0002068385 2026-01-01 2026-06-30 0002068385 us-gaap:CommonClassAMember 2026-08-05 0002068385 us-gaap:CommonClassBMember 2026-08-05 0002068385 2026-06-30 0002068385 2025-12-31 0002068385 us-gaap:CommonClassAMember 2026-06-30 0002068385 us-gaap:CommonClassAMember 2025-12-31 0002068385 us-gaap:CommonClassBMember 2026-06-30 0002068385 us-gaap:CommonClassBMember 2025-12-31 0002068385 2026-04-01 2026-06-30 0002068385 2025-04-01 2025-06-30 0002068385 2025-01-01 2025-06-30 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2026-03-31 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2026-03-31 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2026-03-31 0002068385 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2026-03-31 0002068385 SHAZ:OptionsReserveMember 2026-03-31 0002068385 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0002068385 us-gaap:RetainedEarningsMember 2026-03-31 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0002068385 us-gaap:ParentMember 2026-03-31 0002068385 us-gaap:NoncontrollingInterestMember 2026-03-31 0002068385 2026-03-31 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2025-03-31 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2025-03-31 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-03-31 0002068385 SHAZ:OptionsReserveMember 2025-03-31 0002068385 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0002068385 us-gaap:RetainedEarningsMember 2025-03-31 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0002068385 us-gaap:ParentMember 2025-03-31 0002068385 us-gaap:NoncontrollingInterestMember 2025-03-31 0002068385 2025-03-31 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-12-31 0002068385 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-12-31 0002068385 SHAZ:OptionsReserveMember 2025-12-31 0002068385 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0002068385 us-gaap:RetainedEarningsMember 2025-12-31 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0002068385 us-gaap:ParentMember 2025-12-31 0002068385 us-gaap:NoncontrollingInterestMember 2025-12-31 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2024-12-31 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2024-12-31 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-12-31 0002068385 SHAZ:OptionsReserveMember 2024-12-31 0002068385 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0002068385 us-gaap:RetainedEarningsMember 2024-12-31 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0002068385 us-gaap:ParentMember 2024-12-31 0002068385 us-gaap:NoncontrollingInterestMember 2024-12-31 0002068385 2024-12-31 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2026-04-01 2026-06-30 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2026-04-01 2026-06-30 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2026-04-01 2026-06-30 0002068385 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2026-04-01 2026-06-30 0002068385 SHAZ:OptionsReserveMember 2026-04-01 2026-06-30 0002068385 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0002068385 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-04-01 2026-06-30 0002068385 us-gaap:ParentMember 2026-04-01 2026-06-30 0002068385 us-gaap:NoncontrollingInterestMember 2026-04-01 2026-06-30 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2025-04-01 2025-06-30 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2025-04-01 2025-06-30 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-04-01 2025-06-30 0002068385 SHAZ:OptionsReserveMember 2025-04-01 2025-06-30 0002068385 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0002068385 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2025-06-30 0002068385 us-gaap:ParentMember 2025-04-01 2025-06-30 0002068385 us-gaap:NoncontrollingInterestMember 2025-04-01 2025-06-30 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0002068385 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0002068385 SHAZ:OptionsReserveMember 2026-01-01 2026-06-30 0002068385 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-06-30 0002068385 us-gaap:RetainedEarningsMember 2026-01-01 2026-06-30 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-06-30 0002068385 us-gaap:ParentMember 2026-01-01 2026-06-30 0002068385 us-gaap:NoncontrollingInterestMember 2026-01-01 2026-06-30 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2025-01-01 2025-06-30 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2025-01-01 2025-06-30 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-01-01 2025-06-30 0002068385 SHAZ:OptionsReserveMember 2025-01-01 2025-06-30 0002068385 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0002068385 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0002068385 us-gaap:ParentMember 2025-01-01 2025-06-30 0002068385 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-06-30 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2026-06-30 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2026-06-30 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2026-06-30 0002068385 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2026-06-30 0002068385 SHAZ:OptionsReserveMember 2026-06-30 0002068385 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0002068385 us-gaap:RetainedEarningsMember 2026-06-30 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0002068385 us-gaap:ParentMember 2026-06-30 0002068385 us-gaap:NoncontrollingInterestMember 2026-06-30 0002068385 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2025-06-30 0002068385 us-gaap:SeriesBPreferredStockMember us-gaap:PreferredStockMember 2025-06-30 0002068385 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-06-30 0002068385 SHAZ:OptionsReserveMember 2025-06-30 0002068385 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0002068385 us-gaap:RetainedEarningsMember 2025-06-30 0002068385 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0002068385 us-gaap:ParentMember 2025-06-30 0002068385 us-gaap:NoncontrollingInterestMember 2025-06-30 0002068385 2025-06-30 0002068385 2025-01-01 2025-01-31 0002068385 SHAZ:TexasCriticalDataCentersLLCMember 2026-01-13 0002068385 SHAZ:SharonAIIncMember us-gaap:CommonClassAMember 2025-12-17 2025-12-17 0002068385 SHAZ:SharonAIIncMember us-gaap:CommonClassBMember 2025-12-17 2025-12-17 0002068385 SHAZ:SharonAIIncMember 2025-12-17 0002068385 2025-12-23 2025-12-23 0002068385 2025-12-23 0002068385 us-gaap:CommonClassAMember 2025-12-23 0002068385 us-gaap:CommonClassBMember 2025-12-23 0002068385 SHAZ:DigitalAssetMiningRevenueMember 2026-04-01 2026-06-30 0002068385 SHAZ:DigitalAssetMiningRevenueMember 2025-04-01 2025-06-30 0002068385 SHAZ:DigitalAssetMiningRevenueMember 2026-01-01 2026-06-30 0002068385 SHAZ:DigitalAssetMiningRevenueMember 2025-01-01 2025-06-30 0002068385 SHAZ:ProvisionOfInfrastructureServicesMember 2026-04-01 2026-06-30 0002068385 SHAZ:ProvisionOfInfrastructureServicesMember 2025-04-01 2025-06-30 0002068385 SHAZ:ProvisionOfInfrastructureServicesMember 2026-01-01 2026-06-30 0002068385 SHAZ:ProvisionOfInfrastructureServicesMember 2025-01-01 2025-06-30 0002068385 SHAZ:OtherMember 2026-04-01 2026-06-30 0002068385 SHAZ:OtherMember 2025-04-01 2025-06-30 0002068385 SHAZ:OtherMember 2026-01-01 2026-06-30 0002068385 SHAZ:OtherMember 2025-01-01 2025-06-30 0002068385 SHAZ:TexasCriticalDataCentersLLCMember 2026-06-30 0002068385 SHAZ:TexasCriticalDataCentersLLCMember 2026-01-31 0002068385 SHAZ:SeniorSecuredConvertiblePromissoryNoteMember SHAZ:NewEraEnergyDigitalIncMember 2026-01-01 2026-01-31 0002068385 SHAZ:SeniorSecuredConvertiblePromissoryNoteMember SHAZ:NewEraEnergyDigitalIncMember 2026-01-31 0002068385 us-gaap:SeniorNotesMember SHAZ:NewEraEnergyDigitalIncMember 2026-04-01 2026-06-30 0002068385 2026-05-14 2026-05-14 0002068385 us-gaap:ComputerEquipmentMember 2026-06-30 0002068385 us-gaap:ComputerEquipmentMember 2025-12-31 0002068385 SHAZ:ElectricalEquipmentMember 2026-06-30 0002068385 SHAZ:ElectricalEquipmentMember 2025-12-31 0002068385 SHAZ:CapitalizedSoftwareMember 2026-06-30 0002068385 SHAZ:CapitalizedSoftwareMember 2025-12-31 0002068385 us-gaap:OtherMachineryAndEquipmentMember 2026-06-30 0002068385 us-gaap:OtherMachineryAndEquipmentMember 2025-12-31 0002068385 SHAZ:RightOfUseAssetsMember 2026-06-30 0002068385 SHAZ:RightOfUseAssetsMember 2025-12-31 0002068385 us-gaap:PropertyPlantAndEquipmentMember 2026-04-01 2026-06-30 0002068385 us-gaap:PropertyPlantAndEquipmentMember 2026-01-01 2026-06-30 0002068385 us-gaap:PropertyPlantAndEquipmentMember 2025-04-01 2025-06-30 0002068385 us-gaap:PropertyPlantAndEquipmentMember 2025-01-01 2025-06-30 0002068385 SHAZ:WWTAustraliaPtyLtdMember 2026-06-30 0002068385 SHAZ:LenovoGlobalFinancialServicesLimitedMember 2026-06-30 0002068385 SHAZ:DickerDataLimitedMember 2026-06-30 0002068385 us-gaap:WarrantMember 2026-06-30 0002068385 SHAZ:PublicWarrantsMember 2026-06-30 0002068385 SHAZ:PrivatePlacementWarrantsMember 2026-06-30 0002068385 SHAZ:PrivatePlacementWarrantsMember us-gaap:CommonClassAMember 2026-01-01 2026-06-30 0002068385 SHAZ:PrivatePlacementWarrantsMember SHAZ:CommonClassAOneMember 2026-01-01 2026-06-30 0002068385 us-gaap:CommonClassAMember 2026-01-01 2026-06-30 0002068385 SHAZ:MayTwoThousandAndTwentySixConvertibleNotesMember 2026-06-30 0002068385 SHAZ:MayTwoThousandAndTwentySixConvertibleNotesMember 2025-12-31 0002068385 SHAZ:JuneTwoThousandAndTwentySixConvertibleNotesMember 2026-06-30 0002068385 SHAZ:JuneTwoThousandAndTwentySixConvertibleNotesMember 2025-12-31 0002068385 SHAZ:DecemberTwoThousandTwentyFiveConvertibleNotesMember 2025-12-17 0002068385 SHAZ:DecemberTwoThousandTwentyFiveConvertibleNotesMember 2025-12-17 2025-12-17 0002068385 SHAZ:DecemberTwoThousandTwentyFiveConvertibleNotesMember 2025-12-19 0002068385 SHAZ:DecemberTwoThousandTwentyFiveConvertibleNotesMember 2025-12-19 2025-12-19 0002068385 us-gaap:CommonClassAMember 2026-06-11 2026-06-11 0002068385 us-gaap:CommonClassAMember 2026-06-11 0002068385 us-gaap:CommonClassAMember SHAZ:SharonAIPtyLtdMember 2026-06-11 2026-06-11 0002068385 us-gaap:ConvertibleDebtMember 2026-01-01 2026-06-30 0002068385 us-gaap:ConvertibleDebtMember 2026-06-30 0002068385 SHAZ:MayTwoThousandTwentySixConvertibleNotesMember 2026-05-18 0002068385 SHAZ:MayTwoThousandTwentySixConvertibleNotesMember 2026-05-18 2026-05-18 0002068385 SHAZ:JuneTwoThousandTwentySixConvertibleNotesMember 2026-06-22 0002068385 srt:MinimumMember 2026-06-30 0002068385 srt:MaximumMember 2026-06-30 0002068385 2025-01-01 2025-12-31 0002068385 us-gaap:PrivatePlacementMember us-gaap:CommonClassAMember 2026-06-17 0002068385 SHAZ:PreFundedWarrantsMember 2026-06-17 0002068385 SHAZ:PreFundedWarrantsMember 2026-06-17 2026-06-17 0002068385 2026-06-17 0002068385 us-gaap:EmployeeStockOptionMember 2025-01-16 2025-01-16 0002068385 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-06-30 0002068385 us-gaap:EmployeeStockOptionMember 2025-12-31 0002068385 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0002068385 us-gaap:EmployeeStockOptionMember 2026-06-30 0002068385 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0002068385 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-06-30 0002068385 us-gaap:RestrictedStockUnitsRSUMember 2026-06-30 0002068385 2025-07-01 2025-07-01 0002068385 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0002068385 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0002068385 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0002068385 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0002068385 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0002068385 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0002068385 SHAZ:DecemberTwoThousandAndTwentyFiveConvertibleNotesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0002068385 SHAZ:DecemberTwoThousandAndTwentyFiveConvertibleNotesMember us-gaap:FairValueInputsLevel3Member 2026-01-01 2026-06-30 0002068385 SHAZ:DecemberTwoThousandAndTwentyFiveConvertibleNotesMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0002068385 SHAZ:CustomerServicesArrangementMember 2026-03-31 0002068385 SHAZ:CustomerServicesArrangementMember 2026-01-01 2026-03-31 0002068385 2026-05-01 2026-05-31 0002068385 2026-06-01 2026-06-30 0002068385 2026-07-01 2026-07-31 0002068385 SHAZ:StockOptionsAndRSUsMember 2026-01-01 2026-06-30 0002068385 us-gaap:WarrantMember 2026-01-01 2026-06-30 0002068385 us-gaap:ConvertibleDebtSecuritiesMember 2026-01-01 2026-06-30 0002068385 srt:MinimumMember SHAZ:JamesManningMember SHAZ:ManningConsultingAgreementMember 2026-01-01 2026-06-30 0002068385 SHAZ:JamesManningMember SHAZ:ManningConsultingAgreementMember 2026-01-01 2026-06-30 0002068385 srt:MinimumMember SHAZ:NicholasHughesJonesMember SHAZ:InbocalupoConsultingAgreementMember 2026-01-01 2026-06-30 0002068385 SHAZ:NicholasHughesJonesMember SHAZ:InbocalupoConsultingAgreementMember 2026-01-01 2026-06-30 0002068385 SHAZ:TimothyBroadfootMember SHAZ:BroadfootConsultingAgreementMember 2026-01-01 2026-06-30 0002068385 SHAZ:InbocalupoPtyLtdMember us-gaap:CommonClassAMember 2026-03-23 2026-03-23 0002068385 srt:MinimumMember SHAZ:JamesManningMember 2025-12-01 2025-12-31 0002068385 SHAZ:ManningCapitalHoldingsPtyLtdMember 2025-12-01 2025-12-31 0002068385 srt:MinimumMember SHAZ:NicholasHughesJonesMember 2025-12-01 2025-12-31 0002068385 SHAZ:InbocalupoPtyLtdMember 2025-12-01 2025-12-31 0002068385 SHAZ:StratCapitalPtyLtdATFAlphaJuliettTrustMember 2025-12-01 2025-12-31 0002068385 SHAZ:SharonAIPtyLtdMember 2026-04-01 2026-06-30 0002068385 SHAZ:SharonAIPtyLtdMember 2026-01-01 2026-06-30 0002068385 SHAZ:BareMediaHoldingsMember 2026-04-01 2026-06-30 0002068385 SHAZ:BareMediaHoldingsMember 2026-01-01 2026-06-30 0002068385 SHAZ:ChiefRevenueOfficerMember 2026-04-01 2026-06-30 0002068385 SHAZ:ChiefRevenueOfficerMember 2026-01-01 2026-06-30 0002068385 us-gaap:SubsequentEventMember 2026-07-31 0002068385 us-gaap:SubsequentEventMember 2026-07-01 2026-07-31 0002068385 us-gaap:SubsequentEventMember SHAZ:CloudComputingServiceAgreementMember 2026-07-31 iso4217:USD shares iso4217:USD shares pure SHAZ:Segment iso4217:AUD iso4217:AUD shares false --12-31 Q2 0002068385 10-Q true 2026-06-30 2026 false 001-43129 SHARONAI HOLDINGS INC. DE 41-2349750 745 5th Ave Suite 500 New York NY 10151 (347) 212-5075 Class A Ordinary Common Stock, par value $0.0001 SHAZ NASDAQ Yes Yes Non-accelerated Filer true true false false 35667164 136341 0.0001 1861347822 71073024 28458817 749677 15171072 1170289 1135490 47196444 288191 1938173372 88417454 26323307 15207775 6889203 7140877 302647678 12748105 915397 16512329 3414432 18044215 18044215 2321338209 133140150 32407955 3433320 143879911 6145450 890000 6025 2254968 20059 129017286 1176406 1072820 2701932 183635806 139370326 1006515000 3640024 3918081 1193790830 143288407 0.0001 0.0001 100000000 100000000 35667164 35667164 11832164 11832164 3567 1183 0.0001 0.0001 136341 136341 136341 136341 136341 136341 14 14 14 14 1624995090 33861613 -491747880 -43529190 -3418013 -372992 -2285399 -108885 1127547379 -10148257 2321338209 133140150 1931381 376984 2225396 702077 761755 398266 1287572 711648 1169626 -21282 937824 -9571 2670588 489345 3052746 956968 8685424 1083093 12700643 2090523 14597792 1169712 12787838 1676132 153199 961713 -24784178 -2610233 -27603403 -3771481 -62657 -391090 6138775 5255450 -400440855 -470668608 334502 334502 6493245 4984130 856 65920568 4527540 43521 3267654 55912 -429062745 -2716411 -435555915 -4218483 1305951 -127579 14824603 -190161 -430368696 -2588832 -450380518 -4028322 -2065770 -12426 -2161826 -19336 -428302926 -2576406 -448218692 -4008986 -22.84 -22.84 -2.41 -2.41 -27.38 -27.38 -3.76 -3.76 18755220 18755220 1067213 1067213 16370481 16370481 1067213 1067213 -430368696 -2588832 -450380518 -4028322 -2065770 -12426 -2161826 -19336 -428302926 -2576406 -448218692 -4008986 -1968468 -243954 -3059707 -349468 -1968468 -243954 -3059707 -349468 -9449 -1188 -14686 -1694 -1959019 -242766 -3045021 -347774 -430261945 -2819172 -451263713 -4356760 15998830 1600 136341 14 65489 153743335 -63444954 -1458994 88841001 -210180 88630821 18941573 1894 1068440294 1068442188 1068442188 438141548 438141548 438141548 -38000602 -38000602 -38000602 726761 73 2670515 2670588 2670588 -428302926 -428302926 -2065770 -430368696 -1959019 -1959019 -9449 -1968468 35667164 3567 136341 14 65489 1624995090 -491747880 -3418013 1129832778 -2285399 1127547379 15000 2 27000 3 1067213 107 62654 33771783 -5337861 318850 28752884 78680 28831564 489345 489345 489345 -2576406 -2576406 -12426 -2588832 -242766 -242766 -1188 -243954 15000 2 27000 3 1067213 107 62654 34261128 -7914267 76084 26423057 65066 26488123 11832164 1183 136341 14 65489 33861613 -43529190 -372992 -10039372 -108885 -10148257 23108239 2311 1193439857 1193442168 1193442168 438141548 438141548 438141548 -43500601 -43500601 -43500601 726761 73 3052673 3052746 3052746 -448218690 -448218690 -2161828 -450380518 -3045021 -3045021 -14686 -3059707 35667164 3567 136341 14 65489 1624995090 -491747880 -3418013 1129832778 -2285399 1127547379 15000 2 27000 3 1067213 107 65489 33304160 -3905281 423858 29822849 86096 29908945 -2835 956968 956968 956968 -4008986 -4008986 -19336 -4028322 -347774 -347774 -1694 -349468 15000 2 27000 3 1067213 107 62654 34261128 -7914267 76084 26423057 65066 26488123 -450380518 -4028322 3199299 803955 3052746 956968 -391090 -130154 138070 1650000 89050 -11122667 731755 5255450 -470668608 4984130 65920568 961713 76748 26712905 -932259 143879911 95762765 24689 2212252 -9355 24231858 -879313 7803779 23241180 -1708451 310665524 11804654 12541952 37343 3136000 9850000 14984130 50000000 93051 -263314000 55708 586858433 1065636015 43500602 370 438141548 712210 284491 2249124 2044174430 -284491 -13826812 -81793 1790274798 -2019027 71073024 4424805 1861347822 2405778 <p id="xdx_804_eus-gaap--NatureOfOperations_zWNzw7N3E0Ok" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_829_zNW2WxKPsFRl">Description of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unless otherwise stated in this Notes to Consolidated Condensed Financial Statements, references to “we,” “us,” “our,” “Company” or “our Company” are to SharonAI Holdings Inc. and its subsidiaries. </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated condensed financial statements cover SharonAI Holdings Inc. (“the Company” or “SAI”) and its controlled entities (“the Group”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SharonAI Inc. (“SA Inc.”) is a digital infrastructure provider, incorporated in the state of Delaware in the United States of America on February 15, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 29, 2024, SA Inc. and Alternative Asset Management Pty Ltd (“AAM”), who had identical ownership interest as SA Inc., completed a share exchange. AAM did not have business operations but owned digital infrastructure assets, including GPU servers and related equipment that had historically supported cryptocurrency mining activities and were subsequently utilized in the Company’s AI and high-performance computing (“HPC”) infrastructure business. Pursuant to the transaction there was no change in relative voting interest amongst the existing shareholders of both entities. See Note 2- principles of consolidation for additional reporting considerations for the share exchange.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 30, 2024, SA Inc. acquired the majority equity interest of Distributed Storage Solutions Limited (“DSS”). DSS is a cloud storage provider providing robust data storage infrastructure in the Filecoin network with additional focus on high performance computing (“HPC”) and artificial intelligence (“AI”), which was determined to be a business combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January of 2025, <span id="xdx_907_eus-gaap--JointVentureFormationDescription_c20250101__20250131_zGuZ0HxAODH4" title="Joint venture formation description">SA Inc. formed a 50:50 joint venture with New Era Energy &amp; Digital Inc. (“NUAI”), named Texas Critical Data Centers LLC (“TCDC”), to fund, develop, and construct a planned 250MW net-zero energy data center behind the meter with a natural gas-fired power plant within the Permian Basin in Western Texas.</span> New Era Energy &amp; Digital Inc. is a Nasdaq listed industrial gas company that is expected to provide a portion of the natural gas required by the power plant. On January 13, 2026, the Company completed the sale of its <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260113__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TexasCriticalDataCentersLLCMember_zqP1Gp6PPyOi" title="Ownership interest">50</span>% ownership interest in TCDC to NUAI. Upon completion of the transaction, the Company ceased to have an ownership interest in TCDC or participate in the joint venture.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 28, 2025, the Company entered into a Business Combination Agreement (“BCA”) with Roth CH Acquisition Co. (“Roth”) and subsequently on October 21, 2025 filed an S-4 registration statement in participation with Roth with the Securities and Exchange Commission (“SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 9, 2025, the Company made a strategic decision to cease its participation in the operations associated with the Filecoin ecosystem in order to focus its resources and efforts on the continued growth of its high-performance GPU-as-a-Service (GPUaaS) business. This decision aligns with the Company’s long-term strategy to concentrate on providing scalable, on-demand computing infrastructure for AI, research, and other data-intensive applications.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2025, all activities related to the Company’s prior Filecoin-related operations had been fully wound down. This transition reflects a broader shift toward infrastructure services with more predictable and scalable revenue opportunities and supports the Company’s goal of building a focused, capital-efficient technology services platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 17, 2025, the Company completed its previously announced business combination pursuant to the Business Combination Agreement dated January 28, 2025, as amended, with Roth and Roth CH Holdings Inc. In connection with the closing, Roth domesticated from the Cayman Islands to the State of Delaware by merging into Roth CH Holdings Inc., which subsequently changed its name to SharonAI Holdings Inc. Immediately following the domestication, SharonAI Inc. merged with a subsidiary of SharonAI Holdings Inc., with SharonAI Inc. surviving the merger as a wholly owned subsidiary of SharonAI Holdings Inc. As a result of the transaction, former equity holders of SharonAI Inc. received an aggregate of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251217__20251217__us-gaap--BusinessAcquisitionAxis__custom--SharonAIIncMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zl8PJvHet1gl" title="Common stock issued">10,506,472</span> shares of Class A Ordinary Common Stock and <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251217__20251217__us-gaap--BusinessAcquisitionAxis__custom--SharonAIIncMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8oo9HpgT5j2" title="Common stock issued">136,341</span> shares of Class B Super Common Stock of SharonAI Holdings Inc., subject to the terms and conditions of the Business Combination Agreement. In connection with the business combination, the Company assumed approximately $<span id="xdx_90C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_iI_pn5n6_c20251217__us-gaap--BusinessAcquisitionAxis__custom--SharonAIIncMember_zD9UEHdNYxc4" title="Liabilities">3.9</span> million of liabilities, consisting primarily of current liabilities and warrant liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For accounting purposes, the transaction was treated as a reverse recapitalization, with SharonAI Inc. determined to be the accounting acquirer and Roth treated as the acquired entity. See Note 2 - principles of consolidation to the consolidated condensed financial statements for additional information regarding the accounting treatment of the business combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the business combination, the Class A Ordinary Common Stock and warrants of SharonAI Holdings Inc. began trading on the OTC Market under the ticker symbols “SHAZ” and “SHAZW,” respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2026, SharonAI Holdings Inc. completed its initial public offering and listed its Class A Ordinary Common Stock on the Nasdaq Stock Market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> SA Inc. formed a 50:50 joint venture with New Era Energy & Digital Inc. (“NUAI”), named Texas Critical Data Centers LLC (“TCDC”), to fund, develop, and construct a planned 250MW net-zero energy data center behind the meter with a natural gas-fired power plant within the Permian Basin in Western Texas. 