BALANCE SHEET COMPONENTS (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| Balance Sheet Related Disclosures [Abstract] |
|
|
| Schedule of Inventories |
Inventories, net as of March 31, 2026 consisted of the following:
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
Raw materials and supplies |
|
|
$ |
102,412 |
|
Work-in-process |
|
|
|
111,270 |
|
Finished goods |
|
|
|
79,817 |
|
Inventories, gross |
|
|
|
293,499 |
|
Less: inventory reserve |
|
|
|
— |
|
Inventories, net |
|
|
$ |
293,499 |
|
|
Inventories, net as of December 31, 2024 consisted of the following:
|
|
|
|
|
|
|
|
|
December 31,
2024 |
|
Raw materials and supplies |
|
|
$ |
1,913,013 |
|
Work-in-process |
|
|
|
161,137 |
|
Finished goods |
|
|
|
613,786 |
|
Inventories, gross |
|
|
|
2,687,936 |
|
Less: inventory reserve |
|
|
|
(1,161,469 |
) |
Inventories, net |
|
|
$ |
1,526,467 |
|
|
| Schedule of Property and Equipment, Net |
Property and equipment, net as of March 31, 2026 consisted of the following:
|
|
|
|
|
|
|
March 31,
2026 |
|
Machinery and equipment |
|
$ |
10,282 |
|
Computer equipment and software |
|
|
2,275 |
|
Property and equipment, gross |
|
|
12,557 |
|
Less: accumulated depreciation and amortization |
|
|
(1,602 |
) |
Property and equipment, net |
|
$ |
10,955 |
|
|
Property and equipment, net as of December 31, 2024 consisted of the following:
|
|
|
|
|
|
|
December 31,
2024 |
|
Machinery and equipment |
|
$ |
7,203,592 |
|
Leasehold improvements |
|
|
897,948 |
|
Furniture and office equipment |
|
|
205,897 |
|
Computer equipment and software |
|
|
197,386 |
|
Property and equipment, gross |
|
|
8,504,823 |
|
Less: accumulated depreciation and amortization |
|
|
(3,670,094 |
) |
Property and equipment, net |
|
$ |
4,834,729 |
|
|
| Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Receivables from related parties (1) |
|
$ |
1,306,336 |
|
|
$ |
— |
|
Interest receivable (2) |
|
|
582,860 |
|
|
|
233,498 |
|
Prepaid services |
|
|
485,669 |
|
|
|
601,415 |
|
Prepaid insurance |
|
|
521,363 |
|
|
|
154,776 |
|
Value-added tax receivable |
|
|
292,982 |
|
|
|
— |
|
Prepaid professional fees |
|
|
200,493 |
|
|
|
614,225 |
|
Prepaid subscriptions |
|
|
85,272 |
|
|
|
— |
|
Prepaid regulatory and listing fees |
|
|
80,898 |
|
|
|
— |
|
Security deposits |
|
|
69,310 |
|
|
|
— |
|
Contract assets (3) |
|
|
30,527 |
|
|
|
— |
|
Other prepaid expenses and other current assets |
|
|
32,438 |
|
|
|
17,389 |
|
Total prepaid expenses and other current assets |
|
$ |
3,688,148 |
|
|
$ |
1,621,303 |
|
(1) The amount presented as of March 31, 2026 includes amounts receivable from RegTech Open Project PLC ("RegTech"), a United Kingdom company controlled by the Company's Executive Chairman and Co-Chief Executive Officer, and The AvantGarde Group ("TAG"), which is founded and owned by the Company's Executive Chairman and Co-Chief Executive Officer, of $1,160,603 and $145,733, respectively. (2) The amount presented as of March 31, 2026 includes interest receivable from related parties in connection with the SYME Convertible Note Receivable and the SYME Bonds of $415,469 and $37,203, respectively. (3) The amount presented as of March 31, 2026 includes contract assets with RegTech of $13,280.
|
Prepaid expenses and other current assets as of December 31, 2025 and 2024 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
Prepaid professional fees |
|
$ |
614,225 |
|
|
|
516 |
|
Prepaid services |
|
|
601,415 |
|
|
|
— |
|
Interest receivable (related party) |
|
|
233,498 |
|
|
|
— |
|
Prepaid insurance |
|
|
154,776 |
|
|
|
123,959 |
|
Other current assets |
|
|
13,887 |
|
|
|
10,269 |
|
Other prepaid assets |
|
|
3,502 |
|
|
|
28,005 |
|
Total prepaid expenses and other current assets |
|
$ |
1,621,303 |
|
|
$ |
162,749 |
|
|
| Schedule of Accrued Expenses |
Accrued expenses as of March 31, 2026 and December 31, 2025 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Related party payables (1) |
|
$ |
2,474,831 |
|
|
$ |
— |
|
Accrued legal, accounting and professional fees |
|
|
1,722,111 |
|
|
|
1,486,556 |
|
Accrued taxes payable |
|
|
1,208,875 |
|
|
|
426,088 |
|
Accrued payroll and benefits |
|
|
1,056,664 |
|
|
|
699,085 |
|
Accrued transaction costs related to the reverse recapitalization |
|
|
503,600 |
|
|
|
503,600 |
|
Contract liabilities |
|
|
428,346 |
|
|
|
— |
|
Accrued interest |
|
|
37,511 |
|
|
|
114,313 |
|
Current portion of lease liabilities |
|
|
45,244 |
|
|
|
— |
|
Warranty provision |
|
|
11,498 |
|
|
|
— |
|
Other |
|
|
38,266 |
|
|
|
47,152 |
|
Total accrued expenses |
|
$ |
7,526,946 |
|
|
$ |
3,276,794 |
|
(1) The amount presented as of March 31, 2026 includes amounts payable to RegTech and TAG of $1,440,011 and $1,034,820, respectively.
|
Accrued expenses as of December 31, 2025 and 2024 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
Accrued legal, accounting and professional fees |
|
$ |
1,486,556 |
|
|
$ |
2,448,594 |
|
Accrued payroll and benefits |
|
|
699,085 |
|
|
|
357,953 |
|
Accrued transaction costs related to the reverse recapitalization |
|
|
503,600 |
|
|
|
503,600 |
|
Accrued taxes payable |
|
|
426,088 |
|
|
|
232,966 |
|
Accrued interest |
|
|
114,313 |
|
|
|
560,501 |
|
Accrued lease-related payables |
|
|
— |
|
|
|
54,288 |
|
Other |
|
|
41,577 |
|
|
|
143,293 |
|
Total accrued expenses |
|
$ |
3,271,219 |
|
|
$ |
4,301,195 |
|
|