Day 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,318,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Noncash change in fair value subsequent to issuance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 869,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Ending SAFE liability at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table></div>The supplemental reconciliation above is provided to bridge cash proceeds to the initial and subsequent fair value measurements and to reconcile to the income statement caption Noncash Change in Fair Value of SAFE Liabilities. For the year ended December 31, 2025, the Company recognized a total noncash loss of $2,187,000, consisting of $1,318,000 attributable to initial recognition of SAFEs issued during the year where the initial fair value exceeded cash proceeds and $869,000 attributable to changes in fair value subsequent to issuance through December 31, 2025.As a Level 3 fair value measurement, the estimated fair value of the SAFE liabilities is sensitive to changes in significant unobservable inputs, including the assumed probability and timing of future equity financings and liquidity events, the Company’s implied equity value, volatility, and the discount rate. Changes in these inputs may increase or decrease the estimated fair value depending on their effect on the probability- weighted expected payoff to SAFE holders. For example, a decrease in the discount rate generally increases the estimated fair value; however, changes in event probabilities or volatility may have different directional effects depending on the contractual terms and modeled outcomes.

6887000 6887000

6887000

4700000 1500000

<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:343.75pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.15pt;padding:0pt;"></td><td style="width:62.5pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:6.35pt;padding:0pt;"></td><td style="width:62.3pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:343.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">April 5, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 66</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 20</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 19</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 74</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">0.74 – 0.90</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 0.16</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 17.08</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 22.67</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">87 – 89</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 97</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;">50 – 52</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 69</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 1,959,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 2,343,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table></div><div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:343.75pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.15pt;padding:0pt;"></td><td style="width:62.5pt;padding:0pt;"></td><td style="width:13.35pt;padding:0pt;"></td><td style="width:6.35pt;padding:0pt;"></td><td style="width:62.3pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:343.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">August 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:68.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 66</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 20</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 24</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 74</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">0.56 – 0.58</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">0.16 – 0.18</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 20.76</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 22.67</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 90</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">96 – 97</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 56</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;background:#cceeff;margin:0pt;padding:0pt;">66 – 69</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:343.75pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;"> 4,059,000</td><td style="vertical-align:bottom;white-space:nowrap;width:13.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.35pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;"> 4,544,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table></div>

90000000 90000000 66 20 19 74 10 5 5 1 0.74 0.9 0.16 17.08 22.67 87 89 97 50 52 69 1959000 2343000 3000000 100000 125000000 125000000 66 20 24 74 5 5 5 1 0.56 0.58 0.16 0.18 20.76 22.67 90 96 97 56 66 69 4059000 4544000

<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:415.4pt;padding:0pt;"></td><td style="width:13.15pt;padding:0pt;"></td><td style="width:8.29pt;padding:0pt;"></td><td style="width:76.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Level 3 Rollforward of SAFE Liabilities (Fair Value Basis)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Beginning Balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Issuances (initial fair value)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,018,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Change in fair value recognized in earnings</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 869,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Ending Balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Supplemental Reconciliation of SAFE Proceeds and Earnings Impact</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Proceeds from issuance of SAFEs</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;margin:0pt;padding:0pt;"> 4,700,000</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Noncash change in fair value upon issuance (Day 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,318,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;margin:0pt;padding:0pt;">Noncash change in fair value subsequent to issuance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 869,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:415.4pt;background:#cceeff;margin:0pt;padding:0pt;">Ending SAFE liability at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:76.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table></div>

6018000

869000

6887000

4700000 1318000 869000 6887000 -2187000 1318000 869000

Concentration of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. With regard to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic conditions and, generally, requires no collateral from its customers.

Leases. The Company leases certain facilities and office space. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component in the calculation of the lease asset and corresponding liability.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Recent Accounting Pronouncements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, as modified by FASB ASU No. 2019-10 and other subsequently issued related ASUs. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this new guidance effective January 1, 2023 utilizing the modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but did change how the allowance for credit losses is determined.In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an interim and annual basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the annual reporting period ended December 31, 2024. There was no impact on the Company’s reportable segments identified.

Segment Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue stream includes the sale of aerial robotic systems and related software solutions that enable data collection, mapping, and inspection. Based on the CODM’s evaluation and internal reporting, the Company has one reportable segment: Aerial Robotic Systems.

812534

1981564

349630

1660168

1907196

203960

173267

1456208

1733929

1756268

1598840

556014

426933

1200254

1171907

133435

1218174

306839

14637

22912

13475

9668

1246286

339418

2685999

2635671

44117

36942

25824

2792882

2742554

2448768

2129804

344114

612750

318964

421919

83163

82058

307277

404359

1460481

1033408

76750

15202

16257

1866123

1612833

6143837

3500000

19845

37485

6123992

3462515

6123992

3462515

399384

315167

17640

28000

5000000

3500000

1500000

0.0825

0.0861

3500000

17902

8.75

0.464

0.039

9.3

55330

19845

37485

17640

28000

1500000

0.12

3 1.35 2

3500000

1500000

500000

1000000

0.12

600000

0.385

-12095765

-12682008

-95922

-128109

-12191687

-12810117

<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:378.35pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:6.8pt;padding:0pt;"></td><td style="width:49.25pt;padding:0pt;"></td><td style="width:11.29pt;padding:0pt;"></td><td style="width:6.86pt;padding:0pt;"></td><td style="width:49.2pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:56.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:56.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:378.35pt;background:#cceeff;margin:0pt;padding:0pt;">Current:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;">Federal</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"> 1,516,061</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:378.35pt;background:#cceeff;margin:0pt;padding:0pt;">State</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;margin:0pt;padding:0pt;"> 484,418</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;">Foreign</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:378.35pt;background:#cceeff;margin:0pt;padding:0pt;">Total current</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,000,479</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;">Deferred:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:378.35pt;background:#cceeff;margin:0pt;padding:0pt;">Federal</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,337,425</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,147,228</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;">State</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;margin:0pt;padding:0pt;"> (1,338,552)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;margin:0pt;padding:0pt;"> 366,567</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:378.35pt;background:#cceeff;margin:0pt;padding:0pt;">Foreign</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 27,166</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;">Total deferred</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,026,039</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,513,795</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:378.35pt;background:#cceeff;margin:0pt;padding:0pt;">Total current and deferred</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,026,039</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,521,274</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:378.35pt;margin:0pt;padding:0pt;">Less: change in valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,026,039)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,521,274)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:378.35pt;background:#cceeff;margin:0pt;padding:0pt;">Total income tax benefit</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table></div>

1516061

484418

2000479

2337425

1147228

-1338552

366567

27166

1026039

1513795

1026039 3521274

1026039

3521274

0.21

0.0626

0.0671

0.0197 0

-0.1588

-0.0498

0.0005

-0.0842

-0.2771

13239806

13337393

4445923 3408168

479442

309044

48011

115378

236664

474380

18353824

17413607

53096852

48132056

0.80

18353824

17413607

With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2022 and thereafter are subject to examination by the relevant taxing authorities.