0.50 10506472 136341 3900000 <p id="xdx_80B_eus-gaap--SignificantAccountingPoliciesTextBlock_zAlpo6FxuT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2. <span id="xdx_821_zvTLI58d3b14">Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z6D0ajDlXydi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zv6TozwKoYBf">Basis of presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all of the information and disclosures required for complete annual financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zD3jGVOkOHA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zipWGZlLavHk">Principles of consolidation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 17, 2025, the Company completed a business combination with Roth pursuant to the Business Combination Agreement. Following the transaction, SharonAI Inc. became a wholly owned subsidiary of SharonAI Holdings Inc. For accounting purposes, the transaction was treated as a reverse recapitalization in accordance with Accounting Standards Codification (ASC) 805-40, Business Combinations- Reverse Acquisitions. Under this method of accounting, SharonAI Inc. was determined to be the accounting acquirer and Roth was treated as the acquired entity for financial reporting purposes. Accordingly, the transaction was accounted for as a capital transaction, with no recognition of goodwill or other intangible assets. The net assets of Roth were recorded at historical cost, and the consolidated financial statements reflect the historical financial position and results of operations of SharonAI Inc. prior to the transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 23, 2025, we (i) effected a <span id="xdx_907_eus-gaap--StockholdersEquityReverseStockSplit_c20251223__20251223_z09q8Ys6nRI2" title="Reverse stock split">1-for-50</span> reverse stock split of our outstanding common stock, including both shares of its Class A Ordinary Common Stock and Class B Super Common Stock, and (ii) reduced our authorized common stock to <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_c20251223_zifdhymoQF7j" title="Common stock, shares authorized">100,136,341</span> shares, being <span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_c20251223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGAiNgdQa7Vd" title="Common stock, shares authorized">100,000,000</span> shares of Class A Ordinary Common Stock and <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_c20251223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_znTewts8mBH6" title="Common stock, shares authorized">136,341</span> shares of Class B Super Common Stock. In addition to reducing the shares of common stock outstanding, the reverse stock split effected a reduction in the number of shares of common stock issuable upon the exercise of stock options, warrants and unit purchase options and conversion of convertible notes outstanding immediately prior to the reverse stock split, with a proportional increase in the respective exercise/conversion prices. All share and per share information, including share-based compensation, throughout this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the reverse stock split.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For all other business combinations, the Group’s consolidated financial statements include the financial position and performance of controlled entities from the date on which control is obtained until the date that control is lost. For all periods presented, the consolidated financial statements include the Group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All inter-company transactions are eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_849_ecustom--ReclassificationsPolicyTextBlock_zldPz8O5FhUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86B_z9zQQRNm25x9">Reclassifications</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. These reclassifications had no impact on the previously reported net loss and accumulated deficit</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_zohYzT4EYzCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zYWkY6ysew3f">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related disclosures of contingent assets and liabilities. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z6VdFt2EMtFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_z80AZB7bFaIi">Foreign currency translation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial statements of the Group’s subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders’ equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive (loss) income in stockholders’ equity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_846_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zP7dBWF8e7D3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_864_zm1MLuhf8dL8">Financial instruments</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments are recognized initially on the date that the Group becomes party to the contractual provisions of the instrument. The carrying amounts cash and cash equivalents and certificates of deposit approximate fair value due to the short-term nature of these instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has elected the fair value option for its December 2025 convertible notes in accordance with ASC 825. These instruments are initially recorded at fair value and subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in earnings, except for changes attributable to instrument-specific credit risk, which are recognized in other comprehensive income. Refer to Note 13- Convertible Notes and Note 18- Fair Value Measurements for additional information, including the fair value hierarchy classification.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_856_z20Cq4jH9uhe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z6D0ajDlXydi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zv6TozwKoYBf">Basis of presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all of the information and disclosures required for complete annual financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zD3jGVOkOHA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zipWGZlLavHk">Principles of consolidation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 17, 2025, the Company completed a business combination with Roth pursuant to the Business Combination Agreement. Following the transaction, SharonAI Inc. became a wholly owned subsidiary of SharonAI Holdings Inc. For accounting purposes, the transaction was treated as a reverse recapitalization in accordance with Accounting Standards Codification (ASC) 805-40, Business Combinations- Reverse Acquisitions. Under this method of accounting, SharonAI Inc. was determined to be the accounting acquirer and Roth was treated as the acquired entity for financial reporting purposes. Accordingly, the transaction was accounted for as a capital transaction, with no recognition of goodwill or other intangible assets. The net assets of Roth were recorded at historical cost, and the consolidated financial statements reflect the historical financial position and results of operations of SharonAI Inc. prior to the transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 23, 2025, we (i) effected a <span id="xdx_907_eus-gaap--StockholdersEquityReverseStockSplit_c20251223__20251223_z09q8Ys6nRI2" title="Reverse stock split">1-for-50</span> reverse stock split of our outstanding common stock, including both shares of its Class A Ordinary Common Stock and Class B Super Common Stock, and (ii) reduced our authorized common stock to <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_c20251223_zifdhymoQF7j" title="Common stock, shares authorized">100,136,341</span> shares, being <span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_c20251223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGAiNgdQa7Vd" title="Common stock, shares authorized">100,000,000</span> shares of Class A Ordinary Common Stock and <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_c20251223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_znTewts8mBH6" title="Common stock, shares authorized">136,341</span> shares of Class B Super Common Stock. In addition to reducing the shares of common stock outstanding, the reverse stock split effected a reduction in the number of shares of common stock issuable upon the exercise of stock options, warrants and unit purchase options and conversion of convertible notes outstanding immediately prior to the reverse stock split, with a proportional increase in the respective exercise/conversion prices. All share and per share information, including share-based compensation, throughout this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the reverse stock split.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For all other business combinations, the Group’s consolidated financial statements include the financial position and performance of controlled entities from the date on which control is obtained until the date that control is lost. For all periods presented, the consolidated financial statements include the Group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All inter-company transactions are eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 1-for-50 100136341 100000000 136341 <p id="xdx_849_ecustom--ReclassificationsPolicyTextBlock_zldPz8O5FhUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86B_z9zQQRNm25x9">Reclassifications</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. These reclassifications had no impact on the previously reported net loss and accumulated deficit</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_zohYzT4EYzCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zYWkY6ysew3f">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related disclosures of contingent assets and liabilities. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z6VdFt2EMtFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_z80AZB7bFaIi">Foreign currency translation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial statements of the Group’s subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders’ equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive (loss) income in stockholders’ equity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_846_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zP7dBWF8e7D3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_864_zm1MLuhf8dL8">Financial instruments</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments are recognized initially on the date that the Group becomes party to the contractual provisions of the instrument. The carrying amounts cash and cash equivalents and certificates of deposit approximate fair value due to the short-term nature of these instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has elected the fair value option for its December 2025 convertible notes in accordance with ASC 825. These instruments are initially recorded at fair value and subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in earnings, except for changes attributable to instrument-specific credit risk, which are recognized in other comprehensive income. Refer to Note 13- Convertible Notes and Note 18- Fair Value Measurements for additional information, including the fair value hierarchy classification.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_80D_eus-gaap--RevenueFromContractWithCustomerTextBlock_zdmUjmhN3Idf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3. <span id="xdx_827_zyW8fkDuiea1">Revenue</span></b></span></p> <p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_zsJOUEI8doC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_z4GHNpfOuHX6" style="display: none">Schedule of Revenue</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260401__20260630_zxT6203B4dm8" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250401__20250630_zojKvCtLe5A9" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630_zUy1MA1FfCEd" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20250630_zyjknAnjO2P2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Three Months Ended</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black">Revenue</td><td style="color: Black"> </td> <td colspan="6" style="color: Black; text-align: center"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--DigitalAssetMiningRevenueMember_zNxdZrgvv7g9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; color: Black; text-align: left">Digital asset mining revenue</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0905">-</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right">48,209</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0907">-</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right">128,842</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ProvisionOfInfrastructureServicesMember_zRFlukkXzuP8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; color: Black; text-align: left">Provision of GPU Infrastructure services</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">1,931,381</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">328,273</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">2,225,393</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">572,244</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember_z0hgSa7yyaR9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; color: Black; text-align: left; padding-bottom: 1pt">Other </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0915">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">502</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">3</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">991</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zOocO1tIOs3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">1,931,381</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">376,984</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">2,225,396</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">702,077</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A0_z5BIx6Vbrx42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates revenue primarily from the provision of GPU infrastructure services. Revenue is recognized in accordance with ASC 606, Revenue from Contracts with Customers, when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from GPU infrastructure services is generally recognized over time as customers simultaneously receive and consume the benefits of the Company’s computing infrastructure services. The Company measures progress using the passage of time or usage of the contracted services, as appropriate under the terms of each customer agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the comparative 2025 periods, revenue also included digital asset mining activities, which ceased during 2025 following the Company’s strategic transition to GPU infrastructure services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_zsJOUEI8doC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_z4GHNpfOuHX6" style="display: none">Schedule of Revenue</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260401__20260630_zxT6203B4dm8" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250401__20250630_zojKvCtLe5A9" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630_zUy1MA1FfCEd" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20250630_zyjknAnjO2P2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Three Months Ended</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black">Revenue</td><td style="color: Black"> </td> <td colspan="6" style="color: Black; text-align: center"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--DigitalAssetMiningRevenueMember_zNxdZrgvv7g9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; color: Black; text-align: left">Digital asset mining revenue</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0905">-</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right">48,209</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0907">-</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 10%; color: Black; text-align: right">128,842</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--ProvisionOfInfrastructureServicesMember_zRFlukkXzuP8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; color: Black; text-align: left">Provision of GPU Infrastructure services</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">1,931,381</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">328,273</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">2,225,393</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">572,244</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherMember_z0hgSa7yyaR9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; color: Black; text-align: left; padding-bottom: 1pt">Other </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0915">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">502</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">3</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">991</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zOocO1tIOs3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">1,931,381</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">376,984</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">2,225,396</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">702,077</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> 48209 128842 1931381 328273 2225393 572244 502 3 991 1931381 376984 2225396 702077 <p id="xdx_80F_eus-gaap--IncomeTaxDisclosureTextBlock_zq0vw5fONNvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4. <span id="xdx_826_z7trFvpWryS7">Income Tax</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s effective income tax rate was <span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20260401__20260630_z24vyZulebSd" title="Effective income tax rate">(0.30</span>%) and <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20250401__20250630_zGFBqaS2cyu2" title="Effective income tax rate">4.7</span>% for the three months ended June 30, 2026 and 2025, respectively, and <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20260101__20260630_zMMe72k6WjS1" title="Effective income tax rate">(3.40</span>%) and <span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20250101__20250630_zYGYcoRv1l73" title="Effective income tax rate">4.5</span>% for the six months ended June 30, 2026 and 2025 respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective income tax rate for the three and six months ended June 30, 2026 differed from the <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20260101__20260630_zdLaHYyIqPbk">21.0</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% federal statutory rate primarily due to the nonrecognition of fair value loss on convertible notes, the US federal and state tax expense associated with the sale of the Company’s <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TexasCriticalDataCentersLLCMember_ztJKq2CzPJq3">50</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% interest in TCDC, and the change in valuation allowance maintained against certain deferred tax assets. The effective income tax rate for the three and six months ended June 30, 2025 differed from the <span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20250630_zvlOIWXphy98">21.0</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% federal statutory rate primarily due to the change in valuation allowance maintained against certain deferred tax assets, state income taxes, and the impact of research and development tax incentives. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -0.0030 0.047 -0.0340 0.045 0.210 0.50 0.210 <p id="xdx_80F_ecustom--CertificatesOfDepositsDisclosureTextBlock_zGg12vPyqbC6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5. <span id="xdx_829_zYyUWwTrJO9g">Certificates of Deposit</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At June 30, 2026, the Company held certificates of deposit (CDs) totaling $<span id="xdx_90D_eus-gaap--Deposits_iI_pn3n3_c20260630_zXjzzn3gNIf4" title="Certificates of deposits amount">12,748</span> thousand which are restricted due to their use as collateral for bank guarantees issued for equipment managed service contracts. The CDs have either a 6-month or 12-month term and are maintained in a bank account in the Company’s name. Interest earned on the CDs is accrued to the Company. Under the terms of the service contracts, the supplier may claim the funds in the event of a material default by the Company in fulfilling its payment obligations. These arrangements do not transfer ownership or control of the CDs but restrict their use for the duration of the CD term. Additionally, in conjunction with the Company’s new service contracts in 2025, the supplier required the Company to maintain these CD’s throughout the duration of the contract period, or until the supplier agrees to release them. This resulted in a long-term restriction on the CDs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 12748000 <p id="xdx_809_eus-gaap--LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_zM1sGFjNsw36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6. <span id="xdx_829_z8GoDXGnyJs6">Trade and Other Receivables</span></b></span></p> <p id="xdx_890_ecustom--ScheduleOfTradeAndOtherReceivablesTableTextBlock_zmyfCbtAUEuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zknGk8XlagOl" style="display: none">Schedule of Trade and Other Receivables</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20260630_zLfJ8iT5Ohuh" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20251231_zc7SW1XkmyPc" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iI_maAAORNzxqr_zkQc4LJvgRb2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; color: Black; text-align: left">Trade receivables</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">1,158,480</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">44,142</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--GoodsAndServicesTaxReceivable_iI_maAAORNzxqr_ziJdPQP85913" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Goods and services tax (GST) receivable</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">27,300,337</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">705,535</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iTI_mtAAORNzxqr_zf5htRdwEGx3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total trade and other receivables</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">28,458,817</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">749,677</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zLUbPSLroZO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_ecustom--ScheduleOfTradeAndOtherReceivablesTableTextBlock_zmyfCbtAUEuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zknGk8XlagOl" style="display: none">Schedule of Trade and Other Receivables</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20260630_zLfJ8iT5Ohuh" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20251231_zc7SW1XkmyPc" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iI_maAAORNzxqr_zkQc4LJvgRb2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; color: Black; text-align: left">Trade receivables</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">1,158,480</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">44,142</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--GoodsAndServicesTaxReceivable_iI_maAAORNzxqr_ziJdPQP85913" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Goods and services tax (GST) receivable</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">27,300,337</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">705,535</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iTI_mtAAORNzxqr_zf5htRdwEGx3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total trade and other receivables</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">28,458,817</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">749,677</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> 1158480 44142 27300337 705535 28458817 749677 <p id="xdx_802_ecustom--ConvertibleNoteProceedsReceivableDisclosureTextBlock_zTAN5zRJPlLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7. <span id="xdx_825_zOpyUWPzqk15">Convertible notes receivable</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2026, in connection with the sale of the Company’s <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TexasCriticalDataCentersLLCMember_zgHPj8x6MtV3" title="Membership interest percentage sold">50</span>% membership interest in Texas Critical Data Centers, LLC (“TCDC”), the Company received a $<span id="xdx_90E_eus-gaap--ProceedsFromSaleAndCollectionOfNotesReceivable_pn6n6_c20260101__20260131__dei--LegalEntityAxis__custom--NewEraEnergyDigitalIncMember__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredConvertiblePromissoryNoteMember_zGrSMGbZJSNe" title="Proceeds from senior debt">50</span> million senior secured convertible promissory note from New Era Energy &amp; Digital Inc. (“NUAI”). The note bore interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260131__dei--LegalEntityAxis__custom--NewEraEnergyDigitalIncMember__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredConvertiblePromissoryNoteMember_zUxcoUhlswwe" title="Interest rate">10.0</span>% per annum and matured on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20260101__20260131__dei--LegalEntityAxis__custom--NewEraEnergyDigitalIncMember__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredConvertiblePromissoryNoteMember_zn4YArKQehfl" title="Maturity date">June 30, 2026</span>. Under the terms of the agreement, the Company may elect to convert up to <span id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentRate_pid_dp_uPure_c20260101__20260131__dei--LegalEntityAxis__custom--NewEraEnergyDigitalIncMember__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredConvertiblePromissoryNoteMember_zFVOp3pxJIi5" title="Debt conversion rate">20</span>% of the outstanding principal into shares of NUAI common stock based on a contractual conversion formula. The note is secured by NUAI’s ownership interest in TCDC and guaranteed by TCDC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded the note at fair value upon issuance, which approximated its principal amount, and subsequently accounts for the instrument at amortized cost under ASC 310. Management evaluated the embedded conversion feature under ASC 815 and concluded that the estimated fair value of the embedded derivative was not material to the consolidated condensed financial statements. For the three months ended June 30, 2026, the Company recognized approximately $<span id="xdx_905_eus-gaap--InvestmentIncomeInterest_pn3n3_c20260401__20260630__dei--LegalEntityAxis__custom--NewEraEnergyDigitalIncMember__us-gaap--LongtermDebtTypeAxis__us-gaap--SeniorNotesMember_zTDmHAZoIThc" title="Interest income">329</span> thousand of interest income related to the note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 24, 2026, NUAI repaid the full outstanding principal balance and accrued interest in cash, and no conversion rights were exercised.