Restatement of Prior Period Financial Statements (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Restatement of Prior Period Financial Statements [Abstract] |
|
| Schedule of Audited Condensed Consolidated Balance Sheet |
Audited Condensed Consolidated Balance Sheet
|
in thousands
|
|
December 31,
2025
Previously
Reported
|
|
Adjustments
|
|
December 31,
2025
As Corrected
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other current assets
|
|
$
|
59 |
|
|
$
|
(11 |
)
|
|
$
|
48 |
|
|
Note receivable – related party
|
|
|
4,167 |
|
|
|
(4,167 |
)
|
|
|
—
|
|
|
Total current assets
|
|
|
17,404 |
|
|
|
(4,179 |
)
|
|
|
13,226 |
|
|
Total assets
|
|
$
|
26,670 |
|
|
$
|
(4,179 |
)
|
|
$
|
22,491 |
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid-in capital
|
|
$
|
—
|
|
|
$
|
(2,329 |
)
|
|
$
|
(2,329 |
)
|
|
Accumulated deficit
|
|
|
(676,957 |
)
|
|
|
(1,850 |
)
|
|
|
(678,807 |
)
|
|
Total members’ deficit
|
|
|
(650,689 |
)
|
|
|
(4,179 |
)
|
|
|
(654,868 |
)
|
|
Total liabilities and members’ deficit
|
|
$
|
26,670 |
|
|
$
|
(4,179 |
)
|
|
$
|
22,491 |
|
|
| Schedule of Unaudited Condensed Consolidated Statements of Operations |
Unaudited Condensed Consolidated Statements of Operations
|
in thousands
|
|
March 31,
2025
Previously
Reported
|
|
Adjustments
|
|
March 31,
2025
As Corrected
|
|
General and administrative expenses(1)
|
|
$
|
1,851 |
|
|
$
|
827 |
|
|
$
|
2,678 |
|
|
Loss from operations
|
|
|
(1,975 |
)
|
|
|
(827 |
)
|
|
|
(2,802 |
)
|
|
Provision for credit losses
|
|
|
(1,310 |
)
|
|
|
840 |
|
|
|
(470 |
)
|
|
Total other expense, net
|
|
|
(16,035 |
)
|
|
|
840 |
|
|
|
(15,195 |
)
|
|
Loss before income taxes
|
|
|
(18,010 |
)
|
|
|
13 |
|
|
|
(17,996 |
)
|
|
Net loss
|
|
$
|
(18,010 |
)
|
|
$
|
13 |
|
|
$
|
(17,996 |
)
|
|
| Schedule of Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit |
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit
|
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Deficit
|
|
As Previously Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2024
|
|
$
|
—
|
|
|
$
|
(58,962 |
)
|
|
$
|
(49,374 |
)
|
|
Net loss
|
|
$
|
—
|
|
|
$
|
(18,009 |
)
|
|
$
|
(18,009 |
)
|
|
Balance March 31, 2025
|
|
$
|
—
|
|
|
$
|
(76,971 |
)
|
|
$
|
(66,134 |
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2024
|
|
$
|
261 |
|
|
$
|
(1,931 |
)
|
|
$
|
(1,625 |
)
|
|
Investor loan advances and deemed contributions
|
|
$
|
(853 |
)
|
|
$
|
—
|
|
|
$
|
(853 |
)
|
|
Net loss
|
|
$
|
—
|
|
|
$
|
13 |
|
|
$
|
13 |
|
|
Balance March 31, 2025
|
|
$
|
(592 |
)
|
|
$
|
(1,918 |
)
|
|
$
|
(2,465 |
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
As Corrected
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2024
|
|
$
|
261 |
|
|
$
|
(60,893 |
)
|
|
$
|
(51,000 |
)
|
|
Investor loan advances and deemed contributions
|
|
|
(853 |
)
|
|
|
—
|
|
|
|
(853 |
)
|
|
Net loss
|
|
|
—
|
|
|
|
(17,996 |
)
|
|
|
(17,996 |
)
|
|
Balance March 31, 2025
|
|
$
|
(592 |
)
|
|
$
|
(78,889 |
)
|
|
$
|
(68,599 |
)
|
|
| Schedule of Unaudited Condensed Consolidated Statement of Cash Flows |
Unaudited Condensed Consolidated Statement of Cash Flows
|
in thousands
|
|
March 31,
2025
Previously
Reported
|
|
Adjustments
|
|
March 31,
2025
As Corrected
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(18,010 |
)
|
|
$
|
13 |
|
|
$
|
(17,996 |
)
|
|
Allowance for credit losses
|
|
|
1,310 |
|
|
|
(840 |
)
|
|
|
470 |
|
|
Investor expenses incurred on behalf of Company
|
|
|
—
|
|
|
|
827 |
|
|
|
827 |
|
|
Net cash used in operating activities
|
|
|
(2,063 |
)
|
|
|
—
|
|
|
|
(2,063 |
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advance – note receivable related parties
|
|
|
(1,680 |
)
|
|
|
1,680 |
|
|
|
—
|
|
|
Net cash used in investing activities
|
|
|
(2,154 |
)
|
|
|
1,680 |
|
|
|
(474 |
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constructive disbursements to related party
|
|
|
—
|
|
|
|
(1,680 |
)
|
|
|
(1,680 |
)
|
|
Net cash provided by financing activities
|
|
|
5,335 |
|
|
|
(1,680 |
)
|
|
|
3,655 |
|
|