v3.26.1
Restatement of Previously Issued Quarterly Financial Statements (Tables)
 12 Months Ended
Sep. 30, 2025
Restatement of Previously Issued Quarterly Financial Statements [Abstract]  
Schedule of Restated Unaudited Consolidated Balance Sheet

Restated Unaudited Consolidated Balance Sheet – As of June 30, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Inventory   $ 1,482     $ (256 )     8     $ 1,226  
Total current assets     88,851       (256 )     *       88,595  
Property and equipment, net     5,164       216       7       5,380  
Intangible assets, net     11,532       (964 )     9,13       10,568  
Total assets     107,329       (1,004 )     *       106,325  
Warrant liability     -       7,406       2,3       7,406  
Total current liabilities     739       7,406       *       8,145  
Deferred income taxes     -       108       10       108  
Total liabilities     1,378       7,514       *       8,892  
Mezzanine equity     -       975       1       975  
Additional paid-in capital     126,114       3,325       1,2,3,4,13       129,439  
Retained earnings     (20,099 )     (12,818 )     *       (32,917 )
Total stockholders’ equity     105,951       (9,493 )     *       96,458  
Total liabilities, mezzanine equity and stockholders’ equity   $ 107,329     $ (1,004 )     *     $ 106,325  

 

Restated Unaudited Consolidated Balance Sheet – As of March 31, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Inventory   $ 1,491     $ (195 )     7,8     $ 1,296  
Total current assets     45,139       (195 )     *       44,944  
Property and equipment, net     816       165       7       981  
Intangible assets, net     9,384       1,481       9,13       10,865  
Total assets     57,179       1,451       *       58,630  
Warrant liability     -       7,120       2,3       7,120  
Total current liabilities     596       7,120       *       7,716  
Deferred income taxes     -       108       10       108  
Total liabilities     1,320       7,228       *       8,548  
Mezzanine equity     -       975       1       975  
Additional paid-in capital     71,913       8,488       1,2,3,4,13       80,401  
Retained earnings     (16,027 )     (15,240 )     *       (31,267 )
Total stockholders’ equity     55,859       (6,752 )     *       49,107  
Total liabilities, mezzanine equity and stockholders’ equity   $ 57,179     $ 1,451       *     $ 58,630  

Restated Unaudited Consolidated Balance Sheet – As of December 31, 2024

 

Line item   As Previously Reported
on 10-Q		     Restatement Adjustment     ID     As Restated  
Inventory   $ 1,396     $ (180 )     7,8     $ 1,216  
Total current assets     39,458       (180 )     *       39,278  
Property and equipment, net     802       158       7       960  
Intangible assets, net     9,576       1,481       9,13       11,057  
Total assets     51,424       1,459       *       52,883  
Warrant liability     -       20,564       2,3       20,564  
Total current liabilities     993       20,564       *       21,557  
Deferred income taxes     -       108       10       108  
Total liabilities     1,555       20,672       *       22,227  
Mezzanine equity     -       786       1       786  
Additional paid-in capital     61,366       (776 )     1,2,3,4,13       60,590  
Retained earnings     (11,487 )     (19,224 )     *       (30,711 )
Total stockholders’ equity     49,869       (19,999 )     *       29,870  
Total liabilities, mezzanine equity and stockholders’ equity   $ 51,424     $ 1,459       *     $ 52,883  
Schedule of Restated Consolidated Statement of Operations

Restated Consolidated Statement of Operations – Three Months Ended June 30, 2025

 