5120000

0.0001

1322500

1316616

5884 600

0.0001

3778798

545372

2423708

17303891

15421114

18530110

31800835

23623385

74382714

64322487

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:135pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:189pt;padding:0pt;"></td><td style="width:10.79pt;padding:0pt;"></td><td style="width:194.41pt;padding:0pt;"></td></tr><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:135pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:189pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr style="height:9.44pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:135pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:189pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Series A Preferred</th><th style="font-weight:normal;text-align:left;vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </th><th style="font-weight:normal;text-align:left;vertical-align:top;width:194.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Series B Preferred</th></tr><tr style="height:23.24pt;"><td style="vertical-align:top;width:135pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Original Issue Price</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">A-1: $14.25 A-2: $15.25 A-3: $16.00 A-4: $19.00</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">B-1: $20.25 B-2: $27.50</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:22.99pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Liquidation Preference</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">1× non-participating (Original Issue Price + declared unpaid dividends)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:22.99pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Dividend Rate</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">8.0% per annum, non-cumulative, payable when/if declared</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Conversion Ratio</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">1:1 (subject to standard anti- dilution)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Voluntary Conversion</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">At any time at holder’s option</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:35.2pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Automatic Conversion</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Upon (i) Qualified IPO (≥ $50M and price ≥ 2× Series B issue price) or (ii) majority of Preferred vote</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Same trigger, but adds requirement that majority of Series B must approve → Slightly stronger for B</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:22.99pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Voting Rights</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Vote together with Common on as-converted basis</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:22.99pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Board Seats</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Series A elects 1 director (as long as ≥ 321,697 shares outstanding)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Series B elects 1 director (as long as ≥ 498,429 shares outstanding)</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:46.7pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Protective Provisions (Class Vote)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Majority of all Preferred required for major actions (amend charter, increase authorized, create senior stock, liquidation, etc.)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Same majority of all Preferred, plus majority of Series B required for any action that adversely affects Series B rights → Series B has veto over its own rights</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Anti-Dilution Protection</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Broad-based weighted average</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Redemption</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">None (only upon Deemed Liquidation Event)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Participation Rights / Pro Rata</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Yes – all Major Investors</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Registration Rights</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Demand (after IPO), S-3, piggyback</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr><tr style="height:5.74pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:135pt;margin:0pt;padding:0pt;">Right of First Refusal / Co-Sale</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:189pt;margin:0pt;padding:0pt;">Applies to Key Holders (founders)</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:194.4pt;margin:0pt;padding:0pt;">Identical</td></tr></table>

14.25

15.25

20.25

27.5

0.08

50 1 321697 1 498429

181715

27.5

5000000

39442

936207

714204

6.25

P6Y3M18D

173907

7.5

600

201722

685789

7.25

P7Y6M

59612

5884

2.5

27136

712381

7.5

P7Y

444441

P6Y2M12D

267940 8.25 P8Y4M24D

1517151

P2Y1M6D

1911713

P2Y8M12D

382226 1087177

P6Y3M25D

P6Y1M9D

1.0113

1.0734

0.0392

0.042

6.42

6.25

806937

935525

83213

0 0 0 0 0 0

83213

83213 83213

P5Y

162243

312041

458894

156797

146515

167290

324107

324087

470622

P2Y

0.0394

Future minimum lease payments under non-cancelable operating leases as of December 31, 2025 are as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:427.55pt;padding:0pt;"></td><td style="width:13.54pt;padding:0pt;"></td><td style="width:8.5pt;padding:0pt;"></td><td style="width:63.41pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:427.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:63.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:427.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years Ending December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:13.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:71.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Operating Leases</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:427.55pt;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:63.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 166,210</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:427.55pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:13.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:63.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 170,322</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:427.55pt;background:#cceeff;margin:0pt;padding:0pt;">Total lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:63.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 336,532</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:427.55pt;margin:0pt;padding:0pt;">Less: imputed interest</td><td style="vertical-align:bottom;white-space:nowrap;width:13.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:63.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (12,446)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:427.55pt;background:#cceeff;margin:0pt;padding:0pt;">Total present value of lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:13.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:63.4pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 324,087</td></tr></table></div>

