Note 14 – Variable Interest Entity The Company holds a variable interest in a joint venture for which the Company is the primary beneficiary, the joint venture, VE Netting, LLC. The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025: | | | | | | | | | June 30, 2026 | | December 31, 2025 | ASSETS | | | | | | | Current assets: | | | | | | | Cash and cash equivalents | | $ | 20 | | $ | 43 | Receivables, net | | | 43 | | | 73 | Inventories | | | 374 | | | 390 | Other current assets | | | 26 | | | 63 | | | | | | | | Property, plant and equipment | | | 1,278 | | | 1,278 | Less: Accumulated depreciation | | | (1,062) | | | (998) | Property, plant and equipment,net | | | 216 | | | 280 | | | | | | | | Other assets | | | 12 | | | 14 | Total Assets | | $ | 695 | | $ | 863 | LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | Current liabilities | | | 671 | | | 735 | Total Liabilites | | | 671 | | | 735 | | | | | | | | Paid in capital | | | 2,931 | | | 2,931 | Retained earnings | | | (2,907) | | | (2,803) | Total Stockholder Equity | | | 24 | | | 128 | Total Liabilities and Stockholders’ Equity | | $ | 695 | | $ | 863 |
All assets in the above table can only be used to settle obligations of the consolidated VIE. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations. The following table summarizes the Statement of Operations of the VIE included in the Company’s Consolidated Statement of Operations for the six months ended June 30, 2026 and June 30, 2025: | | | | | | | | | | | | | | | Three Months | | Three Months | | Six Months | | Six Months | | | Ended | | Ended | | Ended | | Ended | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Net sales | | $ | 139 | | $ | 124 | | $ | 341 | | $ | 358 | Cost of sales | | | 188 | | | 149 | | | 400 | | | 361 | Gross margin | | | (49) | | | (25) | | | (59) | | | (3) | | | | | | | | | | | | | | Selling, general and administrative | | | 11 | | | 9 | | | 26 | | | 23 | Asset impairment | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | Operating loss | | | (60) | | | (34) | | | (85) | | | (26) | | | | | | | | | | | | | | Other expense | | | 11 | | | (9) | | | 19 | | | (17) | Loss before income taxes | | | (71) | | | (25) | | | (104) | | | (43) | | | | | | | | | | | | | | Income tax expense | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | Net loss | | $ | (71) | | $ | (25) | | $ | (104) | | $ | (43) |
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