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.50 50000000 0.100 2026-06-30 0.20 329000 <p id="xdx_80A_eus-gaap--InvestmentTextBlock_zA2JGh9dB4pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8.<span id="xdx_82F_zyxvLoZd34ad"> Investment in NUAI shares</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the consideration received from the sale of Texas Critical Data Centers, LLC (“TCDC”), the Company received common shares of New Era Energy &amp; Digital Inc. (“NUAI”), which were initially measured at fair value based on the quoted market price on the transaction date. Management concluded that no liquidity or marketability discount was necessary as the shares were traded in an active market with sufficient trading volume to support orderly disposition without materially impacting market price. The investment is subsequently remeasured using quoted market prices in an active market, with changes in fair value recognized in earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 14, 2026, the Company sold all of its NUAI common shares for $<span id="xdx_90F_ecustom--ProceedsFromSaleOfNuaiShares_pn3n3_c20260514__20260514_zrkFGoVcKbP1" title="NUAI common shares">14,984</span> thousand, with the proceeds received and recorded as cash held in trust. The carrying amount of the investment immediately prior to the sale was $<span id="xdx_90D_ecustom--InvestmentCarryingAmount_pn3n3_c20260401__20260630_zOr9POQv9Xb1" title="Investment carrying amount">8,490</span> thousand, resulting in a realized gain on sale of $<span id="xdx_903_eus-gaap--GainLossOnInvestments_pn3n3_c20260401__20260630_zZvJMH5R3bZ3" title="Realized gain on sale">6,493</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 14984000 8490000 6493000 <p id="xdx_802_ecustom--PropertyAndEquipmentAndRightofUseAssetsDisclosureTextBlock_zLFLfRmPKlO9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9. <span id="xdx_825_zd4oPYaqwFre">Property and Equipment and Right of Use Assets</span></b></span></p> <p id="xdx_896_eus-gaap--PropertyPlantAndEquipmentTextBlock_zKZwILLMmnbc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zR8k4YciZOkg" style="display: none">Schedule of Property and Equipment</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td style="text-align: left; color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20260630_zhzo2MRpBZ09" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20251231_zrHaLUmokRr1" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Computer equipment</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zS5ZYJpr4ZT1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; color: Black; text-align: left">At cost</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">21,171,492</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">16,863,167</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z9ru0I4zqEb4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(3,675,250</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,666,017</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z4AwyjsNRxYb" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total computer equipment</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">17,496,242</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">15,197,150</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Electrical equipment</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricalEquipmentMember_zoX66VU4j2S7" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">8,712,037</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0991">-</span></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricalEquipmentMember_zCva77gG9Jmi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(343,641</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0994">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricalEquipmentMember_zV8YatQtSbyi" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total electrical equipment</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">8,368,396</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0997">-</span></td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Capitalized software</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareMember_zsUZG3KtjWqd" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">336,543</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">-</span></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareMember_zGPDHWUP3Sye" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(8,080</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1003">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareMember_zya5ASOWOQCf" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total capitalized software</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">328,463</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1006">-</span></td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Other equipment</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_zZFGeMfPnMj5" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">145,331</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">11,829</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_z5zxJ7E3WJv" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(15,125</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,204</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_zf4smRk6CdIc" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total other equipment</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">130,206</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">10,625</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iI_zyI6oz0WP4Fl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total property and equipment, net</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">26,323,307</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">15,207,775</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; color: Black"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Right of use assets</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetsMember_z2UuLCjjPyv7" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">8,873,684</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">8,236,478</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseRightOfUseAssetAccumulatedAmortization_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetsMember_zVsaNEMJJP1b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,984,481</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,095,601</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseRightOfUseAsset_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetsMember_zVusJpLnJMb5" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total right of use assets, net</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right">6,889,203</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right">7,140,877</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_zcyMEULsyPIh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total property and equipment, net including right of use assets</td><td style="color: Black; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: right">33,212,510</td><td style="padding-bottom: 2.5pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: right">22,348,652</td><td style="padding-bottom: 2.5pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zINCpeIAKwU6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation and amortization expense related to property and equipment amounted to $<span id="xdx_901_eus-gaap--DepreciationDepletionAndAmortization_pn3n3_c20260401__20260630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zBblcgGaeFFb" title="Depreciation and amortization expense">1,881</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand and $<span id="xdx_909_eus-gaap--DepreciationDepletionAndAmortization_pn3n3_c20260101__20260630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zDaVNXC8LVkj" title="Depreciation and amortization expense">3,199</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand for the three and six months ended June 30, 2026, respectively, and $<span id="xdx_90E_eus-gaap--DepreciationDepletionAndAmortization_pn3n3_c20250401__20250630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zuuniKb7Mpz2" title="Depreciation and amortization expense">422</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand and $<span id="xdx_906_eus-gaap--DepreciationDepletionAndAmortization_pn3n3_c20250101__20250630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zcZlGHHb7p61" title="Depreciation and amortization expense">804</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand for the three and six months ended June 30, 2025, respectively. Foreign currency translation adjustments related to property and equipment were $<span id="xdx_906_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_pn3n3_c20260401__20260630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zV6OBqf4lxP" title="Foreign currency translation adjustments">28</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand and ($<span id="xdx_90C_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_pn3n3_c20260101__20260630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_ztgFlWPxSdSk" title="Foreign currency translation adjustments">64</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">) thousand were recognized for the three and six-month ended June 30, 2026, respectively<b>, </b>and $<span id="xdx_909_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_pn3n3_c20250401__20250630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zJ6ATBp9Ox9f" title="Foreign currency translation adjustments">79</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand and $<span id="xdx_90C_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_pn3n3_c20250101__20250630__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zrKnPJFnESRk" title="Foreign currency translation adjustments">242</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand for the three and six months ended June 30, 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--PropertyPlantAndEquipmentTextBlock_zKZwILLMmnbc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zR8k4YciZOkg" style="display: none">Schedule of Property and Equipment</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td style="text-align: left; color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20260630_zhzo2MRpBZ09" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20251231_zrHaLUmokRr1" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Computer equipment</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zS5ZYJpr4ZT1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; color: Black; text-align: left">At cost</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">21,171,492</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">16,863,167</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z9ru0I4zqEb4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(3,675,250</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,666,017</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z4AwyjsNRxYb" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total computer equipment</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">17,496,242</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">15,197,150</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Electrical equipment</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricalEquipmentMember_zoX66VU4j2S7" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">8,712,037</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0991">-</span></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricalEquipmentMember_zCva77gG9Jmi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(343,641</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0994">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricalEquipmentMember_zV8YatQtSbyi" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total electrical equipment</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">8,368,396</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0997">-</span></td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Capitalized software</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareMember_zsUZG3KtjWqd" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">336,543</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">-</span></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareMember_zGPDHWUP3Sye" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(8,080</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1003">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareMember_zya5ASOWOQCf" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total capitalized software</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">328,463</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1006">-</span></td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Other equipment</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_zZFGeMfPnMj5" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">145,331</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">11,829</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_z5zxJ7E3WJv" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(15,125</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,204</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_zf4smRk6CdIc" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total other equipment</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">130,206</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">10,625</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iI_zyI6oz0WP4Fl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total property and equipment, net</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">26,323,307</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">15,207,775</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; color: Black"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Right of use assets</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetsMember_z2UuLCjjPyv7" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">At cost</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">8,873,684</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">8,236,478</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseRightOfUseAssetAccumulatedAmortization_iNI_di_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetsMember_zVsaNEMJJP1b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,984,481</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(1,095,601</td><td style="padding-bottom: 1pt; color: Black; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseRightOfUseAsset_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetsMember_zVusJpLnJMb5" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total right of use assets, net</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right">6,889,203</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right">7,140,877</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_zcyMEULsyPIh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total property and equipment, net including right of use assets</td><td style="color: Black; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: right">33,212,510</td><td style="padding-bottom: 2.5pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: right">22,348,652</td><td style="padding-bottom: 2.5pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> 21171492 16863167 3675250 1666017 17496242 15197150 8712037 343641 8368396 336543 8080 328463 145331 11829 15125 1204 130206 10625 26323307 15207775 8873684 8236478 1984481 1095601 6889203 7140877 33212510 22348652 1881000 3199000 422000 804000 28000 64000 79000 242000 <p id="xdx_805_ecustom--EquipmentAndLeasePrepaymentsDisclosureTextBlock_z3IM9IJWPBSj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10. <span id="xdx_825_z2abrU6mpRdk">Equipment, Software and Lease Prepayments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment, software and lease prepayments represent advance payments for goods and services to be received in future periods. As of June 30, 2026, prepayments primarily relate to deposits and milestone payments for high-performance computing equipment with WWT Australia Pty Ltd, down payments under an Equipment-as-a-Service (EaaS)/Device-as-a-Service (DaaS) arrangement with Lenovo Global Financial Services (Australia &amp; New Zealand) Pty Limited, and prepayments to Dicker Data Limited for VAST Data software.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_ecustom--ScheduleOfEquipmentSoftwareLeasePaymentTextBlock_zonFD4ZE9bJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, equipment, software and lease prepayments consisted of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_z8i6fVoWNnh" style="display: none">Schedule Of Equipment Software Lease Payment</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WWT Australia Pty Ltd – $<span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20260630__dei--LegalEntityAxis__custom--WWTAustraliaPtyLtdMember_z9iYxQMRx1Uf" title="Equipment, software and lease payment cost">256,186</span> thousand</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lenovo Global Financial Services (Australia &amp; New Zealand) Pty Limited – $<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20260630__dei--LegalEntityAxis__custom--LenovoGlobalFinancialServicesLimitedMember_zC593eqK2fl9" title="Equipment, software and lease payment cost">33,094</span> thousand</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dicker Data Limited (VAST Data software) – $<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20260630__dei--LegalEntityAxis__custom--DickerDataLimitedMember_zbNAONNkPKHk" title="Equipment, software and lease payment cost">13,368</span> thousand</span></td></tr></table> <p id="xdx_8AD_zDlrskbhUev" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments associated with hardware, software, and managed services arrangements will be recognized as property and equipment, capitalized software, or leases as the underlying assets are delivered and placed into service or as services are rendered.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_ecustom--ScheduleOfEquipmentSoftwareLeasePaymentTextBlock_zonFD4ZE9bJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, equipment, software and lease prepayments consisted of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_z8i6fVoWNnh" style="display: none">Schedule Of Equipment Software Lease Payment</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WWT Australia Pty Ltd – $<span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20260630__dei--LegalEntityAxis__custom--WWTAustraliaPtyLtdMember_z9iYxQMRx1Uf" title="Equipment, software and lease payment cost">256,186</span> thousand</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lenovo Global Financial Services (Australia &amp; New Zealand) Pty Limited – $<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20260630__dei--LegalEntityAxis__custom--LenovoGlobalFinancialServicesLimitedMember_zC593eqK2fl9" title="Equipment, software and lease payment cost">33,094</span> thousand</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dicker Data Limited (VAST Data software) – $<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20260630__dei--LegalEntityAxis__custom--DickerDataLimitedMember_zbNAONNkPKHk" title="Equipment, software and lease payment cost">13,368</span> thousand</span></td></tr></table> 256186000 33094000 13368000 <p id="xdx_80A_ecustom--OtherExpensesDisclosureTextBlock_zqRcY6CVXaDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11. <span id="xdx_825_zxFZqDsg2H25">Other expenses</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other expenses consisted primarily of depreciation and amortization expense and foreign currency transaction gains and losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended June 30, 2026, other expenses totaled $<span id="xdx_90A_ecustom--OtherExpense_pn3n3_c20260401__20260630_z7hGg2lT1pQ2" title="Other expenses">14,598</span> thousand, primarily comprising $<span id="xdx_909_ecustom--DepreciationAndAmortizationExpense_pn3n3_c20260401__20260630_ziRYFPjHKki5" title="Depreciation and amortization expense">1,881</span> thousand of depreciation and amortization expense and $<span id="xdx_90C_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_pn3n3_c20260401__20260630_z9KinV8PElv8" title="Unrealized foreign currency transaction losses">14,329</span> thousand of net unrealized foreign currency transaction losses, partially offset by $<span id="xdx_904_eus-gaap--ForeignCurrencyTransactionGainLossRealized_pn3n3_c20260401__20260630_zqFxGV3H2hN4" title="Realized foreign currency transaction gains">1,612</span> thousand of net realized foreign currency transaction gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026, other expenses totaled $<span id="xdx_905_ecustom--OtherExpense_pn3n3_c20260101__20260630_z8lFbaLmVjIb" title="Other expenses">12,788</span> thousand, primarily comprising $<span id="xdx_905_ecustom--DepreciationAndAmortizationExpense_pn3n3_c20260101__20260630_z2zJPW46Yaw" title="Depreciation and amortization expense">3,199</span> thousand of depreciation and amortization expense and $<span id="xdx_90A_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_pn3n3_c20260101__20260630_zvKW0ie4cYDe" title="Unrealized foreign currency transaction losses">11,123</span> thousand of net unrealized foreign currency transaction losses, partially offset by $<span id="xdx_906_eus-gaap--ForeignCurrencyTransactionGainLossRealized_pn3n3_c20260101__20260630_zhp4F9SKz2q6" title="Realized foreign currency transaction gains">1,534 </span>thousand of net realized foreign currency transaction gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended June 30, 2025, other expenses totaled $<span id="xdx_908_ecustom--OtherExpense_pn3n3_c20250401__20250630_zHQ4pW0KHhnb" title="Other expenses">1,170</span> thousand, primarily comprising $<span id="xdx_909_ecustom--DepreciationAndAmortizationExpense_pn3n3_c20250401__20250630_zrOOE2xVq5Y1" title="Depreciation and amortization expense">1,802</span> thousand of depreciation and amortization expense, partially offset by $<span id="xdx_906_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_pn3n3_c20250401__20250630_z9CXz41YVRZ3" title="Unrealized foreign currency transaction losses">632 </span>thousand of net unrealized foreign currency transaction gains, and other immaterial expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2025, other expenses totaled $<span id="xdx_90A_ecustom--OtherExpense_pn3n3_c20250101__20250630_zaU4mjoG33Wb" title="Other expenses">1,676</span> thousand, primarily comprising $<span id="xdx_902_ecustom--DepreciationAndAmortizationExpense_pn3n3_c20250101__20250630_zHmofmNVcq5e" title="Depreciation and amortization expense">2,463</span> thousand of depreciation and amortization expense, partially offset by $<span id="xdx_903_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_pn3n3_c20250101__20250630_zFa1sUJt3019" title="Unrealized