166210

170322

336532

12446

324087

7238571 7688306 743790 773031

790084

306854

5083641

4443978

376603

348858

350260

775444

5810504

5568280

3720224

3611850

2090281

1956430

317025

421919

1065471

1758548

1922219

956101

621274

878362

2201540

1975269

5810504

5568280

50328

10646

5857716

6789095

1000000

1500000

64854

0.0001

161

750000

0.08

1500000

1200000

0.15

1000000

0.10

100000

825000

8.25

825000

175000

825000

178253

1.25

1200000

1102166

812534

571838

1456208

1503402

1622833

1357105

1246286

4534511

5137861

277936

344114

274410

312041

63700

5150557

5857716

2001764

1618701

1923458

1866123

6917000 6887000

286689

348538

159382

156797

7308988

6123992

18597281

17001152

126082

167290

750000

876082

167290

19473363

17168442

0.0001

65937090

64322487

6593

6432

0.0001

5120000

1322500

132

64842183

64642374

-79151980

-75913195

-19734

-46470

-14322806

-11310726

5150557

5857716

1190597

1218053

688262

784894

502335

433159

1960412

1410939

1214834

1333919

199809

201734

3375055

2946592

-2872720

-2513433

336154

81323

3828

7516

-30000

-3739

7581

-366065

-66226

-3238785

-2579659

-3238785

-2579659

26736

216

-3212049

-2579443

-3.43

-2.74

944643

940440

64322487

6432

1322500

132

64642374

-75913195

-46470

-11310726

1614603

161

26736

199809

-3238785

65937090

6593

1322500

132

64842183

-79151980

-19734

64322487

6432

1316616

132

63820629

-63721509

-30496

75189

216

201734

-2579659

64322487

6432

1316616

132

64022363

-66301168

-30280

-2302520

-3238785

-2579659

69728

87930

15248

9136

37631

36172

-30000

199809

201734

29246

-855124

-933418

-146167

70785

110819

-70217

383063

-83982

-4516

-78801

-38623

-35937

-1626727

-1510557

3550

11429

-3550

-11429

161

1919748

1919909

289632

-1521986

812534

1981564

1102166

459578

146604

81323

EXYN TECHNOLOGIES, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;">NATURE OF OPERATIONS AND BASIS OF PRESENTATION</td></tr></table><div style="margin-top:12pt;"></div>Exyn Technologies, Inc. (“Exyn” or the “Company”) was incorporated in the State of Delaware on May 12, 2014. The Company is a technology company pioneering autonomous aerial robot systems for complex, GPS-denied environments. Its full-stack solution enables flexible deployment of single or multi-robot fleets that can intelligently navigate and dynamically adapt to challenging environments in real time. As of March 31, 2026, Exyn had two wholly owned subsidiaries:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Exyn Latin America SPA, Inc. (“Exyn Latam”): Formed in April 2023 to focus on business development and sales in the Latin America region.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Exyn Defense: Formed in October 2024 to focus on business development and sales in the defense industry in the US and internationally. This subsidiary had no activity during the year ended December 31, 2025.</td></tr></table><div style="margin-top:12pt;"></div>Unless otherwise indicated, references to “Exyn” or the “Company” herein collectively refer to Exyn Technologies, Inc. and its subsidiaries.Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to fairly present the results of the interim periods. The results of operations and cash flows for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ended December 31, 2026 or any other future period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in Exyn Technologies, Inc.’s Registration Statement on Form S-1/A filed with the SEC on May 11, 2026.