Line item   As Previously Reported
on 10-Q		     Restatement Adjustment     ID     As Restated  
Cost of revenues   $ 301     $ 445       5,8     $ 746  
Gross profit     876       (445 )     *       431  
General and administrative     4,562       (3,153 )     5,6,7,13       1,409  
Total operating expenses     5,383       (3,153 )     *       2,230  
Loss from operations     (4,507 )     2,707       *       (1,800 )
Other income (loss)     -       (286 )     2,3       (286 )
Total other expenses     404       (286 )     *       118  
Loss before income tax expense     (4,103 )     2,422       *       (1,681 )
Income tax benefit/(expense)     -       (9 )     *       (9 )
Consolidated net loss     (4,103 )     2,413       *       (1,690 )
Net loss attributable to common stockholders   $ (4,063 )   $ 2,413       *     $ (1,650 )
Basic and diluted net loss per share of common stock   $ (0.04 )                   $ (0.01 )

 

Restated Consolidated Statement of Operations – Nine Months Ended June 30, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Cost of revenues   $ 878     $ 1,113       5,8     $ 1,991  
Gross profit     2,723       (1,113 )     *       1,610  
General and administrative     13,827       (3,647 )     5,6,7,13       10,180  
Total operating expenses     16,067       (3,647 )     *       12,420  
Loss from operations     (13,344 )     2,534       *       (10,810 )
Other income (loss)     -       (22,123 )     2,3       (22,123 )
Total other expenses     1,115       (22,123 )     *       (21,008 )
Loss before income tax expense     (12,229 )     (19,589 )     *       (31,818 )
Consolidated net loss     (12,238 )     (19,589 )     *       (31,827 )
Net loss attributable to common stockholders   $ (12,151 )   $ (19,598 )     *     $ (31,749 )
Basic and diluted net loss per share of common stock   $ (0.11 )                   $ (0.29 )

Restated Consolidated Statement of Operations – Three Months Ended March 31, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Cost of revenues   $ 454     $ 348       5,8     $ 802  
Gross profit     713       (348 )     *       365  
General and administrative     4,962       (205 )     5,6,7,13       4,757  
Total operating expenses     5,652       (205 )     *       5,447  
Loss from operations     (4,939 )     (143 )     *       (5,082 )
Other income (loss)     -       4,128       2,3       4,128  
Total other expenses     382       4,128       *       4,510  
Loss before income tax expense     (4,557 )     3,985       *       (572 )
Consolidated net loss     (4,557 )     3,985       *       (572 )
Net loss attributable to common stockholders   $ (4,540 )   $ 3,985       *     $ (555 )
Basic and diluted net loss per share of common stock   $ (0.04 )                   $ (0.00 )

 

Restated Consolidated Statement of Operations – Six Months Ended March 31, 2025

 

Line item   As Previously Reported
on 10-Q		     Restatement Adjustment     ID     As Restated  
Cost of revenues   $ 577     $ 668       5,8     $ 1,245  
Gross profit     1,847       (668 )     *       1,179  
General and administrative     9,265       (494 )     5,6,7,13       8,771  
Total operating expenses     10,684       (494 )     *       10,190  
Loss from operations     (8,837 )     (174 )      *       (9,011 )
Other income (loss)     -       (21,837 )     2,3       (21,837 )
Total other expenses     711       (21,837 )     *       (21,126 )
Loss before income tax expense     (8,126 )     (22,011 )     *       (30,137 )
Consolidated net loss     (8,126 )     (22,011 )     *       (30,137 )
Net loss attributable to common stockholders   $ (8,088 )   $ (22,011 )     *     $ (30,099 )
Basic and diluted net loss per share of common stock   $ (0.08 )                   $ (0.29 )

 

Restated Consolidated Statement of Operations – Three Months Ended December 31, 2024

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Cost of revenues   $ 123     $ 320       5,8     $ 443  
Gross profit     1,134       (320 )     *       814  
General and administrative     4,303       (289 )     5,6,7,13       4,014  
Total operating expenses     5,032       (289 )     *       4,743  
Loss from operations     (3,898 )     (31 )     *       (3,929 )
Other income (loss)     -       (25,965 )     2       (25,965 )
Total other expenses     329       (25,965 )     *       (25,636 )
Loss before income tax expense     (3,569 )     (25,996 )     *       (29,565 )
Consolidated net loss     (3,569 )     (25,996 )     *       (29,565 )
Net loss attributable to common stockholders   $ (3,548 )   $ (25,996 )     *     $ (29,544 )
Basic and diluted net loss per share of common stock   $ (0.04 )                   $ (0.31 )
Schedule of Restated Consolidated Statement of Equity