foreign currency transaction losses">787</span> thousand of net unrealized foreign currency transaction gains, and other immaterial expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 14598000 1881000 14329000 1612000 12788000 3199000 11123000 1534000 1170000 1802000 632000 1676000 2463000 787000 <p id="xdx_803_ecustom--WarrantLiabilityDisclosureTextBlock_zsig6TXrV7g5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 12. <span id="xdx_826_zvb0FFftCox9">Warrant Liability</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for the <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zi6VJBJGgyxk" title="Number of warrants share">22,250,000</span> warrants that were assumed from Roth as part of the BCA (representing <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zGt4Fjiw3LE" title="Number of warrants shares issued">11,500,000</span> Public Warrants and <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_zCPwpirkmCn2" title="Number of warrants shares issued">10,750,000</span> Private Placement Warrants exercisable for <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_zYKkRqLnlEFh" title="Number of warrants shares exercised">230,000</span> shares of Class A Ordinary Common Stock and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20260101__20260630__us-gaap--StatementClassOfStockAxis__custom--CommonClassAOneMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_zXb0ENifTki9" title="Number of warrants shares">214,982</span> shares of Class A Ordinary Common Stock, respectively) which are exercisable of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zqT3cf0yFE76" title="Number of warrants shares exercised">444,982</span> shares of Class A Ordinary Common Stock in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. The warrants do not meet the criteria to be considered indexed to the Company’s stock due to settlement provisions that result in holders of warrants receiving variable settlement amounts determined by the reference table. Additionally, an event that is not within the entity’s control could require net cash settlement, thus precluding equity classification. Accordingly, the Company will classify each warrant as a liability at its fair value. This liability is subject to re-measurement at each consolidated balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s consolidated condensed statement of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> 22250000 11500000 10750000 230000 214982 444982 <p id="xdx_80F_eus-gaap--DebtDisclosureTextBlock_zaRRSPzu5a21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 13. <span id="xdx_822_zP03RF82LqLk">Convertible Notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89F_ecustom--ScheduleOfConvertibleNotesTableTextBlock_zZOOScnLAY4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the carrying amounts of the Company’s convertible notes as of June 30, 2026 and December 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zxaavNSaORrc">Schedule of Convertible Notes</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20260630_zcBtNVlH1vC1" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20251231_zAJGR1uuczek" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: 0pt; padding-left: 0pt">Description</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleNotesPayableCurrent_iI_z9rl9DLLZ0w5" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; text-indent: 0pt; padding-left: 0pt">December 2025 convertible notes- current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">20,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">129,017,286</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleLongTermNotesPayable_iI_hus-gaap--DebtInstrumentAxis__custom--MayTwoThousandAndTwentySixConvertibleNotesMember_zg5ivcPXo1md" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">May 2026 convertible notes- noncurrent</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">334,515,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1110">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleLongTermNotesPayable_iI_hus-gaap--DebtInstrumentAxis__custom--JuneTwoThousandAndTwentySixConvertibleNotesMember_zTKYBDoHrTOf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">June 2026 convertible notes- noncurrent</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">672,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertibleNotesPayable_iI_zJATwHKITaRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: 0pt; padding-left: 0pt">Total</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,006,535,059</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">129,017,286</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zCxB0mwHrIx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>December 2025 Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 17, 2025, the Company issued $<span id="xdx_909_eus-gaap--ConvertibleNotesPayable_iI_pn4n6_c20251217__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleNotesMember_zcYDh4UY9vW" title="Convertible notes payable">2.25</span> million of convertible notes bearing interest at <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251217__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleNotesMember_zawLDMEH935k" title="Convertible notes, interest rate">10</span>% per annum and maturing <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_c20251217__20251217__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleNotesMember_zmLP8dqsN3zd" title="Convertible notes, maturity date">December 17, 2026</span>. The notes automatically converted into Class A Ordinary Common Stock at $<span id="xdx_904_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20251217__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleNotesMember_zCw6SwgakSZ7" title="Convertible notes, conversion price">6.00</span> per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 19, 2025, SharonAI, Inc. and SharonAI Pty Ltd (collectively, the “Company”) issued unsecured redeemable convertible notes with an aggregate principal amount of approximately $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20251219__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleNotesMember_zPEE4ngcUYCb" title="Convertible notes, principal amount">103.7</span> million to several institutional investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Convertible Notes accrue interest at <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251219__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleNotesMember_zdockyTNfkpf" title="Convertible notes, interest rate">12.0</span>% per annum if an initial public offering (“IPO”) does not occur within four months of issuance, increasing to <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_uPure_c20251219__20251219__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleNotesMember_zUx3B5TMXa49" title="Convertible notes, interest rate increase">15.0</span>% per annum if an IPO has not occurred within 12 months. The notes mature 24 months from the issue date and automatically convert upon an IPO or certain corporate transactions, subject to specified terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company elected the fair value option under ASC 825 for the Convertible Notes. The notes are initially recorded at fair value and subsequently remeasured at each reporting date, with changes in fair value recognized in earnings, except for changes attributable to instrument-specific credit risk, which are recognized in other comprehensive income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 11, 2026, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260611__20260611__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIMdtJJ5bJB3" title="Common stock shares issued">8,430,784 </span>shares of its Class A Ordinary Common Stock, par value $<span id="xdx_908_eus-gaap--SharePrice_iI_pid_c20260611__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zKWS5nvJc2yh" title="Price per share">0.0001</span> per share (the “Conversion Shares”) upon conversion of an aggregate principal amount of approximately $<span id="xdx_90F_eus-gaap--ConversionOfStockAmountConverted1_pn5n6_c20260611__20260611__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zX2W6XLgCjzb" title="Conversion of stock amount">103.6</span> million of unsecured, redeemable, convertible notes (the “Notes”), together with $<span id="xdx_90E_eus-gaap--ConversionOfStockAmountConverted1_pn4n6_c20260611__20260611__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--SharonAIPtyLtdMember_zQu5glb0ZMN2" title="Conversion of stock amount">2.08 </span>million of accrued and unpaid interest thereon pursuant to the terms of that certain Convertible Note Agreement (the “Agreement”), dated December 19, 2025, by and among SharonAI, Inc., SharonAI Pty Ltd and certain investors (the “Noteholders”). The Company assumed the obligations of SharonAI, Inc. under the Agreement promptly following the closing of the Business Combination Agreement, dated January 28, 2025. The number of Conversion Shares issued was determined in accordance with the conversion formula set forth in Section 4.6 of the Agreement, which provides that the conversion price is equal to the lower of (i) the applicable Discount Rate multiplied by the relevant transaction price and (ii) the applicable Valuation Cap (each as defined in the Agreement). Application of this formula resulted in an effective conversion price of $<span id="xdx_907_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260611__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXkIQ7jiUjK5" title="Debt instrument, convertible, conversion price">12.53</span> per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026, the Company recognized $<span id="xdx_90A_eus-gaap--InterestExpenseDebt_pn3n3_c20260101__20260630_z3PPlgM8nhej" title="Accrued interest expense">2,081</span> thousand in accrued interest expense related to the Convertible Notes prior to conversion. Upon conversion in June 2026, the accrued interest was settled through the issuance of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260101__20260630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zOtEFy53MZt" title="Issuance of common shares">165,749</span> common shares, with an aggregate fair value of $<span id="xdx_90F_eus-gaap--DebtInstrumentFairValue_iI_pid_c20260630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ziQbHRUy0BVi" title="Fair value of convertible note">11,852</span> thousand based on the market price of $<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zlZJVBxNguzd" title="Conversion price">71.51</span> per share on the conversion date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>May 2026 Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 18, 2026, the Company issued $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20260518__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwentySixConvertibleNotesMember_zZCwrj0VEfBf" title="Convertible notes, principal amount">350</span> million aggregate principal amount of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260518__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwentySixConvertibleNotesMember_zQqVAuCz86ck" title="Convertible notes, interest rate">6.00</span>% Convertible Senior Notes due May 1, 2031. These notes bear interest at <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260518__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwentySixConvertibleNotesMember_znRzbP9qugqh" title="Convertible notes, interest rate">6.00</span>% per annum, payable quarterly in arrears, and mature on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20260518__20260518__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwentySixConvertibleNotesMember_zvZQYR5bD1p6" title="Convertible notes, maturity date">May 1, 2031</span>, unless earlier converted or repurchased in accordance with their terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These notes are convertible into the Company’s Class A ordinary common stock at an initial conversion price of $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20260518__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwentySixConvertibleNotesMember_zpyCMm1MnYM8" title="Convertible notes, conversion price">48.24</span> per share, subject to customary anti-dilution adjustments and other terms specified in the Indenture (the “May 2026 Indenture”) dated May 18, 2026 between the Company and U.S. Bank Trust Company, National Association, as trustee (The “Trustee”). Beginning eighteen months after issuance, the Company may require conversion upon the satisfaction of specified market-based conditions. Upon certain fundamental changes, holders may require the Company to repurchase the notes at <span id="xdx_908_eus-gaap--DebtInstrumentRedemptionPricePercentage_dp_uPure_c20260518__20260518__us-gaap--DebtInstrumentAxis__custom--MayTwoThousandTwentySixConvertibleNotesMember_zm8vKxj1649i" title="Repurchase percentage">100</span>% of the principal amount, plus accrued and unpaid interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the embedded features of the May 2026 Convertible Senior Notes under ASC 815 and concluded that the conversion feature qualifies for the equity scope exception and does not require bifurcation. Accordingly, these notes are accounted for as a single debt instrument. Debt issuance costs are recorded as a direct deduction from the carrying amount of the notes and are amortized to interest expense using the effective interest method over the contractual term of the notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>June 2026 Convertible Notes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 22, 2026, the Company issued $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20260622__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentySixConvertibleNotesMember_zhkIlKsSpsR6" title="Convertible notes, principal amount">700</span> million aggregate principal amount of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260622__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentySixConvertibleNotesMember_zaBYBwVAIgw3" title="Convertible notes, interest rate">4.75</span>% Convertible Senior Notes due June 15, 2032 in a private placement. These notes bear interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260622__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentySixConvertibleNotesMember_zL8CYN1QodQf" title="Convertible notes, interest rate">4.75</span>% per annum, payable semi-annually in arrears, and mature on June 15, 2032, unless earlier converted, redeemed or repurchased in accordance with their terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes are convertible into the Company’s Class A ordinary common stock at an initial conversion price of approximately $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260622__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentySixConvertibleNotesMember_z3qDIO0gU2Zh" title="Debt instrument, convertible, conversion price">99.66</span> per share, subject to customary anti-dilution adjustments and other terms specified in the Indenture dated June 22, 2026 between the Company and the Trustee (the “June 2026 Indenture”). The Company evaluated the embedded features of the notes under ASC 815 and concluded that the conversion feature qualifies for the equity scope exception and does not require bifurcation. Accordingly, the notes are accounted for as a single debt instrument. Debt issuance costs are recorded as a direct deduction from the carrying amount of the notes and are amortized to interest expense using the effective interest method over the contractual term of the notes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_ecustom--ScheduleOfConvertibleNotesTableTextBlock_zZOOScnLAY4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the carrying amounts of the Company’s convertible notes as of June 30, 2026 and December 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zxaavNSaORrc">Schedule of Convertible Notes</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20260630_zcBtNVlH1vC1" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20251231_zAJGR1uuczek" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: 0pt; padding-left: 0pt">Description</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleNotesPayableCurrent_iI_z9rl9DLLZ0w5" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left; text-indent: 0pt; padding-left: 0pt">December 2025 convertible notes- current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">20,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">129,017,286</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleLongTermNotesPayable_iI_hus-gaap--DebtInstrumentAxis__custom--MayTwoThousandAndTwentySixConvertibleNotesMember_zg5ivcPXo1md" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">May 2026 convertible notes- noncurrent</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">334,515,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1110">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ConvertibleLongTermNotesPayable_iI_hus-gaap--DebtInstrumentAxis__custom--JuneTwoThousandAndTwentySixConvertibleNotesMember_zTKYBDoHrTOf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">June 2026 convertible notes- noncurrent</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">672,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertibleNotesPayable_iI_zJATwHKITaRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: 0pt; padding-left: 0pt">Total</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,006,535,059</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">129,017,286</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> 20059 129017286 334515000 672000000 1006535059 129017286 2250000 0.10 2026-12-17 6.00 103700000 0.120 0.150 8430784 0.0001 103600000 2080000.00 12.53 2081000 165749 11852 71.51 350000000 0.0600 0.0600 2031-05-01 48.24 1 700000000 0.0475 0.0475 99.66 <p id="xdx_805_eus-gaap--LesseeOperatingLeasesTextBlock_z0kQlj5UFZq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <b>Note 14. <span id="xdx_82E_zjNswsps5Bvl">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company leases GPU and associated computer and networking equipment under non-cancelable finance lease agreements. Lease terms generally range from <span id="xdx_90D_eus-gaap--LesseeFinanceLeaseTermOfContract1_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember_zp6i981CfuRk" title="Lease term">3</span> to <span id="xdx_90A_eus-gaap--LesseeFinanceLeaseTermOfContract1_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember_zY2UeSLdrYph" title="Lease term">5</span> years and may include options to extend or terminate the lease. Lease agreements may contain both lease and non-lease components, which the Company accounts for as a single lease component for all asset classes under a practical expedient election. The Company also elected the short-term lease exemption for all leases with original terms of 12 months or less, whereby such leases are not recognized on the consolidated balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lease cost</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_895_eus-gaap--LeaseCostTableTextBlock_zyVN5Lmxfcx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of lease cost were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zPVXCZvHYUIf" style="display: none">Schedule of Lease Cost</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260401__20260630_zxu00gTlQ5q1" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250401__20250630_zRcKfR32UGMg" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630_z1awafa8dVyh" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250630_zfEGBKy2Ue7g" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">For the Three Months Ended</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Six Months Ended</b></span></p> </td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> </td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold">Description</td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td><td style="text-align: right; color: Black"> </td> <td> </td> </tr> <tr id="xdx_408_eus-gaap--FinanceLeaseInterestExpense_maLCzhPr_ziYTlH7epFI9" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; color: Black; text-align: left">Finance lease - interest</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 11%; color: Black; text-align: right">68,067</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 11%; color: Black; text-align: right">51,174</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 11%">170,855</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td><td style="width: 11%; color: Black; text-align: right">70,929</td> <td style="width: 1%"> </td> </tr> <tr id="xdx_406_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_maLCzhPr_zaptGHRKYQU6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Finance lease - amortization</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">441,623</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">124,534</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">711,085</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">$</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">266,156</td> <td style="padding-bottom: 1pt"> </td> </tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_mtLCzhPr_zAgqjj6NgCid" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Lease Cost</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">509,690</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">175,708</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><b>$</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>881,940</b></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><b>$</b></td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">337,085</td> <td style="padding-bottom: 1pt"> </td> </tr> </table> <p id="xdx_8A1_zJBxW0k6n4S6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity analysis of lease liabilities</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--FinanceLeaseLiabilityMaturityTableTextBlock_z3NutO278J76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments at June 30, 2026 and December 31, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zz2YbsNlO6R3" style="display: none">Schedule of Future Minimum Lease Payments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20260630_zjozYChQZ6Sb" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20251231_zF7WugptpWb1" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; color: Black; font-weight: bold">Description</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; color: Black; text-align: left">2026</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLL001_c20260630_z6ykSQxx4YEf" style="width: 16%; color: Black; text-align: right" title="Future minimum lease payments, remainder of fiscal year">876,839</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLL001_c20251231_z6uG60qL0Uaf" style="width: 16%; color: Black; text-align: right" title="Future minimum lease payments, year one">1,324,782</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left">2027</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLL001_c20260630_z3EFTE6Rhjab" style="color: Black; text-align: right" title="Future minimum lease payments, year one">1,416,988</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_maLL001_c20251231_zh2SNJ1W7bB5" style="color: Black; text-align: right" title="Future minimum lease payments, year two">1,324,782</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">2028</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_maLL001_c20260630_zbJbatKO7d04" style="color: Black; text-align: right" title="Future minimum lease payments, year two">1,416,988</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_maLL001_c20251231_zOi2DDh7oLsh" style="color: Black; text-align: right" title="Future minimum lease payments, year three">1,324,782</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left">2029</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_maLL001_c20260630_zw2XpwCn4z96" style="color: Black; text-align: right" title="Future minimum lease payments, year three">1,289,556</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_maLL001_c20251231_zXemj4LyneZ" style="color: Black; text-align: right" title="Future minimum lease payments, year four">1,201,139</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">2030</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98A_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_maLL001_c20260630_z7Vlw6k1poNd" style="color: Black; text-align: right" title="Future minimum lease payments, year four">442,314</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_maLL001_c20251231_zicNahAdtAYh" style="color: Black; text-align: right" title="Future minimum lease payments, year five">379,091</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">2031</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_maLL001_c20260630_zXKDElWhGLNf" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Future