<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="padding:0pt;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td></tr></table><div style="margin-top:12pt;"></div>Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and 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. Actual results could differ from these estimates. The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, revenue recognition, fair value of stock-based compensation, and the determination of the economic useful life of depreciable property and equipment. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates.Cash and Cash Equivalents. The Company considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents.Accounts Receivable. Accounts receivable are carried at their contractual amounts, less an estimated allowance for credit losses. Credit is granted in the normal course of business without collateral. The typical payment term is 30 days. Management estimates the allowance for credit losses using a loss-rate approach based on historical loss information, adjusted for management’s expectations about current and future economic conditions, as the basis to determine expected credit losses. Management exercises significant judgment in determining expected credit losses. Key inputs include macroeconomic factors, industry trends, the creditworthiness of counterparties, historical experience, the financial conditions of the customers, and the amount and age of past due accounts. Management believes that the composition of receivables at year-end is consistent with historical conditions as credit terms and practices and the client base has not changed significantly. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted. The allowance for credit losses was $232,206 and $203,960 as of March 31, 2026 and December 31, 2025, respectively. There were two and one customers who represented in the aggregate 25% and 12% of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively.Inventories. Inventory is recorded at the lower of cost or net realizable value on an average cost basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow moving based on a review of recent sales trends and expected future demand.Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for lab, office and computer equipment, 5 to 7 years for furniture and fixtures, 10 to 15 years for building improvements, and 5 years for software. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining estimated useful lives.Deferred revenue. The Company classifies amounts billed to customers for which the related services or performance obligations have not yet been satisfied as deferred revenue, which represents contract liabilities under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606. These amounts are recorded as a contract liability until the Company fulfills its obligations under the contract.Deferred revenue activity as of March 31, 2026 is summarized as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:351.4pt;padding:0pt;"></td><td style="width:12.95pt;padding:0pt;"></td><td style="width:8.4pt;padding:0pt;"></td><td style="width:59.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:67.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:351.4pt;background:#cceeff;margin:0pt;padding:0pt;">Balance at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 348,538</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;">Billings in advance of revenue recognition</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;margin:0pt;padding:0pt;"> 1,325,425</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:351.4pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from beginning balance</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,387,274)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;">Balance at March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 286,689</td></tr></table>All deferred revenue outstanding as of March 31, 2026 is expected to be recognized within the following twelve months. Because the Company’s contracts have an original expected duration of one year or less, the Company has elected the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations.Contingent Liabilities. The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel handling its defense in these matters and the Company’s analysis of potential outcomes, if the Company determines that a loss arising from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its consolidated financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions and judgments, reflects the most likely outcome, is recorded as a contingent liability in the consolidated financial statements. In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses for these types of contingencies are recognized in the period in which the litigation services were provided.Stock-based Payments. The Company accounts for stock-based compensation under the provisions of FASB ASC 718, “Compensation — Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the shorter of the requisite service period or the actual vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the requisite service period or the actual vesting period, using the straight-line method. In June 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee stock-based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include stock-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share- based transactions to employees. Consistent with the accounting requirement for employee stock-based payment awards, nonemployee stock-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for forfeiture of stock-based awards as they occur.Warrants. The Company classifies a warrant to purchase shares of its common stock as equity on its consolidated balance sheets as this warrant is a free-standing financial instrument that is indexed to the Company’s own stock and meets the criteria for equity classification. Each warrant is initially recorded within equity at the date of grant, net of issuance costs, and is not subsequently re-measured. Changes in the fair value of the warrant are not recognized after the initial measurement. The warrants will remain classified in equity until they are exercised or expire.Revenue Recognition. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for fulfilling those performance obligations. The Company’s primary revenue streams include sales of aerial robotic systems and related software solutions, service revenue and subscription revenue generated through the Company’s installment program.Product SalesBeginning in August 2024, revenue for product sales is recognized upon shipment, which is the point in time when control of the product transfers to the customer. Prior to August 2024, revenue was recognized upon customer receipt.Subscription Revenue Installment ProgramThe Company offers customers an installment-based subscription program under which a drone is delivered to the customer at the outset, and the customer pays fixed monthly subscription fees usually over a 24-month term. Customers may cancel the arrangement at any time by providing 90 days’ notice and returning the drone at the end of the notice period. Because the customer may cancel the arrangement prior to completing the 24-month term, the Company does not have an unconditional right to the remaining consideration at the time of delivery.Under ASC 606, the Company has determined that the installment program represents a series of monthly performance obligations to provide the customer with access to and use of the drone for as long as the customer continues to participate in the program. Revenue is recognized monthly, as invoices are issued and the Company’s right to consideration for each installment becomes unconditional. A trade receivable is recorded only for amounts invoiced. The total monthly subscription fees over the 24-month period equal the cash selling price of the drone. The Company evaluated whether the installment program includes a significant financing component and concluded that it does not, as the absence of interest represents a sales incentive.Service RevenueService revenue is recognized over time as the related services are performed, based on the nature of the underlying service arrangement.Remaining Performance ObligationsAs of March 31, 2026 and December 31, 2025, deferred revenue totaled $286,689 and $348,538 respectively, representing amounts billed in advance for which performance obligations have not yet been satisfied.ConcentrationRevenue from four customers accounted for approximately 60% of the Company’s revenue in the three months ended March 31, 2026. Revenue from two customers accounted for 41% of the Company’s sales in the three months ended March 31, 2025.Cost of Revenues. Cost of revenues includes materials, wages, freight charges, depreciation and inspection costs.Comprehensive income. The Company follows Accounting Standards Codification ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments. Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments.Foreign Currency Transactions and Translation. Exyn’s functional currency is the United States Dollar (“USD”) and Exyn Latam’s functional currency is the Chilean Peso (“CLP”).For the purpose of presenting these consolidated financial statements the reporting currency is USD. The Company’s assets and liabilities are expressed in USD at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.Exchange rate used for the translation are as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:369.5pt;padding:0pt;"></td><td style="width:9.65pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:54.6pt;padding:0pt;"></td><td style="width:9.75pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:54.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;margin:0pt;padding:0pt;">Three Months </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;margin:0pt;padding:0pt;">Three Months </td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;margin:0pt;padding:0pt;">Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;margin:0pt;padding:0pt;">Ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:369.5pt;background:#cceeff;margin:0pt;padding:0pt;">CLP to USD</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;">Spot</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;margin:0pt;padding:0pt;"> 927.46</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;margin:0pt;padding:0pt;"> 953.07</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.5pt;background:#cceeff;margin:0pt;padding:0pt;">Average</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;background:#cceeff;margin:0pt;padding:0pt;"> 892.78</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 962.48</td></tr></table></div>Earnings Per Share. The Company follows ASC 260 when reporting Earnings Per Share (“EPS”) resulting in the presentation of basic and diluted earnings per share. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding, plus the effect of potentially dilutive common stock equivalents, if any. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.For the three months ended March 31, 2026 and 2025, the Company had net losses and therefore all potentially dilutive securities were excluded from the diluted EPS calculation, as their inclusion would have been anti-dilutive.For the three months ended March 31, 2026 and 2025, the Company excluded the following common stock equivalents from its calculation of diluted EPS, as their effect would have been anti-dilutive.<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:376.3pt;padding:0pt;"></td><td style="width:12.29pt;padding:0pt;"></td><td style="width:56.1pt;padding:0pt;"></td><td style="width:12.3pt;padding:0pt;"></td><td style="width:56.01pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:376.3pt;background:#cceeff;margin:0pt;padding:0pt;">Convertible Preferred Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,605,191</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,572,899</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;">Options</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;margin:0pt;padding:0pt;"> 694,729</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;margin:0pt;padding:0pt;"> 662,128</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:376.3pt;background:#cceeff;margin:0pt;padding:0pt;">Warrants for equity investors and placement agent</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 83,213</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 83,213</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;">Total Common Stock Equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,383,133</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,318,240</td></tr></table></div>During the year ended December 31, 2025, the Company issued Simple Agreements for Future Equity (“SAFEs”), which are contingently convertible into preferred stock upon the occurrence of specified events (e.g., an equity financing or liquidity event); as such conditions were not met as of March 31, 2026 the related shares are not considered issuable and are therefore excluded from the table above. There were no outstanding SAFEs as of March 31, 2025.Deferred Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the term of the recognized debt liability which approximates the effective interest method.Income Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes”. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2025 and 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.Fair Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:Level 1 — quoted prices in active markets for identical assets or liabilitiesLevel 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observableLevel 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)The following table shows the fair value measurements used by level as of March 31, 2026:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:258.6pt;padding:0pt;"></td><td style="width:10.2pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:47pt;padding:0pt;"></td><td style="width:10.2pt;padding:0pt;"></td><td style="width:6.5pt;padding:0pt;"></td><td style="width:46.8pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.55pt;padding:0pt;"></td><td style="width:46.8pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.55pt;padding:0pt;"></td><td style="width:46.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Quoted Prices</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">in Active</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Observable</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Identical Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:258.6pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,917,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr></table></div>The following table shows the fair value measurements used by level as of December 31, 2025:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:257.35pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:47pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:5.25pt;padding:0pt;"></td><td style="width:45.5pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:5.25pt;padding:0pt;"></td><td style="width:46.15pt;padding:0pt;"></td><td style="width:8.4pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:56.65pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Quoted Prices</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Significant </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">in Active</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Observable</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Identical Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:257.35pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table></div>The carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments The estimated fair value of the Company’s long-term debt approximates the carrying value of these instruments, due to the interest rates on this debt approximating current market interest rates.As of December 31, 2025, the Company issued SAFEs, with gross proceeds totaling $4,700,000. The Company did not issue any additional SAFEs in the three months ended March 31, 2026.MeasurementAs there are no quoted prices or observable market inputs available for these instruments, the SAFEs are classified within Level 3 of the fair value hierarchy. The Company engaged a third-party valuation specialist to assist in the estimation of fair value at each reporting date using a Probability-Weighted Expected Return Method to probability-weight discrete outcomes (including equity financing, liquidity event, termination, and dissolution) and an Option Pricing Model to value the option-like conversion features within the applicable scenarios.For the April 5, 2025 ($1,500,000 SAFE) issuance, the significant unobservable inputs used in the Level 3 valuation include: <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:349.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td><td style="width:5.54pt;padding:0pt;"></td><td style="width:58.65pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:349.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0.04</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 24.41</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 2,208,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td></tr></table>For the August 1, 2025 ($3,000,000 SAFE) and December 1, 2025 ($100,000 SAFEs each) issuances, the significant unobservable inputs used in the Level 3 valuation include the inputs set forth in the table below. Because the December 2025 SAFEs had terms identical to the August 1, 2025 SAFE and management concluded there were no significant changes in the Company’s facts and circumstances or key valuation drivers between issuance dates, the Company applied the same valuation methodology and significant unobservable inputs used for the August 1, 2025 issuance to estimate the initial fair values of the December 2025 SAFEs.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:346.25pt;padding:0pt;"></td><td style="width:10.95pt;padding:0pt;"></td><td style="width:6.95pt;padding:0pt;"></td><td style="width:59.5pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:346.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0.04</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 24.41</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 4,709,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table>The following table summarizes the changes in SAFE liabilities for the three months ended March 31, 2026:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:426.5pt;padding:0pt;"></td><td style="width:13.95pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:63.6pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:426.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:426.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:72.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:426.5pt;background:#cceeff;margin:0pt;padding:0pt;">Beginning Balance, January 1</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:426.5pt;margin:0pt;padding:0pt;">Change in fair value recognized in earnings</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:426.5pt;background:#cceeff;margin:0pt;padding:0pt;">Ending Balance, March 31</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr></table></div>As a Level 3 fair value measurement, the estimated fair value of the SAFE liabilities is sensitive to changes in significant unobservable inputs, including the assumed probability and timing of future equity financings and liquidity events, the Company’s implied equity value, volatility, and the discount rate. Changes in these inputs may increase or decrease the estimated fair value depending on their effect on the probability-weighted expected payoff to SAFE holders. For example, a decrease in the discount rate generally increases the estimated fair value; however, changes in event probabilities or volatility may have different directional effects depending on the contractual terms and modeled outcomes.Concentration of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic conditions and, generally, requires no collateral from its customers.Leases. The Company leases certain facilities and office space. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component. In the calculation of the lease asset and corresponding liability.Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.Recent Accounting Pronouncements Not Yet Adopted. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). The new guidance requires disaggregated information about certain income statement expense line items on an annual and interim basis. This guidance will be effective for annual periods beginning the year ended December 31, 2027 and for interim periods thereafter. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the impact of this ASU on its consolidated financial statements disclosures.Segment Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue stream includes the sale of aerial robotic systems and related software solutions that enable data collection, mapping, and inspection. Based on the CODM’s evaluation and internal reporting, the Company has one reportable segment: Aerial Robotic Systems.