Restated Consolidated Statement of Equity – Nine Months Ended June 30, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Additional paid-in capital   $ 126,114     $ 3,325       *     $ 129,439  
Additional paid-in capital, issuance of common shares for intangible asset acquisition     5,378       (1,677 )     13       3,701  
Additional paid-in capital, issuance of shares upon exercise of warrants for cash     16,858       21,656       2,3       38,514  
Additional paid-in capital, shares issued to employees     1,380       (475 )     13       905  
Additional paid-in capital, shares issued for services     4,080       (1,556 )     13       2,524  
Retained earnings     (20,099 )     (12,818 )     *       (32,917 )
Net loss attributable to common stockholders     (12,151 )     (19,598 )     *       (31,749 )
Total stockholders’ equity   $ 105,951     $ (9,493 )     *     $ 96,458  

 

Restated Consolidated Statement of Equity – Three Months Ended June 30, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Additional paid-in capital   $ 126,114     $ 3,325       *     $ 129,439  
Additional paid-in capital, issuance of common shares for intangible asset acquisition     2,924       (2,924 )     13       -  
Additional paid-in capital, shares issued to employees     -       212       13       212  
Additional paid-in capital, shares issued for services     2,591       (2,451 )     13       140  
Retained earnings     (20,099 )     (12,818 )     *       (32,917 )
Net loss attributable to common stockholders     (4,063 )     2,413       *       (1,650 )
Total stockholders’ equity   $ 105,951     $ (9,493 )     *     $ 96,458  

 

Restated Consolidated Statement of Equity – Six Months Ended March 31, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Additional paid-in capital   $ 71,913     $ 8,488       *     $ 80,401  
Additional paid-in capital, issuance of common shares for intangible asset acquisition     2,454       1,247       13       3,701  
Additional paid-in capital, issuance of shares upon exercise of warrants for cash     16,858       21,656       2,3       38,514  
Additional paid-in capital, shares issued to employees     867       (175 )     13       692  
Additional paid-in capital, transfer to ESOP trust     513       (513 )     13       0  
Additional paid-in capital, shares issued for services     1,175       1210       13       2,385  
Retained earnings     (16,027 )     (15,240 )     *       (31,267 )
Net loss attributable to common stockholders     (8,088 )     (22,011 )     *       (30,099 )
Total stockholders’ equity   $ 55,859     $ (6,752 )     *     $ 49,107  

 

Restated Consolidated Statement of Equity – Three Months Ended March 31, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Additional paid-in capital   $ 71,913     $ 8,488       *     $ 80,401  
Additional paid-in capital, issuance of shares upon exercise of warrants for cash     8,794       9,316       2,3       18,110  
Additional paid-in capital, transfer to ESOP trust     513       (513 )     13       0  
Additional paid-in capital, shares issued for services     1,175       283       13       1,458  
Retained earnings     (16,027 )     (15,240 )     *       (31,267 )
Net loss attributable to common stockholders     (4,540 )     3,985       *       (555 )
Total stockholders’ equity   $ 55,859     $ (6,752 )     *     $ 49,107  

 

Restated Consolidated Statement of Equity – Three Months Ended December 31, 2024

 

Line item   As Previously Reported
on 10-Q		     Restatement Adjustment     ID     As Restated  
Additional paid-in capital   $ 61,366     $ (776 )     2     $ 60,590  
Additional paid-in capital, issuance of common shares for intangible asset acquisition     2,454       1,243       13       3,697  
Additional paid-in capital, issuance of shares upon exercise of warrants for cash     8,064       12,342       2       20,406  
Additional paid-in capital, shares issued to employees     867       (351 )     13       516  
Additional paid-in capital, shares issued for services     314       614       13       928  
Retained earnings     (11,487 )     (19,224 )     *       (30,711 )
Net loss attributable to common stockholders     (3,548 )     (25,996 )     *       (29,544 )
Total stockholders’ equity   $ 49,869     $ (19,999 )     *     $ 29,870  

