v3.26.1
Liabilities Measured at Fair Value on a Recurring Basis (Tables) - HZO, Inc. and Subsidiaries
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Liabilities Measured at Fair Value on a Recurring Basis    
Schedule of composition and fair value hierarchy of financial liabilities

March 31, 2026

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets:

 

  ​

 

  ​

 

  ​

 

  ​

Non-marketable equity securities

$

$

$

15,000,000

$

15,000,000

Total

$

$

$

15,000,000

$

15,000,000

Liabilities:

 

  ​

 

  ​

 

  ​

 

  ​

Warrant liability

$

$

$

1,567,673

$

1,567,673

Embedded derivative liability

$

$

$

29,052,000

$

29,052,000

Total

$

$

$

30,619,673

$

30,619,673

December 31, 2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Liabilities:

 

  ​

 

  ​

 

  ​

 

  ​

Warrant liability

$

$

$

51,673

$

51,673

Embedded derivative liability

$

$

$

3,396,000

$

3,396,000

Total

$

$

$

3,447,673

$

3,447,673

 

2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Liabilities:

 

  ​

 

  ​

 

  ​

 

  ​

Warrant liability

$

$

$

51,673

$

51,673

Embedded derivative liability

$

$

$

3,396,000

$

3,396,000

Total

$

$

$

3,447,673

$

3,447,673

 

2024

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Liabilities:

 

  ​

 

  ​

 

  ​

 

  ​

Warrant liability

$

$

$

57,984

$

57,984

Embedded derivative liability

$

$

$

1,052,000

$

1,052,000

Total

$

$

$

1,109,984

$

1,109,984

Schedule of weighted-average assumptions used in valuing the warrant liability

As of

As of

March 31,

December 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

 

Risk-free interest rate

 

3.4

%  

3.4

%

Expected stock price volatility

 

60

%  

60

%

Expected dividend yield

 

0

%  

0

%

Expected term (years)

 

0.6

 

2.0

  ​ ​ ​

2025

  ​ ​ ​

2024

Risk-free interest rate

 

3.4

%  

4.0

%

Expected stock price volatility

 

60

%  

60

%

Expected dividend yield

 

0

%  

0

%

Expected term (years)

 

2.0

 

2.5

Schedule of roll forward of warrant liability

Warrant

  ​ ​ ​

Liability

Balance at December 31, 2025

$

51,673

Warrants granted in connection with issuance of Convertible Promissory Notes

 

1,516,000

Balance at March 31, 2026

$

1,567,673

  ​ ​ ​

Warrant

Liability

Balance at December 31, 2023

$

784,724

Change in fair value

 

(726,740)

Balance at December 31, 2024

 

57,984

Change in fair value

 

(6,311)

Balance at December 31, 2025

$

51,673