P30D

232206

203960

2 1

0.25

0.12

Inventories. Inventory is recorded at the lower of cost or net realizable value on an average cost basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow moving based on a review of recent sales trends and expected future demand.

P3Y

P5Y

P7Y

P10Y

P15Y

P5Y

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:351.4pt;padding:0pt;"></td><td style="width:12.95pt;padding:0pt;"></td><td style="width:8.4pt;padding:0pt;"></td><td style="width:59.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:67.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:351.4pt;background:#cceeff;margin:0pt;padding:0pt;">Balance at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 348,538</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;">Billings in advance of revenue recognition</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;margin:0pt;padding:0pt;"> 1,325,425</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:351.4pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from beginning balance</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,387,274)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:351.4pt;margin:0pt;padding:0pt;">Balance at March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 286,689</td></tr></table>

348538

1325425

-1387274

286689

Stock-based Payments. The Company accounts for stock-based compensation under the provisions of FASB ASC 718, “Compensation — Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the shorter of the requisite service period or the actual vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the requisite service period or the actual vesting period, using the straight-line method. In June 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee stock-based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include stock-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share- based transactions to employees. Consistent with the accounting requirement for employee stock-based payment awards, nonemployee stock-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for forfeiture of stock-based awards as they occur.

Revenue Recognition. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for fulfilling those performance obligations. The Company’s primary revenue streams include sales of aerial robotic systems and related software solutions, service revenue and subscription revenue generated through the Company’s installment program.Product SalesBeginning in August 2024, revenue for product sales is recognized upon shipment, which is the point in time when control of the product transfers to the customer. Prior to August 2024, revenue was recognized upon customer receipt.Subscription Revenue Installment ProgramThe Company offers customers an installment-based subscription program under which a drone is delivered to the customer at the outset, and the customer pays fixed monthly subscription fees usually over a 24-month term. Customers may cancel the arrangement at any time by providing 90 days’ notice and returning the drone at the end of the notice period. Because the customer may cancel the arrangement prior to completing the 24-month term, the Company does not have an unconditional right to the remaining consideration at the time of delivery.Under ASC 606, the Company has determined that the installment program represents a series of monthly performance obligations to provide the customer with access to and use of the drone for as long as the customer continues to participate in the program. Revenue is recognized monthly, as invoices are issued and the Company’s right to consideration for each installment becomes unconditional. A trade receivable is recorded only for amounts invoiced. The total monthly subscription fees over the 24-month period equal the cash selling price of the drone. The Company evaluated whether the installment program includes a significant financing component and concluded that it does not, as the absence of interest represents a sales incentive.Service RevenueService revenue is recognized over time as the related services are performed, based on the nature of the underlying service arrangement.Remaining Performance ObligationsAs of March 31, 2026 and December 31, 2025, deferred revenue totaled $286,689 and $348,538 respectively, representing amounts billed in advance for which performance obligations have not yet been satisfied.ConcentrationRevenue from four customers accounted for approximately 60% of the Company’s revenue in the three months ended March 31, 2026. Revenue from two customers accounted for 41% of the Company’s sales in the three months ended March 31, 2025.

P24M P90D P24M

286689

348538

0.60

0.41

Cost of Revenues. Cost of revenues includes materials, wages, freight charges, depreciation and inspection costs.

Comprehensive income. The Company follows Accounting Standards Codification ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments. Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments.

