v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:        
Net loss $ (459,898) $ (16,611,425) $ (79,071,276) $ (34,515,754)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 112,175 446,449 446,449 790,529
Stock-based compensation 202,561 497,164 1,792,540 1,866,095
Inventory reserve adjustments       28,012
Amortization of debt discount       2,381,617
Amortization of deferred financing costs   28,433 28,433 590,740
Debt issuance costs expensed under fair value option     1,699,546  
Interest expense recognized on preferred obligation related to Orbit Transaction (related party) 67,737   103,299  
Settlement of transaction costs through reduction of receivable     150,000  
Operating lease right-of-use asset       383,753
Equity in losses of unconsolidated affiliates (related party)     30,175 0
Change in fair value of warrant liabilities (11,396,260) (127,300) 13,894,830 (2,109,904)
Change in fair value of derivative liability (4,909,820) (37,900) (37,900) (141,100)
Change in fair value of convertible note receivable (related party) (1,073,803) 0 2,679,772 0
Change in fair value of notes payable (including $847,646 and nil with related parties, respectively)     3,616,706 0
Change in fair value of SEPA liability (228,935)   (682,276)  
Change in fair value of claims settlement liability     (2,584,724) 0
Loss on issuance of warrants     8,756,303 0
Loss on issuance of notes payable     3,980,062  
Loss on issuance of SEPA     2,582,724  
Loss on extinguishment of accounts payable (including $290,676 and nil with related parties, respectively)     5,361,931 0
Loss on extinguishment of notes payable (including $2,840,115 and $1,491,666 with related parties, respectively) 0 5,497,516 10,138,337 20,504,307
Loss on settlement of claims liability, net     395,379 0
SEPA fees and issuance costs     2,147,287  
Gain on sale of intellectual property intangible assets 0 (8,961,872) (8,961,872) 0
Loss on impairment of inventories, property and equipment and operating lease right-of-use asset   6,064,823 6,064,823  
Interest expense recognized on remeasurement of preferred stock liability   10,398,050 10,398,050  
Provision for credit losses 12,245      
Net change in employee benefit liability 6,610      
Loss on issuance of warrants and related costs 8,206,193 0    
Change in fair value of debt (8,279,246) (256,522)    
Loss on issuance of debt 11,661,274 707,800    
Gain on initial recognition of Tekne Investment (84,000) 0    
Change in fair value of investments 36,285 0    
Gain on issuance of SYME Bonds (related party) (49,514) 0    
Change in fair value of SYME Bonds (related party) 33,038 0    
Change in fair value of contingent consideration (including $304,381 and nil with related parties, respectively) (300,364) 0    
Remeasurement of subscription for Orbit shares (related party) (1,189,837) 0    
Remeasurement of Orbit equity method investment (related party) 59,408 0    
Changes in operating assets and liabilities:        
Accounts receivable 293,562     482,279
Inventories (46,470)     (203,494)
Prepaid expenses and other current assets (169,049) (42,171) (573,641) (6,494)
Accounts payable (510,181) (94,398) 2,031,126 1,585,696
Accrued expenses (1,086,890) 681,210 (227,016) 2,108,562
Contract liabilities     (12,000) (6,400)
Operating lease liability   (117,649) (237,369) (355,385)
Net cash used in operating activities (9,105,949) (1,927,792) (16,090,302) (6,616,941)
Other liabilities (12,770)      
Cash Flows from Investing Activities:        
Payments for acquisitions and investments (related party)   (600,000) (4,713,253)  
Payment related to SYME inventory advance (related party)     (5,668,545)  
Payments under convertible note receivable (related party) (18,075,510) (150,000) (5,154,872)  
Advance on Tekne Convertible Receivable     (1,179,686)  
Net cash used in investing activities (19,366,330) (750,000) (16,716,356)  
Cash paid for acquisition of controlling financial interest in Orbit, net of cash acquired (540,915)      
Payment for acquisition (749,905)      
Cash Flows from Financing Activities:        
Proceeds from note borrowings   2,394,708 30,406,708 1,796,824
Repayments of notes payable (1,712,314) (835,316) (3,108,232)  
Proceeds received from the 2025 Offering     11,994,834  
Proceeds received from the SEPA 2,172,771   21,937,886  
Payments of debt and equity issuance costs (1,137,116) (20,000) (4,097,321)  
Proceeds received from settlement   1,000,000 1,000,000  
Restricted stock units withheld for tax withholdings     (129) (73,204)
Proceeds from issuance of common stock       200,000
Shareholder advances       644,936
Proceeds from the issuance of pre-funded warrants       2,180,522
Payment of deferred financing costs       (71,500)
Net cash provided by financing activities 12,082,288 2,539,392 58,133,746 4,677,578
Proceeds received from the February 2026 Offering 11,994,929      
Proceeds from exercise of warrants 764,018      
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH DURING THE PERIOD     25,327,088 (1,939,363)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD 25,536,425 209,337 209,337 2,148,700
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD 9,142,251 70,937 25,536,425 209,337
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:        
Cash paid for interest 567,624   848,066  
Cash paid for income taxes 39,330      
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Issuance of Common Stock upon exercise of warrants     34,373,943  
Issuance of Common Stock upon extinguishment or conversion of notes payable 403,313 4,390,251 26,654,008 25,051,755
Issuance of Common Stock in connection with the SEPA 2,150,836   21,636,834  
Issuance of preferred obligation related to Orbit Transaction     8,028,600  
Issuance of Common Stock in connection with Silverback Claims Settlement     7,432,488  
Derecognition of accounts payable in connection with recognition of claims settlement liability     3,113,853  
Extinguishment of existing unsecured promissory note and accrued interest through issuance of convertible note     2,108,523  
Extinguishment of Preferred Stock through issuance of convertible notes     2,000,000  
Reduction of related party receivable for non-cash consideration related to the Orbit Transaction     1,350,000  
Transaction costs related to the reverse recapitalization not yet paid     1,007,439 1,007,439
Shares issued for services included in prepaid expenses     601,415  
Debt issuance costs included in accounts payable and accrued expenses       712,363
Issuance of promissory note for replacement of shareholder advance     545,000  
Issuance of AZ Promissory Note for related party receivable     900,000  
Stock-based compensation expense included in accrued expenses 25,000   25,000  
Settlement of transaction costs through reduction of receivable     150,000  
Initial fair value of convertible note receivable over proceeds paid     110,000  
Deemed dividend in connection with modification of pre-funded warrants     $ 936  
Transfer of property and equipment from inventory       154,971
Purchase of property and equipment in accounts payable and accrued expenses       $ 431,970
Reclassification of warrant liability to equity upon exercise of warrants 2,302,765 934    
Extinguishment of Preferred Stock through issuance of warrants 8,449,380      
Deemed dividend in connection with extinguishment of preferred stock through issuance of warrants 474,058 936    
Fair value of warrants issued as equity issuance costs 185,018      
SYME Inventory Advance applied to SYME Bonds 5,668,545      
Investment in H&K through issuance of convertible note 11,688,726      
Advance to Tekne applied to Tekne Convertible Note Receivable 1,179,686      
Non-cash consideration transferred in Orbit Change of Control (related party) 14,592,107      
Gain on extinguishment of Orbit Preferred Obligation in excess of derivative liability fair value, recognized as a capital contribution (related party) 784,807      
Non-cash consideration transferred in Lyocon Acquisition 1,388,558      
Issuance of Tekne Subordinated Convertible Note 928,000      
Premium on issuance of Lyocon Convertible Notes 172,000      
Effect of exchange rate changes on cash (4,183)      
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH DURING THE PERIOD $ (16,394,174) $ (138,400)