minimum lease payments, year five">21,502</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_98A_ecustom--FinanceLeaseLiabilityPaymentsDueYearSix_iI_maLL001_c20251231_zjzYF7WENuN2" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Future minimum lease payments, year six"><span style="-sec-ix-hidden: xdx2ixbrl1217">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; color: Black; font-weight: bold">Total</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iTI_mtLL001_c20260630_zFfqC3lQomua" style="color: Black; font-weight: bold; text-align: right" title="Total">5,464,187</td><td style="color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iTI_mtLL001_c20251231_zN6XEV4XHdlg" style="color: Black; font-weight: bold; text-align: right" title="Total">5,554,576</td><td style="color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Less: Imputed interest</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_c20260630_zq0rdOXnFnsc" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Less: Imputed interest">647,757</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_98E_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_c20251231_zXh2C3HQMg79" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Less: Imputed interest">563,675</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; color: Black; font-weight: bold; padding-bottom: 1pt">Present value of lease liabilities</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eus-gaap--FinanceLeaseLiability_iTI_c20260630_zhRbNoVCvIH8" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right" title="Present value of lease liabilities">4,816,430</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td id="xdx_98E_eus-gaap--FinanceLeaseLiability_iTI_c20251231_z71QXaruRef2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right" title="Present value of lease liabilities">4,990,901</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_z9njCQHSDVg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_893_ecustom--ScheduleOfLeaseOtherInformationTableTextBlock_z05OTQa5Enn9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other information</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zpZOprxWMpll" style="display: none">Schedule of Other Information of Lease</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20260101__20260630_zbX9NKO1hRof" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zHmu2mJqW9g8" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; color: Black; text-align: left">Weighted-average remaining lease term (years)</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 16%; color: Black; text-align: right"><span id="xdx_902_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_zGO4MGVyQtf4" title="Weighted-average remaining lease term (years)">3.9</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 16%; color: Black; text-align: right"><span id="xdx_901_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_z1mMCrXpzOz8" title="Weighted-average remaining lease term (years)">3.9</span></td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iE_pid_dp_zrfpH1qeTG4f" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Weighted-average discount rate</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">5.87</td><td style="color: Black; text-align: left">%</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">5.72</td><td style="color: Black; text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_pid_zWa0XCszM8G" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left">ROU assets obtained in exchange for ROU Liability</td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">384,785</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">8,236,478</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FinanceLeaseInterestPaymentOnLiability_pid_zvv0pmflSn65" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Operating cash impact of finance leases</td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">712,210</td><td style="color: Black; text-align: left"></td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">3,463,635</td><td style="color: Black; text-align: left">)</td></tr> </table> <p id="xdx_8A4_zoaekLo4pdp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> P3Y P5Y <p id="xdx_895_eus-gaap--LeaseCostTableTextBlock_zyVN5Lmxfcx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of lease cost were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zPVXCZvHYUIf" style="display: none">Schedule of Lease Cost</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260401__20260630_zxu00gTlQ5q1" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250401__20250630_zRcKfR32UGMg" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630_z1awafa8dVyh" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250630_zfEGBKy2Ue7g" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">For the Three Months Ended</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Six Months Ended</b></span></p> </td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> </td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold">Description</td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td><td style="text-align: right; color: Black"> </td> <td> </td> </tr> <tr id="xdx_408_eus-gaap--FinanceLeaseInterestExpense_maLCzhPr_ziYTlH7epFI9" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; color: Black; text-align: left">Finance lease - interest</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 11%; color: Black; text-align: right">68,067</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 11%; color: Black; text-align: right">51,174</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 11%">170,855</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td><td style="width: 11%; color: Black; text-align: right">70,929</td> <td style="width: 1%"> </td> </tr> <tr id="xdx_406_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_maLCzhPr_zaptGHRKYQU6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Finance lease - amortization</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">441,623</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">124,534</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">711,085</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">$</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: right">266,156</td> <td style="padding-bottom: 1pt"> </td> </tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_mtLCzhPr_zAgqjj6NgCid" style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Lease Cost</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">509,690</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">175,708</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><b>$</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>881,940</b></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><b>$</b></td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">337,085</td> <td style="padding-bottom: 1pt"> </td> </tr> </table> 68067 51174 170855 70929 441623 124534 711085 266156 509690 175708 881940 337085 <p id="xdx_892_eus-gaap--FinanceLeaseLiabilityMaturityTableTextBlock_z3NutO278J76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments at June 30, 2026 and December 31, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zz2YbsNlO6R3" style="display: none">Schedule of Future Minimum Lease Payments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20260630_zjozYChQZ6Sb" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20251231_zF7WugptpWb1" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; color: Black; font-weight: bold">Description</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; color: Black; text-align: left">2026</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLL001_c20260630_z6ykSQxx4YEf" style="width: 16%; color: Black; text-align: right" title="Future minimum lease payments, remainder of fiscal year">876,839</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLL001_c20251231_z6uG60qL0Uaf" style="width: 16%; color: Black; text-align: right" title="Future minimum lease payments, year one">1,324,782</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left">2027</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLL001_c20260630_z3EFTE6Rhjab" style="color: Black; text-align: right" title="Future minimum lease payments, year one">1,416,988</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_maLL001_c20251231_zh2SNJ1W7bB5" style="color: Black; text-align: right" title="Future minimum lease payments, year two">1,324,782</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">2028</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_maLL001_c20260630_zbJbatKO7d04" style="color: Black; text-align: right" title="Future minimum lease payments, year two">1,416,988</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_maLL001_c20251231_zOi2DDh7oLsh" style="color: Black; text-align: right" title="Future minimum lease payments, year three">1,324,782</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left">2029</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_maLL001_c20260630_zw2XpwCn4z96" style="color: Black; text-align: right" title="Future minimum lease payments, year three">1,289,556</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_maLL001_c20251231_zXemj4LyneZ" style="color: Black; text-align: right" title="Future minimum lease payments, year four">1,201,139</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">2030</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98A_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_maLL001_c20260630_z7Vlw6k1poNd" style="color: Black; text-align: right" title="Future minimum lease payments, year four">442,314</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_maLL001_c20251231_zicNahAdtAYh" style="color: Black; text-align: right" title="Future minimum lease payments, year five">379,091</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">2031</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_maLL001_c20260630_zXKDElWhGLNf" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Future minimum lease payments, year five">21,502</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_98A_ecustom--FinanceLeaseLiabilityPaymentsDueYearSix_iI_maLL001_c20251231_zjzYF7WENuN2" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Future minimum lease payments, year six"><span style="-sec-ix-hidden: xdx2ixbrl1217">-</span></td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; color: Black; font-weight: bold">Total</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iTI_mtLL001_c20260630_zFfqC3lQomua" style="color: Black; font-weight: bold; text-align: right" title="Total">5,464,187</td><td style="color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iTI_mtLL001_c20251231_zN6XEV4XHdlg" style="color: Black; font-weight: bold; text-align: right" title="Total">5,554,576</td><td style="color: Black; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; padding-bottom: 1pt">Less: Imputed interest</td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_c20260630_zq0rdOXnFnsc" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Less: Imputed interest">647,757</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td><td style="color: Black; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"> </td><td id="xdx_98E_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_c20251231_zXh2C3HQMg79" style="border-bottom: Black 1pt solid; color: Black; text-align: right" title="Less: Imputed interest">563,675</td><td style="padding-bottom: 1pt; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; color: Black; font-weight: bold; padding-bottom: 1pt">Present value of lease liabilities</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eus-gaap--FinanceLeaseLiability_iTI_c20260630_zhRbNoVCvIH8" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right" title="Present value of lease liabilities">4,816,430</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">$</td><td id="xdx_98E_eus-gaap--FinanceLeaseLiability_iTI_c20251231_z71QXaruRef2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right" title="Present value of lease liabilities">4,990,901</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left"> </td></tr> </table> 876839 1324782 1416988 1324782 1416988 1324782 1289556 1201139 442314 379091 21502 5464187 5554576 647757 563675 4816430 4990901 <p id="xdx_893_ecustom--ScheduleOfLeaseOtherInformationTableTextBlock_z05OTQa5Enn9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other information</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zpZOprxWMpll" style="display: none">Schedule of Other Information of Lease</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20260101__20260630_zbX9NKO1hRof" style="color: Black; font-weight: bold; text-align: center">June 30,</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zHmu2mJqW9g8" style="color: Black; font-weight: bold; text-align: center">December 31,</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; color: Black; text-align: left">Weighted-average remaining lease term (years)</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 16%; color: Black; text-align: right"><span id="xdx_902_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_zGO4MGVyQtf4" title="Weighted-average remaining lease term (years)">3.9</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 16%; color: Black; text-align: right"><span id="xdx_901_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_z1mMCrXpzOz8" title="Weighted-average remaining lease term (years)">3.9</span></td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iE_pid_dp_zrfpH1qeTG4f" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Weighted-average discount rate</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">5.87</td><td style="color: Black; text-align: left">%</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">5.72</td><td style="color: Black; text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_pid_zWa0XCszM8G" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left">ROU assets obtained in exchange for ROU Liability</td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">384,785</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">8,236,478</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FinanceLeaseInterestPaymentOnLiability_pid_zvv0pmflSn65" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Operating cash impact of finance leases</td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">712,210</td><td style="color: Black; text-align: left"></td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">3,463,635</td><td style="color: Black; text-align: left">)</td></tr> </table> P3Y10M24D P3Y10M24D 0.0587 0.0572 384785 8236478 712210 3463635 <p id="xdx_80F_ecustom--PrefundedWarrantsDisclosureTextBlock_zccbv85Sptmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 15. <span id="xdx_828_z6qlFq03oHxl">Pre-funded Warrants</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 17, 2026, the Company entered into Securities Purchase Agreements with certain qualified institutional and accredited investors in connection with a private placement of <span id="xdx_901_eus-gaap--SharesIssued_iI_c20260617__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--PrivatePlacementMember_zeVOPTPTt1c1" title="Shares, issued">6,719,896</span> shares of Class A common stock and <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20260617__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zNer9g7Cv3Tj" title="Pre-funded warrants issued">6,374,823</span> pre-funded warrants to purchase shares of Class A common stock (the “Pre-Funded Warrants”). The Company received aggregate gross proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfWarrants_pn6n6_c20260617__20260617__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zTW4pW0szun7" title="Proceeds from warrants">900</span> million before deducting placement agent fees and other offering costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Pre-Funded Warrant was issued at a purchase price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260617__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zRsHzjVBUyP1" title="Number of warrants shares exercised price per share">68.2799</span> and is exercisable for one share of the Company’s Class A common stock at a nominal exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260617_zCKYv0T3DM2d" title="Number of warrants shares exercised price per share">0.0001</span> per share. The Pre-Funded Warrants became exercisable on June 22, 2026 and remain exercisable until exercised in full.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exercise of the Pre-Funded Warrants is subject to certain beneficial ownership limitations. Prior to obtaining stockholder approval, a holder generally may not exercise the warrants to the extent such exercise would result in beneficial ownership exceeding <span id="xdx_907_ecustom--BeneficialOwnershipPercentage_iI_pid_dp_uPure_c20260617_zVhYtvIJA4Bk" title="Beneficial ownership percentage">9.99</span>% of the Company’s outstanding common stock, subject to specified increases upon satisfaction of certain conditions and removal of the limitation following stockholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management evaluated the Pre-Funded Warrants under ASC 480, <i>Distinguishing Liabilities from Equity</i>, and ASC 815-40, <i>Derivatives and Hedging- Contracts in Entity’s Own Equity</i>, and concluded that the Pre-Funded Warrants qualify for equity classification. Accordingly, the proceeds allocated to the Pre-Funded Warrants, net of the related allocated issuance costs, were recorded within additional paid-in capital. Offering costs were allocated between the common shares issued and the Pre-Funded Warrants based on their relative fair values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For earnings per share purposes, the Pre-Funded Warrants are included in the calculation of basic earnings per share because the exercise price is nominal and there are no substantive exercise contingencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 6719896 6374823 900000000 68.2799 0.0001 0.0999 <p id="xdx_802_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zRyZDNruuBwb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 16. <span id="xdx_829_z04qVYp2YMuj">Share-Based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group grants Options and Restricted Stock Units (RSUs) under the 2025 Omnibus Equity Incentive Plan (the “2025 Plan”) and has historical grants registered under the 2024 Equity Incentive Plan (the “2024 Plan”) to Board Members, Advisory Board Members, Employees and Contractors. The grants have a combination of performance-based and time-based hurdles and vesting periods. On January 16, 2025, the Group granted <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250116__20250116__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zdx0NKBlBl76">48,484</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options which have a contractual term of <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dtY_c20250116__20250116__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEAJq5ekTYo4">10</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years. The options have an exercise price of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250116__20250116__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zG7M1IXAmqWe">6.71 per share and convert on a 1:1 basis. The Group ascertains the fair value of the Options using a Black-Scholes pricing model. The grant-date fair value of restricted stock units (“RSUs”) is based on the closing market price of the Company’s common stock on the grant date. The grant-date fair value is recognized as share-based compensation expense over the requisite service (vesting) period, with a corresponding increase to equity. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2026, <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z10wzfhHJq7">27,067</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options had vested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z5Znl95g9Zof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Option Activity</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span><span id="xdx_8BD_z325WluPMTu8" style="display: none">Schedule of Stock Option Activity</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Activity</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Number of <br/> Options</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Weighted-Average <br/> Exercise Price</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Weighted-Average <br/> Remaining <br/> Contractual Term <br/> (Years)</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Aggregate <br/> Intrinsic <br/> Value</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; color: Black">Outstanding at December 31, 2025</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zIHGSpFauKB7" style="width: 10%; color: Black; text-align: right" title="Number of options outstanding, Beginning balance">90,442</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQzk8kS2c9lb" style="width: 10%; color: Black; text-align: right" title="Weighted-average exercise price, Beginning balance">6.71</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 10%; color: Black; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zi6H8D0skqU5" title="Weighted-average remaining contractual term (years)">9.00</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zDmYUBjp2uS6" style="width: 10%; color: Black; text-align: right" title="Aggregate intrinsic value, Beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl1274">-</span></td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; color: Black">Granted</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1Ngb1eOH6Z1" style="color: Black; text-align: right" title="Number of options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1276">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5XboJFtZh4e" style="color: Black; text-align: right" title="Weighted-average exercise price, Granted">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; color: Black">Exercised</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zDUglJHAN1Si" style="color: Black; text-align: right" title="Number of options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1280">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqBvzcHeujTi" style="color: Black; text-align: right" title="Weighted-average exercise price, Exercised">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; color: Black">Forfeited</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zpun3Wh1fP5k" style="color: Black; text-align: right" title="Number of options, Forfeited">(56,252</td><td style="color: Black; text-align: left">)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_znMfBYl52Y1" style="color: Black; text-align: right" title="Weighted-average exercise price, Forfeited">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black">Outstanding at June 30, 2026</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjGRjSG2tEP8" style="color: Black; text-align: right" title="Number of options outstanding, Ending balance">34,190</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlDBDFWXC085" style="color: Black; text-align: right" title="Weighted-average exercise price, Ending balance">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLs5d4fUjhwh" title="Weighted-average remaining contractual term (years), Outstanding">8.50</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1xA6iZ4OLg7" style="color: Black; text-align: right" title="Aggregate intrinsic value, Ending balance">2,665,069</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black">Exercisable at June 30, 2026</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zWQKXJF5P01l" style="color: Black; font-weight: bold; text-align: right" title="Number of options, Exercisable">27,067</td><td style="color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zntMZehil5Oh" style="color: Black; text-align: right" title="Weighted-average exercise price, Exercisable">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zvDW6ul3MBq9" style="color: Black; text-align: right" title="Aggregate intrinsic value, Exercisable">2,109,840</td><td style="color: Black; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zyZViWn2PLxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_zmyCi93NKBAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted Stock Units (RSUs)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span><span id="xdx_8B8_zMt5HWozbSr1" style="display: none">Schedule of Performance-Based RSUs Activity</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Activity</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Performance-Based <br/> RSUs</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Weighted-Average <br/> Grant Date Aggregate Fair <br/> Value</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; color: Black">Balance as of December 31, 2025</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBzmLLtFfq81" style="width: 16%; color: Black; text-align: right" title="Performance-Based RSUs unvested, Beginning balance">275,564</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z0IQtqM7ZU6j" style="width: 16%; color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Beginning balance">1,837,850</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black">Granted</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z5HuX8ZZLYxj" style="color: Black; text-align: right" title="Performance-Based RSUs, Granted">1,335,978</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXuUqgrvIGzi" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Granted">10,607,665</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested¹</span></td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_fKDEp_zvV5Upast8M9" style="color: Black; text-align: right" title="Performance-Based RSUs, Vested">(525,776</td><td style="color: Black; text-align: left">)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_fKDEp_ziHWbLI8RmEl" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Vested">(1,219,800</td><td style="color: Black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Vested in prior periods</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPriorPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z58JW7TXEN8b" style="color: Black; text-align: right" title="Performance-Based RSUs, Vested in prior periods">72</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPriorPeriodWeightedAverageGrantDateFairValue_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNhAe2dEvSA" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Vested in prior periods">167</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black">Forfeited</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z7r8TXu6m0sa" style="color: Black; text-align: right" title="Performance-Based RSUs, Forfeited">(163,228</td><td style="color: Black; text-align: left">)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zm8bmuJbm2Y8" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Forfeited">(1,088,731</td><td style="color: Black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold">Unvested at June 30, 2026</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zu7uePI0Y2D5" style="color: Black; font-weight: bold; text-align: right" title="Performance-Based RSUs unvested, Ending balance">922,610</td><td style="color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zMbESbl6FPl2" style="color: Black; font-weight: bold; text-align: right" title="Weighted-average grant date aggregate fair value, Ending balance">10,137,151</td><td style="color: Black; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0E_z4Af8dq8XsV6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zwuNYAu70Vyh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSUs listed as vested are not exercisable but representative of the pro-rata portion of the RSU grant vested in the period</span></td></tr> </table> <p id="xdx_8A3_zxJj0n5XAWj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At June 30, 2026, compensation costs related to these unvested stock-based compensation awards not yet recognized in the consolidated condensed statements of operations was $<span id="xdx_901_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn3n3_c20260630_zTnl1hQe6sid" title="Compensation costs not yet recognized">8,105 thousand, which is expected to be recognized over a weighted-average period of 1.25 years,</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 48484 P10Y 6.71 27067 <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z5Znl95g9Zof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Option Activity</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span><span id="xdx_8BD_z325WluPMTu8" style="display: none">Schedule of Stock Option Activity</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Activity</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Number of <br/> Options</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Weighted-Average <br/> Exercise Price</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Weighted-Average <br/> Remaining <br/> Contractual Term <br/> (Years)</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Aggregate <br/> Intrinsic <br/> Value</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; color: Black">Outstanding at December 31, 2025</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zIHGSpFauKB7" style="width: 10%; color: Black; text-align: right" title="Number of options outstanding, Beginning balance">90,442</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQzk8kS2c9lb" style="width: 10%; color: Black; text-align: right" title="Weighted-average exercise price, Beginning balance">6.71</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 10%; color: Black; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zi6H8D0skqU5" title="Weighted-average remaining contractual term (years)">9.00</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zDmYUBjp2uS6" style="width: 10%; color: Black; text-align: right" title="Aggregate intrinsic value, Beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl1274">-</span></td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; color: Black">Granted</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1Ngb1eOH6Z1" style="color: Black; text-align: right" title="Number of options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1276">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5XboJFtZh4e" style="color: Black; text-align: right" title="Weighted-average exercise price, Granted">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; color: Black">Exercised</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zDUglJHAN1Si" style="color: Black; text-align: right" title="Number of options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1280">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqBvzcHeujTi" style="color: Black; text-align: right" title="Weighted-average exercise price, Exercised">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; color: Black">Forfeited</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zpun3Wh1fP5k" style="color: Black; text-align: right" title="Number of options, Forfeited">(56,252</td><td style="color: Black; text-align: left">)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_znMfBYl52Y1" style="color: Black; text-align: right" title="Weighted-average exercise price, Forfeited">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black">Outstanding at June 30, 2026</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjGRjSG2tEP8" style="color: Black; text-align: right" title="Number of options outstanding, Ending balance">34,190</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlDBDFWXC085" style="color: Black; text-align: right" title="Weighted-average exercise price, Ending balance">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLs5d4fUjhwh" title="Weighted-average remaining contractual term (years), Outstanding">8.50</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1xA6iZ4OLg7" style="color: Black; text-align: right" title="Aggregate intrinsic value, Ending balance">2,665,069</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black">Exercisable at June 30, 2026</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zWQKXJF5P01l" style="color: Black; font-weight: bold; text-align: right" title="Number of options, Exercisable">27,067</td><td style="color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zntMZehil5Oh" style="color: Black; text-align: right" title="Weighted-average exercise price, Exercisable">6.71</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left">$</td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zvDW6ul3MBq9" style="color: Black; text-align: right" title="Aggregate intrinsic value, Exercisable">2,109,840</td><td style="color: Black; text-align: left"> </td></tr> </table> 90442 6.71 P9Y 6.71 6.71 56252 6.71 34190 6.71 P8Y6M 2665069 27067 6.71 2109840 <p id="xdx_89A_eus-gaap--ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_zmyCi93NKBAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted Stock Units (RSUs)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span><span id="xdx_8B8_zMt5HWozbSr1" style="display: none">Schedule of Performance-Based RSUs Activity</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Activity</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Performance-Based <br/> RSUs</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; color: Black; font-weight: bold">Weighted-Average <br/> Grant Date Aggregate Fair <br/> Value</td><td style="padding-bottom: 1pt; text-align: center; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; color: Black">Balance as of December 31, 2025</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBzmLLtFfq81" style="width: 16%; color: Black; text-align: right" title="Performance-Based RSUs unvested, Beginning balance">275,564</td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z0IQtqM7ZU6j" style="width: 16%; color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Beginning balance">1,837,850</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black">Granted</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z5HuX8ZZLYxj" style="color: Black; text-align: right" title="Performance-Based RSUs, Granted">1,335,978</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXuUqgrvIGzi" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Granted">10,607,665</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested¹</span></td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_fKDEp_zvV5Upast8M9" style="color: Black; text-align: right" title="Performance-Based RSUs, Vested">(525,776</td><td style="color: Black; text-align: left">)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_fKDEp_ziHWbLI8RmEl" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Vested">(1,219,800</td><td style="color: Black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Vested in prior periods</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPriorPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z58JW7TXEN8b" style="color: Black; text-align: right" title="Performance-Based RSUs, Vested in prior periods">72</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPriorPeriodWeightedAverageGrantDateFairValue_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNhAe2dEvSA" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Vested in prior periods">167</td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black">Forfeited</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z7r8TXu6m0sa" style="color: Black; text-align: right" title="Performance-Based RSUs, Forfeited">(163,228</td><td style="color: Black; text-align: left">)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zm8bmuJbm2Y8" style="color: Black; text-align: right" title="Weighted-average grant date aggregate fair value, Forfeited">(1,088,731</td><td style="color: Black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; font-weight: bold">Unvested at June 30, 2026</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zu7uePI0Y2D5" style="color: Black; font-weight: bold; text-align: right" title="Performance-Based RSUs unvested, Ending balance">922,610</td><td style="color: Black; font-weight: bold; text-align: left"> </td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zMbESbl6FPl2" style="color: Black; font-weight: bold; text-align: right" title="Weighted-average grant date aggregate fair value, Ending balance">10,137,151</td><td style="color: Black; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0E_z4Af8dq8XsV6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zwuNYAu70Vyh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSUs listed as vested are not exercisable but representative of the pro-rata portion of the RSU grant vested in the period</span></td></tr> </table> 275564 1837850 1335978 10607665 525776 1219800 -72 -167 163228 1088731 922610 10137151 8105000 <p id="xdx_803_eus-gaap--CompensationAndEmployeeBenefitPlansTextBlock_zY6ygAYzrWnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 17. <span id="xdx_827_z0raxyxQXBF">Employee Benefit Plan</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s employees that are located in Australia participate in a Superannuation defined contribution scheme. Superannuation is Australia’s mandatory retirement savings system, requiring employers to contribute <span id="xdx_908_eus-gaap--DefinedContributionPlanEmployerMatchingContributionPercent_pid_dp_c20260101__20260630_zWAUBYr0qf27">12</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% (<span id="xdx_90F_eus-gaap--DefinedContributionPlanEmployerMatchingContributionPercent_pid_dp_c20250701__20250701_zqiTLvWnjmm5">11.5</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% prior to 1 July 2025) of an employee’s earnings into a regulated fund. Contributions receive concessional tax treatment, with employer payments taxed at <span id="xdx_90A_ecustom--DefinedContributionPlanEmployerMatchingContributionTaxPercent_pid_dp_c20260101__20260630_zuaBTHQNnIe3">15</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% within the fund. Superannuation is typically preserved until retirement age (55–60), with limited early access exceptions. Funds are regulated by Australian Prudential Regulation Authority, Australian Securities and Investments Commission, and the Australian Taxation Office, and offer various investment options, often including insurance coverage. Withdrawals can be taken as a lump sum or income stream, subject to tax rules. Legislative changes may affect contribution limits, taxation, and access conditions. </span>The Group recognized superannuation expense of $<span id="xdx_90C_ecustom--SuperannuationExpense_pn3n3_c20260401__20260630_zZES0W8JUl6j" title="Superannuation expense">128</span> thousand and $<span id="xdx_900_ecustom--SuperannuationExpense_pn3n3_c20260101__20260630_zkdcKf3RD2Zd" title="Superannuation expense">193</span> thousand for the three and six months ended June 30, 2026, respectively, compared with $<span id="xdx_90F_ecustom--SuperannuationExpense_pn3n3_c20250401__20250630_zHAmmfZ5LLRj" title="Superannuation expense">25</span> thousand and $<span id="xdx_90D_ecustom--SuperannuationExpense_pn3n3_c20250101__20250630_zNH6nEzIPcK9" title="Superannuation expense">46</span> thousand for the three and six months ended June 30, 2025, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 0.12 0.115 0.15 128000 193000 25000 46000 <p id="xdx_803_eus-gaap--FairValueDisclosuresTextBlock_zxPo5NjsGhTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 18. <span id="xdx_823_zjxpiH7OriS7">Fair Value Measurement</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group measures the following assets and liabilities at fair value on a recurring basis:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s recurring fair value measurements include the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes – measured at fair value under the fair value option</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant liability – measured at fair value</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair value hierarchy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 820, Fair Value Measurement and Disclosures (“ASC Topic 820”) requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 established a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC Topic 820 prioritizes the inputs into three levels that may be used to measure fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zgwcytEE49mi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below shows the assigned level for each asset and liability held at fair value by the Group:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_z5vTulmM7qw8" style="display: none">Schedule of Assigned Level for Each Asset and Liability Held at Fair Value</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair value hierarchy</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B5_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_zFEvHKXTpHni" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B8_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_zxnEAmDwiIHk" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zoj9CtHeZM8c" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B0_zy7s5jve8nP1" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recurring fair value measurements</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_43F_c20260331_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zyuzttW8lUR2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1348">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1349">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,059</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,059</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_435_c20260331_ecustom--WarrantLiability_iI_zpNDe9NHqwA7" style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant liability</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,145,450</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1354">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1355">-</span> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,145,450</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recurring fair value measurements</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_439_c20251231_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zjSUY5gyHSee" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1358">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1359">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,017,286</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,017,286</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_437_c20251231_ecustom--WarrantLiability_iI_z7x7nosiYhJb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant liability</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">890,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1364">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1365">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">890,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p id="xdx_8AF_z7H1t88yBpsd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group elected the fair value option for its December 2025 convertible notes. The fair value of the convertible notes was determined using valuation techniques appropriate for the remaining outstanding instruments at the measurement date. The valuation incorporated significant unobservable inputs, including assumptions related to the remaining conversion features, market conditions, and other factors specific to the instruments. Because these inputs required significant management judgment, the convertible notes were classified within Level 3 of the fair value hierarchy. The following table presents the rollforward of the Level 3 convertible notes, including fair value adjustments recognized in earnings, contractual interest expense, conversions into common shares, and foreign currency translation effects during the period.</span></p> <p id="xdx_895_eus-gaap--ConvertibleDebtTableTextBlock_zMJxNiYT26c8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zJ75LDqVKVh8" style="display: none">Schedule of Convertible Notes Including Fair Value Adjustments</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3 December 2025 Convertible Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">For the Six Months Ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance at January 1, 2026</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_z4pEPX57npu" style="width: 16%; font-weight: bold; text-align: right" title="Convertible notes">129,017,286</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fair value adjustments recognized in earnings</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--GainsLossesOnFairValueOfConvertibleNotes_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zBzE1pZJjP37" style="text-align: right" title="Fair value adjustments recognized in earnings">470,668,608</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contractual interest expense recognized before conversion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Fair value adjustments recognized in earnings"><p id="xdx_981_ecustom--ContractualInterestExpenseRecognizedBeforeConversion_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zY72fL4HuuLe" style="margin: 0" title="Contractual interest expense recognized before conversion">2,081,202</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Conversions into common shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ConversionsIntoCommonShares_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zIEIISTkAVV3" style="text-align: right" title="Conversions into common shares">(602,870,303</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of currency translation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--EffectOfCurrencyTranslation_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zHELh2RAUaDh" style="text-align: right" title="Effect of currency translation">1,123,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance at June 30, 2026</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iE_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zDeixbxVCncg" style="font-weight: bold; text-align: right" title="Convertible notes">20,059</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zhrvvjqMjTzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At June 30, 2026, the Company had outstanding Convertible Senior Notes measured at amortized cost using the effective interest method. The estimated fair value of the notes approximated their carrying amount as of June 30, 2026. The estimated fair value is classified within Level 2 of the fair value hierarchy because it is based on observable market inputs for similar debt instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrant liability is classified within Level 1, as it is measured using quoted market prices in an active market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no transfers between Levels 1, 2, or 3 during the quarter ended June 30, 2026 or year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zgwcytEE49mi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below shows the assigned level for each asset and liability held at fair value by the Group:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_z5vTulmM7qw8" style="display: none">Schedule of Assigned Level for Each Asset and Liability Held at Fair Value</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair value hierarchy</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B5_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_zFEvHKXTpHni" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 1</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B8_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_zxnEAmDwiIHk" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zoj9CtHeZM8c" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_4B0_zy7s5jve8nP1" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recurring fair value measurements</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_43F_c20260331_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zyuzttW8lUR2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1348">-</span> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1349">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,059</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,059</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_435_c20260331_ecustom--WarrantLiability_iI_zpNDe9NHqwA7" style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant liability</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,145,450</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1354">-</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1355">-</span> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,145,450</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recurring fair value measurements</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_439_c20251231_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_zjSUY5gyHSee" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1358">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1359">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,017,286</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,017,286</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_437_c20251231_ecustom--WarrantLiability_iI_z7x7nosiYhJb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant liability</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">890,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1364">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1365">-</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">890,000</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 