Foreign Currency Transactions and Translation. Exyn’s functional currency is the United States Dollar (“USD”) and Exyn Latam’s functional currency is the Chilean Peso (“CLP”).For the purpose of presenting these consolidated financial statements the reporting currency is USD. The Company’s assets and liabilities are expressed in USD at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.Exchange rate used for the translation are as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:369.5pt;padding:0pt;"></td><td style="width:9.65pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:54.6pt;padding:0pt;"></td><td style="width:9.75pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:54.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;margin:0pt;padding:0pt;">Three Months </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;margin:0pt;padding:0pt;">Three Months </td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;margin:0pt;padding:0pt;">Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;margin:0pt;padding:0pt;">Ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:369.5pt;background:#cceeff;margin:0pt;padding:0pt;">CLP to USD</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;">Spot</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;margin:0pt;padding:0pt;"> 927.46</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;margin:0pt;padding:0pt;"> 953.07</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.5pt;background:#cceeff;margin:0pt;padding:0pt;">Average</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;background:#cceeff;margin:0pt;padding:0pt;"> 892.78</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 962.48</td></tr></table></div>

<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:369.5pt;padding:0pt;"></td><td style="width:9.65pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:54.6pt;padding:0pt;"></td><td style="width:9.75pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:54.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;margin:0pt;padding:0pt;">Three Months </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;margin:0pt;padding:0pt;">Three Months </td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;margin:0pt;padding:0pt;">Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;margin:0pt;padding:0pt;">Ended </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:369.5pt;background:#cceeff;margin:0pt;padding:0pt;">CLP to USD</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.5pt;margin:0pt;padding:0pt;">Spot</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;margin:0pt;padding:0pt;"> 927.46</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;margin:0pt;padding:0pt;"> 953.07</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.5pt;background:#cceeff;margin:0pt;padding:0pt;">Average</td><td style="vertical-align:bottom;white-space:nowrap;width:9.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.6pt;background:#cceeff;margin:0pt;padding:0pt;"> 892.78</td><td style="vertical-align:bottom;white-space:nowrap;width:9.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 962.48</td></tr></table></div>

927.46

953.07

892.78 962.48

Earnings Per Share. The Company follows ASC 260 when reporting Earnings Per Share (“EPS”) resulting in the presentation of basic and diluted earnings per share. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding, plus the effect of potentially dilutive common stock equivalents, if any. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.For the three months ended March 31, 2026 and 2025, the Company had net losses and therefore all potentially dilutive securities were excluded from the diluted EPS calculation, as their inclusion would have been anti-dilutive.For the three months ended March 31, 2026 and 2025, the Company excluded the following common stock equivalents from its calculation of diluted EPS, as their effect would have been anti-dilutive.<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:376.3pt;padding:0pt;"></td><td style="width:12.29pt;padding:0pt;"></td><td style="width:56.1pt;padding:0pt;"></td><td style="width:12.3pt;padding:0pt;"></td><td style="width:56.01pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:376.3pt;background:#cceeff;margin:0pt;padding:0pt;">Convertible Preferred Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,605,191</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,572,899</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;">Options</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;margin:0pt;padding:0pt;"> 694,729</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;margin:0pt;padding:0pt;"> 662,128</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:376.3pt;background:#cceeff;margin:0pt;padding:0pt;">Warrants for equity investors and placement agent</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 83,213</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 83,213</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:376.3pt;margin:0pt;padding:0pt;">Total Common Stock Equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,383,133</td><td style="vertical-align:bottom;white-space:nowrap;width:12.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:56pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,318,240</td></tr></table></div>During the year ended December 31, 2025, the Company issued Simple Agreements for Future Equity (“SAFEs”), which are contingently convertible into preferred stock upon the occurrence of specified events (e.g., an equity financing or liquidity event); as such conditions were not met as of March 31, 2026 the related shares are not considered issuable and are therefore excluded from the table above. There were no outstanding SAFEs as of March 31, 2025.

2605191

2572899

694729

662128

83213

3383133

3318240

Deferred Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the term of the recognized debt liability which approximates the effective interest method.

Income Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes”. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2025 and 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Fair Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:Level 1 — quoted prices in active markets for identical assets or liabilitiesLevel 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observableLevel 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)The following table shows the fair value measurements used by level as of March 31, 2026:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:258.6pt;padding:0pt;"></td><td style="width:10.2pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:47pt;padding:0pt;"></td><td style="width:10.2pt;padding:0pt;"></td><td style="width:6.5pt;padding:0pt;"></td><td style="width:46.8pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.55pt;padding:0pt;"></td><td style="width:46.8pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.55pt;padding:0pt;"></td><td style="width:46.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Quoted Prices</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">in Active</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Observable</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Identical Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:258.6pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,917,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr></table></div>The following table shows the fair value measurements used by level as of December 31, 2025:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:257.35pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:47pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:5.25pt;padding:0pt;"></td><td style="width:45.5pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:5.25pt;padding:0pt;"></td><td style="width:46.15pt;padding:0pt;"></td><td style="width:8.4pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:56.65pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Quoted Prices</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Significant </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">in Active</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Observable</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Identical Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:257.35pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table></div>The carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments The estimated fair value of the Company’s long-term debt approximates the carrying value of these instruments, due to the interest rates on this debt approximating current market interest rates.As of December 31, 2025, the Company issued SAFEs, with gross proceeds totaling $4,700,000. The Company did not issue any additional SAFEs in the three months ended March 31, 2026.MeasurementAs there are no quoted prices or observable market inputs available for these instruments, the SAFEs are classified within Level 3 of the fair value hierarchy. The Company engaged a third-party valuation specialist to assist in the estimation of fair value at each reporting date using a Probability-Weighted Expected Return Method to probability-weight discrete outcomes (including equity financing, liquidity event, termination, and dissolution) and an Option Pricing Model to value the option-like conversion features within the applicable scenarios.For the April 5, 2025 ($1,500,000 SAFE) issuance, the significant unobservable inputs used in the Level 3 valuation include: <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:349.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td><td style="width:5.54pt;padding:0pt;"></td><td style="width:58.65pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:349.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0.04</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 24.41</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 2,208,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td></tr></table>For the August 1, 2025 ($3,000,000 SAFE) and December 1, 2025 ($100,000 SAFEs each) issuances, the significant unobservable inputs used in the Level 3 valuation include the inputs set forth in the table below. Because the December 2025 SAFEs had terms identical to the August 1, 2025 SAFE and management concluded there were no significant changes in the Company’s facts and circumstances or key valuation drivers between issuance dates, the Company applied the same valuation methodology and significant unobservable inputs used for the August 1, 2025 issuance to estimate the initial fair values of the December 2025 SAFEs.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:346.25pt;padding:0pt;"></td><td style="width:10.95pt;padding:0pt;"></td><td style="width:6.95pt;padding:0pt;"></td><td style="width:59.5pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:346.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0.04</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 24.41</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 4,709,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table>The following table summarizes the changes in SAFE liabilities for the three months ended March 31, 2026:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:426.5pt;padding:0pt;"></td><td style="width:13.95pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:63.6pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:426.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:426.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:72.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:426.5pt;background:#cceeff;margin:0pt;padding:0pt;">Beginning Balance, January 1</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:426.5pt;margin:0pt;padding:0pt;">Change in fair value recognized in earnings</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:426.5pt;background:#cceeff;margin:0pt;padding:0pt;">Ending Balance, March 31</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:63.6pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr></table></div>As a Level 3 fair value measurement, the estimated fair value of the SAFE liabilities is sensitive to changes in significant unobservable inputs, including the assumed probability and timing of future equity financings and liquidity events, the Company’s implied equity value, volatility, and the discount rate. Changes in these inputs may increase or decrease the estimated fair value depending on their effect on the probability-weighted expected payoff to SAFE holders. For example, a decrease in the discount rate generally increases the estimated fair value; however, changes in event probabilities or volatility may have different directional effects depending on the contractual terms and modeled outcomes.

