Note 5 - Prepaid Expenses and Other Current Assets

On April 23, 2025, the Company and CEP entered into a letter agreement (the “Letter Agreement”) with Cantor Fitzgerald & Co. (“CF&Co.”). Pursuant to the Letter Agreement, during the 24 months after April 23, 2025, the Company may engage CF&Co. to provide capital markets advisory or other non-financial advisory services up to $9,250,000. In return for these future services, the Company prepaid CF&Co. for those services at the close of the Reverse Recapitalization. The services pursuant to the Letter Agreement commenced on December 8, 2025. On May 8, 2026, the Company and CEP entered into an amendment to the letter agreement (the “Amended Letter Agreement”) pursuant to which the term of the agreement was extended from April 23, 2027 to December 8, 2027. All other material terms of the Letter Agreement remain unchanged. For the three and six months ended June 30, 2026, $498,604 and $2,584,932, respectively, was amortized and included in general and administrative expenses on the accompanying unaudited condensed consolidated statement of operations, respectively. At June 30, 2026, the remaining balance is $6,665,068, of which $4,625,000 is recorded in prepaid and other current assets and $2,040,068 is recorded as other non-current assets on the accompanying unaudited condensed consolidated balance sheet.