20059 20059 6145450 6145450 129017286 129017286 890000 890000 <p id="xdx_895_eus-gaap--ConvertibleDebtTableTextBlock_zMJxNiYT26c8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zJ75LDqVKVh8" style="display: none">Schedule of Convertible Notes Including Fair Value Adjustments</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3 December 2025 Convertible Notes</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">For the Six Months Ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance at January 1, 2026</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_z4pEPX57npu" style="width: 16%; font-weight: bold; text-align: right" title="Convertible notes">129,017,286</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fair value adjustments recognized in earnings</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--GainsLossesOnFairValueOfConvertibleNotes_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zBzE1pZJjP37" style="text-align: right" title="Fair value adjustments recognized in earnings">470,668,608</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contractual interest expense recognized before conversion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Fair value adjustments recognized in earnings"><p id="xdx_981_ecustom--ContractualInterestExpenseRecognizedBeforeConversion_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zY72fL4HuuLe" style="margin: 0" title="Contractual interest expense recognized before conversion">2,081,202</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Conversions into common shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ConversionsIntoCommonShares_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zIEIISTkAVV3" style="text-align: right" title="Conversions into common shares">(602,870,303</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of currency translation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--EffectOfCurrencyTranslation_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zHELh2RAUaDh" style="text-align: right" title="Effect of currency translation">1,123,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance at June 30, 2026</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iE_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandAndTwentyFiveConvertibleNotesMember_zDeixbxVCncg" style="font-weight: bold; text-align: right" title="Convertible notes">20,059</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> 129017286 470668608 2081202 -602870303 1123267 20059 <p id="xdx_800_eus-gaap--CashFlowSupplementalDisclosuresTextBlock_zO0ZSvFY92Yj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 19. <span id="xdx_821_zU5xNeUR72Nb">Supplemental Disclosure of Cash Flow Information</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p id="xdx_895_eus-gaap--ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_zGta9zWnRwr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B6_z9CUmsjB7Toj" style="display: none">Schedule of Supplemental Disclosure of Cash Flow Information</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260101__20260630_zNQoBaISXiWg" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20250630_z6YGLeDujDGi" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zeMj1AdHJV3k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Supplemental information:</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestPaidNet_i01_zAzwFpefVkK6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; color: Black; text-align: left; text-indent: 9pt">Cash paid for interest</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,735,985</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">66,932</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxesPaidNet_i01_zyZTAJztM0J6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Cash paid for taxes</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><p style="margin: 0">7,000,000</p></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><p style="margin: 0">9,320</p></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zp18aaFWgKTg" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Non-cash investing and financing activities:</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NonCashRightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_i01_zNLO8Tgd1M6i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">ROU assets obtained in exchange for lease liability</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1398">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">2,452,332</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--GainOnSaleOfModularDataCentre_i01_z1cqfKB6NpF" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; text-indent: 9pt">Gain on sale of modular data centre (MDC)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1401">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">808,513</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--GainOnSaleOfStorageServers_i01_zHDP8VIFqH9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Gain on sale of storage servers</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1404">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">153,144</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AssetsHeldForSaleRerecognize_i01_zzskBVOh7mhf" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; text-indent: 9pt">Assets held for Sale- rerecognize MDC</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1407">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">1,105,000</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--BadDebtExpenseRelatedToMdcSale_i01_z0ABHs0E6YX4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Bad debt expense related to MDC sale</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1410">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">(1,180,620</td><td style="color: Black; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--StockIssued1_i01_ziCDH72WUebd" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; text-indent: 9pt">Issuance of common stock for settlement of trade and other payables</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">3,713,063</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1414">-</span></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DebtConversionConvertedInstrumentAmount1_i01_zEFzgVTxgjE8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Conversion of convertible notes through the issuance of common shares</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"></td><td style="color: Black; text-align: right">602,870,303</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"></td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1417">-</span></td><td style="color: Black; text-align: left"> </td></tr> </table> <p id="xdx_8A3_z30HgZcohPEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_895_eus-gaap--ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_zGta9zWnRwr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B6_z9CUmsjB7Toj" style="display: none">Schedule of Supplemental Disclosure of Cash Flow Information</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260101__20260630_zNQoBaISXiWg" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20250630_z6YGLeDujDGi" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zeMj1AdHJV3k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Supplemental information:</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestPaidNet_i01_zAzwFpefVkK6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; color: Black; text-align: left; text-indent: 9pt">Cash paid for interest</td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,735,985</span></td><td style="width: 1%; color: Black; text-align: left"> </td><td style="width: 2%; color: Black"> </td> <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 16%; color: Black; text-align: right">66,932</td><td style="width: 1%; color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxesPaidNet_i01_zyZTAJztM0J6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Cash paid for taxes</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><p style="margin: 0">7,000,000</p></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><p style="margin: 0">9,320</p></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zp18aaFWgKTg" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Non-cash investing and financing activities:</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NonCashRightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_i01_zNLO8Tgd1M6i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">ROU assets obtained in exchange for lease liability</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1398">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">2,452,332</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--GainOnSaleOfModularDataCentre_i01_z1cqfKB6NpF" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; text-indent: 9pt">Gain on sale of modular data centre (MDC)</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1401">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">808,513</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--GainOnSaleOfStorageServers_i01_zHDP8VIFqH9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Gain on sale of storage servers</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1404">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">153,144</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AssetsHeldForSaleRerecognize_i01_zzskBVOh7mhf" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; text-indent: 9pt">Assets held for Sale- rerecognize MDC</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1407">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">1,105,000</td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--BadDebtExpenseRelatedToMdcSale_i01_z0ABHs0E6YX4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Bad debt expense related to MDC sale</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1410">-</span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">(1,180,620</td><td style="color: Black; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--StockIssued1_i01_ziCDH72WUebd" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; text-indent: 9pt">Issuance of common stock for settlement of trade and other payables</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right">3,713,063</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1414">-</span></td><td style="color: Black; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DebtConversionConvertedInstrumentAmount1_i01_zEFzgVTxgjE8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; text-align: left; text-indent: 9pt">Conversion of convertible notes through the issuance of common shares</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"></td><td style="color: Black; text-align: right">602,870,303</td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"></td><td style="color: Black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1417">-</span></td><td style="color: Black; text-align: left"> </td></tr> </table> 4735985 66932 7000000 9320 2452332 808513 153144 1105000 -1180620 3713063 602870303 <p id="xdx_80D_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zXaitbpFCk6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 20. <span id="xdx_82D_z8grJuvp0r94">Commitments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hardware Procurement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the $<span id="xdx_901_eus-gaap--ContractWithCustomerLiability_iI_pn7n9_c20260331__us-gaap--TypeOfArrangementAxis__custom--CustomerServicesArrangementMember_zqGCcrXCngX2" title="Capital expenditure commitment amount">1.26</span> billion customer services arrangement with ESDS Software Solution Limited entered into during the quarter ended March 31, 2026, the Company expects to incur capital expenditures of approximately $<span id="xdx_901_eus-gaap--CapitalExpendituresIncurredButNotYetPaid_pn5n6_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--CustomerServicesArrangementMember_z0sYQ8nL5Re7" title="Capital expenditure to purchase of equipment">720.0</span> million for the purchase of equipment and related infrastructure required to support the contracted services. As of June 30, 2026, the Company had commenced procurement activities, with certain amounts paid and recorded as prepayments. The remaining commitments relate to equipment to be procured over the course of the project. Management expects these capital expenditures to be incurred as equipment purchases and related contractual commitments continue to be executed over the course of the project.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2026, the Company entered into a cloud computing infrastructure agreement with a global technology company with a major Asia-Pacific presence, valued at approximately $<span id="xdx_90C_eus-gaap--LongTermPurchaseCommitmentAmount_pn6n6_c20260501__20260531_zcyOw7fXnrRj" title="Commitment">950</span> million over five years. In connection with this agreement, the Company has committed to procure additional high-performance computing hardware and related infrastructure for approximately $<span id="xdx_901_ecustom--HardwareAndRelatedInfrastructureValue_pn6n6_c20260501__20260531_zyrIswCBayke" title="Hardware and related infrastructure value">400</span>m of which approximately 20% deposit has been paid. As of June 30, 2026, the related hardware had not yet been delivered, and accordingly, no liability has been recognized for the undelivered equipment. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">In June 2026, t</span><span style="font-size: 9.5pt">he Company entered into a six-year AI infrastructure compute collaboration with NVIDIA (NASDAQ: NVDA).</span><span style="font-size: 10pt">In connection with this agreement, the Company has committed to procure additional high-performance computing hardware and related infrastructure for approximately $<span id="xdx_903_ecustom--HardwareAndRelatedInfrastructure_pn9n9_c20260601__20260630_zDgKFIjYrSha" title="Hardware and related infrastructure">4</span> billion. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Data Center Services Commitment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At June 30, 2026, the Company has remaining contracted capacity of 132 MW, including a 15 MW commitment under a long-term data center services agreement entered into in March 2026 with GreenSquareDC Entity for a facility located in Australia. The 15 MW arrangement has an initial term of 120 months from the Ready-for-Service date (targeted September 26, 2026), with monthly recurring fees based on contracted kilowatt capacity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2026, the Company executed an amended and restated service order with NEXTDC for 72 MW of data center capacity in Australia. <span id="xdx_908_eus-gaap--DebtInstrumentFee_c20260701__20260731_zltowCUxq2X5" title="Total contractual commitment description">The arrangement represents a total contractual commitment of approximately $623 million over the term of the agreement and includes one-time establishment fees and ongoing monthly recurring charges based on contracted capacity.</span> The capacity is scheduled to be deployed in five phases commencing in April 2027 through August 2027.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has also secured additional data center capacity in New Zealand for 14MW to support the deployment of cloud computing infrastructure under a long-term customer service agreement with commencement expected in Q1 2027. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2026, no liability has been recognized because services have not commenced.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lenovo Managed Services Commitment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 12, 2025, the Company entered into a Statement of Work with Lenovo Global Financial Services (Australia &amp; New Zealand) Pty Limited for managed infrastructure services. The arrangement has a term of 60 months from commencement and provides for monthly service fees based on contracted infrastructure and services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company has made an upfront payment representing approximately 50% of the total contract value, which has been recorded as a prepayment. The remaining unpaid portion represents a future service commitment. No expense has been recognized as services have not yet commenced. The arrangement represents a contractual commitment subject to certain conditions precedent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ASE Managed Services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the termination of its data center services arrangement under the Distributed Storage Solutions (DSS) agreement, the Company entered into a noncancelable commitment with Andrew Sjoquist Enterprises (ASE), a managed service provider, totaling approximately AUD$<span id="xdx_90C_eus-gaap--PurchaseObligation_iI_pn3n3_uAUD_c20260630_zUf0n5hx95fh" title="Purchase obligation for data center services">400</span> thousand over five years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The commitment qualifies as an unconditional purchase obligation under ASC 440-10-50. As of June 30, 2026, no liability has been recognized, as the obligation represents future services to be received.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="margin: 0">See additional capital asset purchase commitments entered into subsequent to period end in Note 26.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1260000000 720000000.0 950000000 400000000 4000000000 The arrangement represents a total contractual commitment of approximately $623 million over the term of the agreement and includes one-time establishment fees and ongoing monthly recurring charges based on contracted capacity. 400000 <p id="xdx_806_eus-gaap--EarningsPerShareTextBlock_zL96PhlFLmyj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 21. <span id="xdx_82F_zcIHqnTnzyDb">Net Income (loss) per share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net income (loss) per share is computed by dividing net income (loss) applicable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution of securities that could share in the earnings of an entity using the treasury method or the if-converted method, if applicable. The calculation of diluted net income (loss) per share gives effect to common share equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Share-based options, warrants, and convertible notes are considered common share equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock options and RSUs: <span id="xdx_901_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsAndRSUsMember_zkoTLzwPOruc" title="Antidilutive securities">1,139,093 </span>shares</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants: <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zGZ0wQfj8Kqj" title="Antidilutive shares">6,891,805</span> shares</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes: <span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zPmKi9fv7CGg" title="Antidilutive shares">14,281,632</span> shares</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zt25YZfW2sW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of the numerators and denominators is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>  <span id="xdx_8B8_z2wOiDP2dhp7" style="display: none">Schedule of Reconciliation of Numerators and Denominators</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260401__20260630_zqRXkLHUzKyf" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250401__20250630_zGkztagnAcqf" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zBvLy9rcHav9" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630_zpsU1mFANayh" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Three Months Ended</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold">Numerator:</td><td style="color: Black"> </td> <td colspan="2" style="color: Black; text-align: right"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black; text-align: right"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_mtNILzc42_zkQHcDCgAHv1" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; padding-bottom: 1pt; width: 44%">Net loss attributable to common shareholders</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(428,302,926</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(2,576,406</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(448,218,692</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(4,008,986</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold">Denominator:</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Basic and diluted weighted average number of common shares outstanding</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20260401__20260630_zQmUWZGBO1C2" title="Basic weighted average number of common shares outstanding"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20260401__20260630_zfcwjDbBDni5" title="Diluted weighted average number of common shares outstanding">18,755,220</span></span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250401__20250630_zDB7CHHrye1c" title="Basic weighted average number of common shares outstanding"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250401__20250630_zdcJ7NFwjDEc" title="Diluted weighted average number of common shares outstanding">1,067,213</span></span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20260101__20260630_z4fhOpQ0qif1" title="Basic weighted average number of common shares outstanding"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20260101__20260630_zxqN4T5pwSYi" title="Diluted weighted average number of common shares outstanding">16,370,481</span></span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20250630_zrTQTGIVBcF9" title="Basic weighted average number of common shares outstanding"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250630_zQm2bA5uCl65" title="Diluted weighted average number of common shares outstanding">1,067,213</span></span></td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Basic and diluted net loss per common share outstanding</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_c20260401__20260630_znVH73ZibzE6" title="Basic net loss per common share outstanding"><span id="xdx_90F_eus-gaap--EarningsPerShareDiluted_c20260401__20260630_zyHgenuPm72f" title="Diluted net loss per common share outstanding">(22.84</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_c20250401__20250630_zKmfdHrV8hjf" title="Basic net loss per common share outstanding"><span id="xdx_90E_eus-gaap--EarningsPerShareDiluted_c20250401__20250630_zU1KE2axWmr" title="Diluted net loss per common share outstanding">(2.41</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_c20260101__20260630_zQgnVRn645Jg" title="Basic net loss per common share outstanding"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_c20260101__20260630_zsF3ohLYFAH4" title="Diluted net loss per common share outstanding">(27.38</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_c20250101__20250630_zdlgXy6KzIE6" title="Basic net loss per common share outstanding"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_c20250101__20250630_z4m17yye6QN7" title="Diluted net loss per common share outstanding">(3.76</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8A2_z4RMJjVLlwt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 1139093 6891805 14281632 <p id="xdx_89D_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zt25YZfW2sW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of the numerators and denominators is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>  <span id="xdx_8B8_z2wOiDP2dhp7" style="display: none">Schedule of Reconciliation of Numerators and Denominators</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260401__20260630_zqRXkLHUzKyf" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250401__20250630_zGkztagnAcqf" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zBvLy9rcHav9" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630_zpsU1mFANayh" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Three Months Ended</td><td style="color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold"> </td> <td colspan="6" style="color: Black; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td><td style="color: Black; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold">Numerator:</td><td style="color: Black"> </td> <td colspan="2" style="color: Black; text-align: right"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black; text-align: right"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td><td style="color: Black"> </td> <td colspan="2" style="color: Black"> </td><td style="color: Black"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_mtNILzc42_zkQHcDCgAHv1" style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left; padding-bottom: 