<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:258.6pt;padding:0pt;"></td><td style="width:10.2pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:47pt;padding:0pt;"></td><td style="width:10.2pt;padding:0pt;"></td><td style="width:6.5pt;padding:0pt;"></td><td style="width:46.8pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.55pt;padding:0pt;"></td><td style="width:46.8pt;padding:0pt;"></td><td style="width:10.25pt;padding:0pt;"></td><td style="width:6.55pt;padding:0pt;"></td><td style="width:46.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Quoted Prices</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">in Active</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Observable</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Identical Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:258.6pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,917,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:258.6pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td><td style="vertical-align:bottom;white-space:nowrap;width:10.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.7pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,917,000</td></tr></table></div>The following table shows the fair value measurements used by level as of December 31, 2025:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:257.35pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:47pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:5.25pt;padding:0pt;"></td><td style="width:45.5pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:5.25pt;padding:0pt;"></td><td style="width:46.15pt;padding:0pt;"></td><td style="width:8.4pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:56.65pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Quoted Prices</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Significant </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">in Active</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Significant</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Markets for</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Observable</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Unobservable</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;">Identical Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;margin:0pt;padding:0pt;">Inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:50.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:51.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.99pt;"><td style="vertical-align:bottom;width:257.35pt;background:#cceeff;margin:0pt;padding:0pt;">SAFE Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:257.35pt;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:47pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:45.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:46.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:56.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,887,000</td></tr></table></div>

6917000 6917000

6917000

6887000 6887000

6887000

4700000 0 1500000

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:349.3pt;padding:0pt;"></td><td style="width:9.35pt;padding:0pt;"></td><td style="width:5.54pt;padding:0pt;"></td><td style="width:58.65pt;padding:0pt;"></td><td style="width:9.15pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:349.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 90,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 0.04</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 24.41</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:349.3pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:9.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.65pt;margin:0pt;padding:0pt;"> 2,208,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.15pt;margin:0pt;padding:0pt;"></td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:432pt;"><tr><td style="width:346.25pt;padding:0pt;"></td><td style="width:10.95pt;padding:0pt;"></td><td style="width:6.95pt;padding:0pt;"></td><td style="width:59.5pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:346.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Date of Valuation</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pre-Money Valuation Cap</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 125,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Probability of Equity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Liquidity Event</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Probability of Termination</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Probability of Dissolution</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Discount Period (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 0.04</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Market Discount Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 24.41</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Discount Factor</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 99</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;background:#cceeff;margin:0pt;padding:0pt;">Volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346.25pt;margin:0pt;padding:0pt;">Fair Value of SAFE</td><td style="vertical-align:bottom;white-space:nowrap;width:10.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.95pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.5pt;margin:0pt;padding:0pt;"> 4,709,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr></table>

90000000 0 99 0 1 0.04 24.41 99 78 2208000 3000000 100000 125000000 0 99 0 1 0.04 24.41 99 78 4709000

6887000

30000

6917000

Concentration of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic conditions and, generally, requires no collateral from its customers.

Leases. The Company leases certain facilities and office space. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component. In the calculation of the lease asset and corresponding liability.Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Recent Accounting Pronouncements Not Yet Adopted. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). The new guidance requires disaggregated information about certain income statement expense line items on an annual and interim basis. This guidance will be effective for annual periods beginning the year ended December 31, 2027 and for interim periods thereafter. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the impact of this ASU on its consolidated financial statements disclosures.

Segment Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue stream includes the sale of aerial robotic systems and related software solutions that enable data collection, mapping, and inspection. Based on the CODM’s evaluation and internal reporting, the Company has one reportable segment: Aerial Robotic Systems.