 
Schedule of Restated Consolidated Statement of Cash Flows

Restated Consolidated Statement of Cash Flows – Nine Months Ended June 30, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Consolidated net loss   $ (12,238 )   $ (19,591 )     *     $ (31,827 )
Gain/loss on change in fair value of warrant liability     -       22,123       2,3       22,123  
Issuance costs accrued related to warrants     -       189       1       189  
Inventory     (334 )     331       8       (3 )
Stock-based compensation     -       3,429       12,13       3,429  
Depreciation and amortization     1,635       (694 )     7,9       941  
Net cash used by operating activities     (11,197 )     5,788       *       (5,409 )
Purchase of property and equipment     (4,509 )     (330 )     8       (4,839 )
Purchase of intangible assets     (100 )     16       *       (84 )
Purchase of long-term investments     (247 )     105       *       (142 )
Net cash used in investing activities     (41,532 )     (209 )     *       (41,741 )
Payment of issuance cost of ordinary shares     -       (1,180 )     12       (1,180 )
Proceeds from warrants exercise     -       18,038       12       18,038  
Proceeds from issuance of ordinary shares     71,087       (22,437 )     12       48,650  
Net Cash used in financing activities   $ 71,056     $ (5,579 )     *     $ 65,477  

 

Restated Consolidated Statement of Cash Flows – Six Months Ended March 31, 2025

 

Line item   As
Previously
Reported
on 10-Q		     Restatement
Adjustment		     ID     As Restated  
Consolidated net loss   $ (8,126 )   $ (22,011 )     *     $ (30,137 )
Gain/loss on change in fair value of warrant liability     -       21,837       2,3       21,837  
Issuance costs accrued related to warrants     -       189       1       189  
Allowance for credit loss     -       (94 )     *       (94 )
Inventory     (343 )     270       8       (73 )
Stock based compensation     -       3,077       12,13       3,077  
Depreciation and amortization     730       (225 )     7,9       505  
Accounts receivable     (321 )     94       *       (227 )
Accrued expenses     (91 )     3       *       (88 )
Net cash used by operating activities     (8,076 )     3,139       *       (4,937 )
Purchase of property and equipment     (116 )     (270 )     8       (386 )
Net cash used by investing activities     (15,130 )     (205 )     *       (15,335 )
Payment of issuance cost of ordinary shares     0       (1180 )     12       (1180 )
Proceeds from issuance of ordinary shares     19,792       (1,754 )     12       18,038  
Net cash provided by financing activities     19,766       (2,934 )     *       16,832  

 

 

Restated Consolidated Statement of Cash Flows – Three Months Ended December 31, 2024

 

Line item   As
Previously
Reported
on 10-Q		     Restatement Adjustment     ID     As Restated  
Consolidated net loss   $ (3,548 )   $ (26,017 )     *     $ (29,565 )
Gain/loss on change in fair value of warrant liability     -       25,965       2       25,965  
Inventory     (248 )     60       8       (188 )
Stock based compensation     -       1,444       12,13       1,444  
Depreciation and amortization     513       (232 )     7,9       281  
Net cash used by operating activities     (3,578 )     1,220       *       (2,358 )
Purchase of property and equipment     (78 )     (60 )     8       (138 )
Net cash used in investing activities     (380 )     (60 )     *       (440 )
Contributions from non-controlling interests     (21 )     21       *       -  
Proceeds from issuance of ordinary shares     9,244       (1,181 )     12       8,063  
Net cash used in financing activities   $ 9,219     $ (1,160 )     *     $ 8,059  

 

* Represents the downstream effects of the identified restatement adjustments and other individually immaterial changes.