1pt; width: 44%">Net loss attributable to common shareholders</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(428,302,926</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(2,576,406</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(448,218,692</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td><td style="color: Black; font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">$</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: right; width: 10%">(4,008,986</td><td style="padding-bottom: 1pt; color: Black; font-weight: bold; text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold">Denominator:</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"> </td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; text-align: left">Basic and diluted weighted average number of common shares outstanding</td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20260401__20260630_zQmUWZGBO1C2" title="Basic weighted average number of common shares outstanding"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20260401__20260630_zfcwjDbBDni5" title="Diluted weighted average number of common shares outstanding">18,755,220</span></span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250401__20250630_zDB7CHHrye1c" title="Basic weighted average number of common shares outstanding"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250401__20250630_zdcJ7NFwjDEc" title="Diluted weighted average number of common shares outstanding">1,067,213</span></span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20260101__20260630_z4fhOpQ0qif1" title="Basic weighted average number of common shares outstanding"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20260101__20260630_zxqN4T5pwSYi" title="Diluted weighted average number of common shares outstanding">16,370,481</span></span></td><td style="color: Black; text-align: left"> </td><td style="color: Black"> </td> <td style="color: Black; text-align: left"> </td><td style="color: Black; text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20250101__20250630_zrTQTGIVBcF9" title="Basic weighted average number of common shares outstanding"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250630_zQm2bA5uCl65" title="Diluted weighted average number of common shares outstanding">1,067,213</span></span></td><td style="color: Black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; font-weight: bold; text-align: left">Basic and diluted net loss per common share outstanding</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_c20260401__20260630_znVH73ZibzE6" title="Basic net loss per common share outstanding"><span id="xdx_90F_eus-gaap--EarningsPerShareDiluted_c20260401__20260630_zyHgenuPm72f" title="Diluted net loss per common share outstanding">(22.84</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_c20250401__20250630_zKmfdHrV8hjf" title="Basic net loss per common share outstanding"><span id="xdx_90E_eus-gaap--EarningsPerShareDiluted_c20250401__20250630_zU1KE2axWmr" title="Diluted net loss per common share outstanding">(2.41</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_c20260101__20260630_zQgnVRn645Jg" title="Basic net loss per common share outstanding"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_c20260101__20260630_zsF3ohLYFAH4" title="Diluted net loss per common share outstanding">(27.38</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td><td style="color: Black; font-weight: bold"> </td> <td style="color: Black; font-weight: bold; text-align: left">$</td><td style="color: Black; font-weight: bold; text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_c20250101__20250630_zdlgXy6KzIE6" title="Basic net loss per common share outstanding"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_c20250101__20250630_z4m17yye6QN7" title="Diluted net loss per common share outstanding">(3.76</span></span></td><td style="color: Black; font-weight: bold; text-align: left">)</td></tr> </table> -428302926 -2576406 -448218692 -4008986 18755220 18755220 1067213 1067213 16370481 16370481 1067213 1067213 -22.84 -22.84 -2.41 -2.41 -27.38 -27.38 -3.76 -3.76 <p id="xdx_80F_eus-gaap--SegmentReportingDisclosureTextBlock_zjQdhn2eN8qf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 22. <span id="xdx_824_zuUfhnQ30Hkf">Segment Information</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in <span id="xdx_903_eus-gaap--NumberOfOperatingSegments_pid_dc_uSegment_c20260101__20260630_zMXNC2U3fyu8" title="Number of operating segment">one </span>operating segment, and therefore <span id="xdx_903_eus-gaap--NumberOfReportableSegments_pid_dc_uSegment_c20260101__20260630_zjy6kSnmHh75" title="Number of reportable segment">one</span> reportable segment, focused on the provision of High Performance Compute Services. The Company is also developing data center assets to support its long-term growth strategy. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Group’s chief operating decision maker (“CODM”), who is the Chief Executive Officer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s method for measuring profitability on a reportable segment basis is operating profit or loss, which the CODM uses to assess performance for the Group and in deciding how to allocate resources. The CODM does not review disaggregated assets by segment. The Group adopted ASU 2023-07 in December 2024. The most significant provision was for the Group to disclose significant segment expenses that are regularly provided to the CODM. The Group’s CODM periodically reviews cost of revenues and selling, general and administrative expenses, excluding share-based compensation, by segment and treats them as significant segment expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the interim 2026 and 2025 periods presented, all revenue and expenses reflected in the loss from operations as presented in the consolidated condensed statement of operations represents the sole segment’s revenue and operating loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 1 <p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zsSNhFpbRuC6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 23. <span id="xdx_821_z5JRxvwNb9Hg">Transactions with Related Parties</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SharonAI and SharonAI Pty Ltd have entered into an independent contractor agreement-corporate with James Manning and Manning Group Pty Ltd ATF MG Office Trust (“<span style="text-decoration: underline">Manning Consulting Agreement</span>”). Pursuant to the Manning Consultant Agreement, Mr. Manning, SharonAI’s Chief Executive Officer, director and greater than <span id="xdx_90F_ecustom--StockholdingPercentage_dp_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--ManningConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesManningMember__srt--RangeAxis__srt--MinimumMember_zFTcHtf4ayb5" title="Stockholding percentage">10</span>% stockholder, as the key person, provides certain services to SharonAI and SharonAI Pty Ltd relating to commercial opportunity development, discovery of future data center sites, future data center acquisition and construction advisory, transaction advisory services and key relationship introduction and development. In consideration for these services, Manning Group Pty Ltd ATF MG Office Trust is entitled to receive an annual remuneration of AUD$<span id="xdx_902_eus-gaap--OfficersCompensation_uAUD_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--ManningConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesManningMember_zA2Jtx461ms" title="Annual remuneration">334,500</span> (approximately $<span id="xdx_90C_eus-gaap--OfficersCompensation_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--ManningConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesManningMember_z6ZxSxCzEPhe" title="Annual remuneration">211,000</span> based on a conversion rate of $<span id="xdx_90C_ecustom--ForeignCurrencyConversionRate_uAUDPShares_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--ManningConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesManningMember_zj3uaVOr4Zol" title="Conversion rate">1.00</span>AUD to $<span id="xdx_901_ecustom--ForeignCurrencyConversionRate_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--ManningConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesManningMember_zqDHE33hpwoh" title="Conversion rate">0.63</span>USD), exclusive of Australian goods and services taxes. The Manning Consulting Agreement has an ongoing term that can be terminated by either side upon three (3) months’ notice. This agreement was terminated in April 2026 with no notice period or payment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SharonAI Pty Ltd has entered into an independent contractor agreement with Nicholas Hughes Jones related entity Inbocalupo Consulting Pty Ltd (“<span style="text-decoration: underline">Inbocalupo Consulting Agreement</span>”). Pursuant to the Inbocalupo Consultant Agreement and combined with Mr. Hughes-Jones employment agreement, Mr. Hughes-Jones who until July 2025 was SharonAI’s Senior Vice President Business Development and is a currently the Company’s Head of Business Development and a current greater than <span id="xdx_905_ecustom--StockholdingPercentage_dp_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--InbocalupoConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NicholasHughesJonesMember__srt--RangeAxis__srt--MinimumMember_zf87hbKh6GDe" title="Stockholding percentage">10</span>% stockholder, as the key person, provides certain services to SharonAI and SharonAI Pty Ltd relating to business development services. In consideration for these services, Inbocalupo Consulting Pty Ltd is entitled to receive an annual remuneration as adjusted on 1 January 2026 of AUD$<span id="xdx_90E_eus-gaap--OfficersCompensation_uAUD_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--InbocalupoConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NicholasHughesJonesMember_zgiboHS8Py2g" title="Annual remuneration">236,923</span> (approximately $<span id="xdx_907_eus-gaap--OfficersCompensation_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--InbocalupoConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NicholasHughesJonesMember_zHDbdXXOjuyl" title="Annual remuneration">165,846</span> based on a conversion rate of $<span id="xdx_909_ecustom--ForeignCurrencyConversionRate_uAUDPShares_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--InbocalupoConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NicholasHughesJonesMember_zrHaSBbvw563" title="Conversion rate">1.00</span>AUD to $<span id="xdx_907_ecustom--ForeignCurrencyConversionRate_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--InbocalupoConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NicholasHughesJonesMember_zOh68teDY1sb" title="Conversion rate">0.70</span> USD), exclusive of Australian goods and services taxes. The Inbocalupo Consulting Agreement has an ongoing term that can be terminated by either side upon three (3) months’ notice. This agreement was terminated in April 2026 with no notice period or payment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SharonAI Pty Ltd has entered into an independent contractor agreement with Broadfoot Group Pty Ltd (“<span style="text-decoration: underline">Broadfoot Consulting Agreement</span>”). Pursuant to the Broadfoot Consultant Agreement, Mr. Broadfoot, SharonAI’s Chief Financial Officer, Treasurer, Corporate Secretary, and Mrs. Broadfoot, as the key persons, provides certain services to SharonAI and SharonAI Pty Ltd relating to Chief Financial Officer support and executive assistant services to the CFO. In consideration for these services, Broadfoot Group Pty Ltd is entitled to receive an annual remuneration as adjusted on 1 January 2026 of AUD$<span id="xdx_901_eus-gaap--OfficersCompensation_uAUD_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--BroadfootConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TimothyBroadfootMember_zkph0nL9a0N1" title="Annual remuneration">236,923</span> (approximately $<span id="xdx_90D_eus-gaap--OfficersCompensation_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--BroadfootConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TimothyBroadfootMember_z1Qeau5mtcr5" title="Annual remuneration">165,846</span> based on a conversion rate of $<span id="xdx_900_ecustom--ForeignCurrencyConversionRate_uAUDPShares_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--BroadfootConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TimothyBroadfootMember_zVcIEGxEF2Ae" title="Conversion rate">1.00</span>AUD to $<span id="xdx_908_ecustom--ForeignCurrencyConversionRate_pid_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--BroadfootConsultingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TimothyBroadfootMember_zB1YnlDcRkCi" title="Conversion rate">0.70</span> USD), exclusive of Australian goods and services taxes. The Broadfoot Consulting Agreement has an ongoing term that can be terminated by either side upon three (3) months’ notice. This agreement was terminated in April 2026 with no notice period or payment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 22, 2026, the Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260323__20260323__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InbocalupoPtyLtdMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znXLRY77h0l7" title="Shares issued">90,893</span> shares of its Class A Ordinary Common Stock to Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust) in consideration for, and as full and final satisfaction of, the Company’s reimbursement obligation arising under the reimbursement provisions of the Independent Contractor Agreement dated October 14, 2024, for the <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260323__20260323__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InbocalupoPtyLtdMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRqeDZGnzzN2" title="Shares issued">90,893</span> Class A Ordinary Common Stock transferred by Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust). The issuance of the shares of Class A Ordinary Common Stock was made in reliance on the exemption from registration under the Securities Act afforded by Section 4(a)(2) and/or Rule 506 promulgated hereunder. Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust) is owned by and affiliated with Nicholas Hughes-Jones, the Company’s Head of Corporate Development.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible Note Financing Participation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the Company completed a convertible note financing as part of its capital raise program. Certain related parties participated in this financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manning Capital Pty Ltd, an entity affiliated with the Company’s Chief Executive Officer and greater than <span id="xdx_903_ecustom--StockholdingPercentage_pid_dp_uPure_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesManningMember__srt--RangeAxis__srt--MinimumMember_zvXZSnCgQPC5" title="Stockholding percentage">10</span>% stockholder, subscribed for approximately AUD$<span id="xdx_903_eus-gaap--ProceedsFromConvertibleDebt_uAUD_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ManningCapitalHoldingsPtyLtdMember_zwlPS2houJe7" title="Convertible notes">700,000</span> (US$<span id="xdx_90A_eus-gaap--ProceedsFromConvertibleDebt_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ManningCapitalHoldingsPtyLtdMember_zfMdMLAo6Uy9" title="Convertible notes">465,500</span>) of convertible notes.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inbocalupo Pty Ltd, an entity affiliated with the Company’s Head of Business Development and greater than <span id="xdx_90B_ecustom--StockholdingPercentage_pid_dp_uPure_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NicholasHughesJonesMember__srt--RangeAxis__srt--MinimumMember_zGMrxVCarve2" title="Stockholding percentage">10</span>% stockholder, subscribed for approximately AUD$<span id="xdx_907_eus-gaap--ProceedsFromConvertibleDebt_uAUD_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InbocalupoPtyLtdMember_zjXdatbZN797" title="Convertible notes">1,250,000</span> (US$<span id="xdx_904_eus-gaap--ProceedsFromConvertibleDebt_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InbocalupoPtyLtdMember_zrJBGPpIiyI8" title="Convertible notes">831,250</span>) of convertible notes.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strat Capital Pty Ltd ATF Alpha Juliett Trust, an entity affiliated with Andrew Leece, the Company’s Chief Operating Officer, subscribed for approximately AUD$<span id="xdx_90E_eus-gaap--ProceedsFromConvertibleDebt_uAUD_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StratCapitalPtyLtdATFAlphaJuliettTrustMember_zNoXWrNdPlXl" title="Convertible notes">250,000</span> (US$<span id="xdx_905_eus-gaap--ProceedsFromConvertibleDebt_c20251201__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--StratCapitalPtyLtdATFAlphaJuliettTrustMember_zieGWL3oSZGa" title="Convertible notes">166,250</span>) of convertible notes.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes were issued on the same terms and conditions as those offered to unrelated third-party investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>First Equity Tax</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company engaged First Equity Tax to provide audit and related compliance services required in connection with certain private local subsidiaries of the Company, SharonAI Pty Ltd and Distributed Storage Solutions Pty Ltd. First Equity Tax is considered a related party due to an indirect relationship with the Company’s Chief Executive Officer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three and six months ended June 30, 2026, the Company recognized expenses of $<span id="xdx_90F_eus-gaap--InterestExpense_pn3n3_c20260401__20260630__dei--LegalEntityAxis__custom--SharonAIPtyLtdMember_zHM10GHVpdb" title="Interest expense">44</span> thousand and $<span id="xdx_908_eus-gaap--InterestExpense_pn3n3_c20260101__20260630__dei--LegalEntityAxis__custom--SharonAIPtyLtdMember_zRLKIbE7jGUe" title="Interest expense">44</span> thousand, respectively, in connection with services provided by First Equity Tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bare Media Holdings</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company engaged Bare Media Holdings for a discrete investor communications project. Bare Media Holdings is considered a related party due to an indirect relationship with the Company’s Chief Executive Officer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three and six months ended June 30, 2026, the Company recognized expenses of $<span id="xdx_905_eus-gaap--InterestExpense_pn3n3_c20260401__20260630__dei--LegalEntityAxis__custom--BareMediaHoldingsMember_z1XTx1ZgIhYi" title="Interest expense">10</span> thousand and $<span id="xdx_906_eus-gaap--InterestExpense_pn3n3_c20260101__20260630__dei--LegalEntityAxis__custom--BareMediaHoldingsMember_zpUgxsegluTa" title="Interest expense">12</span> thousand, respectively, in connection with the project. The engagement related to a single project and was not ongoing as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shift Advisory</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company engaged Shift Advisory, an entity directly related to the Company’s Chief Revenue Officer, initially to provide outsourced Chief Revenue Officer services prior to the individual’s employment by the Company. Following the commencement of the individual’s employment, Shift Advisory continued to provide limited advisory services relating to the Company’s revenue processes and related operational matters.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three and six months ended June 30, 2026, the Company recognized expenses of $<span id="xdx_909_eus-gaap--InterestExpense_pn3n3_c20260401__20260630__srt--TitleOfIndividualAxis__custom--ChiefRevenueOfficerMember_zpg8bJgtkyv2" title="Interest expense">134</span> thousand and $<span id="xdx_908_eus-gaap--InterestExpense_pn3n3_c20260101__20260630__srt--TitleOfIndividualAxis__custom--ChiefRevenueOfficerMember_zUgykfTtJKxi" title="Interest expense">227</span> thousand, respectively, for services provided by Shift Advisory.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses associated with these related-party arrangements were recorded within general and administrative expenses in the Company’s consolidated condensed statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.10 334500 211000 1.00 0.63 0.10 236923 165846 1.00 0.70 236923 165846 1.00 0.70 90893 90893 0.10 700000 465500 0.10 1250000 831250 250000 166250 44000 44000 10000 12000 134000 227000 <p id="xdx_80A_eus-gaap--SubsequentEventsTextBlock_zFAdr71byped" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 24. <span id="xdx_82E_zBDhlz6Gzwue">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cloud Computing Service Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to June 30, 2026, the Company entered into a cloud computing service agreement with a global artificial intelligence (“AI”) laboratory with an aggregate contract value of approximately $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pp7n9_c20260731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zWlKQ4RctZC4" title="Debt instrument, face amount">1.32</span> billion over a <span id="xdx_909_eus-gaap--LongTermDebtTerm_iI_dtY_c20260731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqUC2p42HnH5" style="display: none" title="Long term debt, term">5</span>five-year term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the agreement, the Company expects to deploy cloud computing solutions across data center infrastructure located in New Zealand. Revenue under the agreement is expected to commence during the first and second quarters of 2027 as the related infrastructure becomes operational and services are delivered.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The agreement supports the continued expansion of the Company’s AI Factory platform and is expected to utilize a portion of the Company’s contracted AI computing capacity. As of the date of the agreement, the Company had total AI Factory capacity of approximately 132MW, of which 116MW had been contracted to end customers, with deployment of more than 62,000 NVIDIA GPUs expected by mid-2027.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the execution of this agreement, the Company has entered into purchase commitments with hardware and infrastructure vendors totaling approximately $<span id="xdx_90B_eus-gaap--EquipmentExpense_pn5n6_c20260701__20260731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z4v2zhqOlopg" title="Hardware and equipment expense">765.1</span> million to procure equipment and related infrastructure necessary to support the deployment of the contracted AI computing capacity. As of the date of issuance of these condensed consolidated financial statements, these commitments had not been recognized as liabilities because the related goods and services had not yet been received.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cloud Computing Service Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to June 30, 2026, the Company entered into a five-year cloud computing service agreement with a global artificial intelligence (“AI”) platform with an aggregate contract value of approximately $<span id="xdx_901_ecustom--AggregateContactValue_iI_pn6n6_c20260731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--CloudComputingServiceAgreementMember_z6apG5UOMOXf" title="Aggregate contact value">373</span> million. Revenue under the agreement is expected to commence during the first quarter of 2027, subject to deployment of the required infrastructure. The initial deployment is expected to utilize 2,048 NVIDIA Blackwell Ultra B300 GPUs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In connection with the deployment, the Company also entered into commitments to procure the required computing infrastructure, including equipment with an aggregate purchase commitment of approximately <b style="font-style: normal; font-weight: normal">$<span id="xdx_908_ecustom--AggregatePurchaseCommitment_iI_pn5n6_c20260731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhp9CVuwwSzj" title="Aggregate purchase commitment">217.2</span> million</b> (inclusive of estimated taxes), which will be recognized as the related assets are received and the purchase obligations become payable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company concluded that this represents a non-recognized subsequent event, and accordingly, no adjustment to the June 30, 2026 condensed consolidated financial statements has been made.</span></p> 1320000000 P5Y 765100000 373000000 217200000 false false false false false false RSUs listed as vested are not exercisable but representative of the pro-rata portion of the RSU grant vested in the period