1102166

8347558

804044

1660168

232206

203960

571838

1456208

1641007

1756268

371429

556014

1269578

1200254

137605

133435

356471

1218174

12546

14637

967934

20154

13475

1357105

1246286

1434195

2685999

29249

44117

24681

36942

25824

1488125

2792882

1210189

2448768

277936

344114

69728

87930

80739

83163

329003

307277

1488500

1460481

25216

15202

1923458

1866123

Principal due under notes payable was as follows as of March 31, 2026 and December 31, 2025:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:513pt;"><tr><td style="width:365.2pt;padding:0pt;"></td><td style="width:9.55pt;padding:0pt;"></td><td style="width:5.95pt;padding:0pt;"></td><td style="width:58.4pt;padding:0pt;"></td><td style="width:9.55pt;padding:0pt;"></td><td style="width:5.95pt;padding:0pt;"></td><td style="width:58.4pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:365.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:365.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:365.2pt;background:#cceeff;margin:0pt;padding:0pt;">Notes payable</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,083,445</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,143,837</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:365.2pt;margin:0pt;padding:0pt;">Less: debt discount</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (24,457)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (19,845)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:365.2pt;background:#cceeff;margin:0pt;padding:0pt;">Notes payable, net</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,058,988</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,123,992</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:365.2pt;margin:0pt;padding:0pt;">Less: current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7,308,988)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (6,123,992)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:365.2pt;background:#cceeff;margin:0pt;padding:0pt;">Total: non-current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 750,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.4pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table></div>

8083445

6143837

24457

19845

8058988

6123992

7308988

6123992

750000

336154

81323

15248

9136

5000000

3500000

1500000

0.0825

0.0861

3500000

197551

0.35

0.464

0.039

9.3

55330

24457

19845

15248

9136

1500000

0.12

3 1.35 2

3500000

1500000

500000

0.12

600000

0.385

750000

0.08

5120000

0.0001

1322500

0.0001

3778798

545372

2423708

17303891

17035717

18530110

31800835

23623385

74382714

65937090

1614603

23405167

P4Y

P10Y

712381

7.5

P7Y

35304

2.5

677077

7.42

P6Y7M6D

444458

7.42

P6Y7M6D

233216 8.17 P8Y2M12D

21511

P1Y10M24D

199809

201734

83213

-64584

18629

18629 1614603

P3Y

P5Y

40561

274410

312041

159382

156797

126082

167290

285464

324087

P1Y9M

0.0394

124658

170322

294980

9516

285464

980139

948039

118958

168254

91500

101760

1190597

1218053

688262

784894

502335

433159

69728

87930

233678

208057

395195

413155

66267

185480

495457

411361

1190597

1218053

-3550

-11429

5150557

4221802

<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">16.</td><td style="padding:0pt;">SUBSEQUENT EVENTS</td></tr></table>On April 15, 2026, the Company entered into Amendment No. 2 to the Senior Convertible Promissory Note (the “Note”) with NeoLync Holdings, Ltd., pursuant to which the maturity date of the Note was extended from April 15, 2026 to May 15, 2026. Subsequently, on April 23, 2026, the Company entered into Amendment No. 3 to the Note with NeoLync Holdings, Ltd., pursuant to which the maturity date of the Note was extended from May 15, 2026 to June 30, 2026. The Note has an original principal amount of $1,500,000. All other terms and conditions of the Note remain unchanged. Concurrently with the Company's initial public offering closing the Note converted to 160,239 shares of common stock.On April 28, 2026, the maturity date of the Loan Agreement with Western Alliance Bank was extended to May 1, 2026. On April 30, 2026, the maturity date was further extended to May 6, 2026. On May 6, 2026, the maturity date was extended again to June 12, 2026. In Q2 2026, the Company used proceeds from its initial public offering to repay in full the outstanding loan with Western Alliance Bank.On April 30, 2026 and May 6, 2026, the Company issued senior secured convertible promissory notes to Evergreen Capital Management, LLC (“Evergreen”) with an aggregate outstanding principal amount of approximately $1.2 million (reflecting a 15% original issue discount) in exchange for $1,000,000 in cash proceeds. The notes will convert into shares of our common stock automatically upon the closing of the Company’s initial public offering, and bear interest at 10% per annum. In connection with these notes, the Company also issued 100,000 shares of common stock as equity kicker shares. The Company determined the fair value of the equity kicker shares to be approximately $825,000, based on an estimated fair value of $8.25 per share as of the issuance date. The Company recorded the fair value of the equity kicker shares of $825,000 as a debt discount, with a corresponding credit to additional paid-in capital. The carrying value of the notes as of the issuance date is $175,000, net of the unamortized debt discount of $825,000 and net of the original issue discount. The Note and Warrant Purchase Agreement, as amended, provided for the issuance of warrants upon the closing of our initial public offering to purchase up to 178,253 shares of the Company’s common stock with 125% warrant coverage on the aggregate principal amount outstanding of approximately $1.2 million and an exercise price equal to the price per share of our common stock in our initial public offering. Furthermore, pursuant to that certain Confidential Side Letter Agreement dated May 18, 2026 between the Company and Evergreen (the “Evergreen Side Letter”), the Company made an initial installment payment on June 17, 2026 in the amount of $472,388.33 to Evergreen in connection with Evergreen agreeing to forbear from declaring an event of default under the Note and the Company has agreed to make two additional installment payments in the amount of $472,388.33, on July 17, 2026 and August 16, 2026, for a total installment amount of $1,417,164.99. Additionally, in connection with entering into the Evergreen Side Letter, the Company issued to Evergreen an additional 100,000 shares of its common stock as equity kicker shares (the “Evergreen Side Letter Shares”) in addition to the equity kicker shares issued pursuant to the Note, comprising a total of 200,000 shares of common stock issued to Evergreen.On May 6, 2026, the maturity date of the HSBC standby letter of credit was extended to June 30, 2026. The standby letter of credit is no longer outstanding.The Securities and Exchange Commission declared the Company’s Registration Statement on Form S-1/A effective on May 14, 2026. The Company has evaluated the impact of this event and determined that no adjustment to the March 31, 2026 condensed consolidated financial statements was required. Concurrently with the closing of its initial public offering of its stock on May 18, 2026, all outstanding SAFEs converted to 819,529 shares of common stock and all outstanding Preferred Stock converted to 2,637,484 shares of common stock.On May 18, 2026, the Company used proceeds from its initial public offering to repay in full the outstanding loan with Maximcash Solutions LLC in the amount of $621,314,40. In connection with the Maximcash Loan Agreement, on May 21, 2026 and June 17, 2026, the Company also issued to Maximcash an additional 8,516 shares of its common stock and 6,000 shares of its common stock, respectively, as equity kicker shares.

1500000

160239

1200000

0.15

1000000

0.10

100000

825000

8.25

825000

175000

825000

178253

1.25

1200000

472388.33

1417164.99

100000

200000

819529

2637484

62131440

8516

6000