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Description of the Business<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Nauticus Robotics, Inc. (the "Company", "our", "us" or "we") is a technology-driven Company specializing in the development of advanced fully electric autonomous robotic solutions for subsea applications. Our portfolio includes autonomous underwater vehicles (AUVs), electric robotic manipulators, an open robotic operating system, and related consulting and prototype services with a strong alignment to offshore energy and national security interests. Our technology solutions enable autonomous operations for both the commercial and defense sectors.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The Company’s addressable markets include upstream, midstream, and downstream oil and gas, defense, offshore renewables, seafloor telecommunications, aquaculture, port security, oceanographic research, and subsea mining. Currently, our primary focus is on oil and gas operations and defense applications.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Liquidity and Going Concern— The Company has incurred recurring losses each year since its inception and currently does not generate sufficient revenue to cover operating expenses, working capital and capital expenditures. The Company continues to develop its principal products and conduct research and development activities. The Company currently funds its operations with cash on hand, availability under the November 2024 Debentures (see Note 8 - Notes Payable) and the offer and sale of additional shares of Common Stock under the At The Market Offering Agreement (see Note 24 - Subsequent Events). The Company will require additional liquidity to continue its operations over the next twelve months. While a current investor has expressed an intention to provide financial support, factors such as stock price, volatility, trading volume, market conditions, demand and regulatory requirements may adversely affect the Company's ability to raise capital in an efficient manner. Because of these factors, the Company believes that this creates substantial doubt about the Company's ability to continue as a going concern for a period of at least twelve months from the date these consolidated financial statements were issued. The accompanying Condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Reverse Stock Split - On September 5, 2025, the Company effected a 1-for-9 reverse stock split of the shares of the Company's common stock, par value $0.0001 per share. No fractional shares were issued in connection with the reverse stock split, but were instead rounded up to the nearest whole share. The Board of Directors of the Company approved the Certificate of Amendment to meet the share bid price requirements of the NASDAQ Capital Market. The Company’s stockholders authorized the reverse stock split and the Certificate of Amendment at a special meeting held on June 25, 2025.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">On April 21, 2026, the Company effected a 1-for-8 reverse stock split of the shares of the Company's common stock, par value $0.0001 per share. No fractional shares were issued in connection with the reverse stock split, but were instead rounded up to the nearest whole share. The Board of Directors of the Company approved the Certificate of Amendment to meet the share bid price requirements of the NASDAQ Capital Market. The Company’s stockholders authorized the reverse stock split and the Certificate of Amendment at a special meeting held on January 28, 2026.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">All common shares and per common share information in these condensed consolidated financial statements have been retroactively adjusted to reflect the 1-for-9 and the 1-for-8 reverse stock splits. All options, warrants and other convertible securities of the Company outstanding immediately prior to the splits have been adjusted in accordance with the terms of the plans, agreements or arrangements governing such options, warrants and other convertible securities and subject to rounding to the nearest whole share.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Each stockholder’s percentage ownership interest in the Company and proportional voting power remain virtually unchanged by the split, except for minor changes and adjustments that resulted from rounding fractional shares into whole shares. The rights and privileges of the holders of shares of the Company’s Common Stock were substantially unaffected.</div>

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Summary of Significant Accounting Policies<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Basis of Presentation - The accompanying Condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), under the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in preparation of these consolidated financial statements.</div><div style="margin-top:12pt;text-align:justify">Use of Estimates – The preparation of Condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the (i) estimates of future costs to complete customer contracts recognized over time, (ii) valuation allowances for deferred income tax assets, (iii) valuation of stock-based compensation awards, (iv) the valuation of conversion options, warrants and earnouts, (v) fair value of the November 2024 Debentures, (vi) the fair value of the SeaTrepid acquisition and (vii) fair value of Preferred Stock. Actual results could differ from those estimates.</div><div style="margin-top:12pt;text-align:justify">Cash and Cash Equivalents – The Company classifies all highly-liquid instruments with an original maturity of three months or less as cash equivalents. The Company maintains cash and cash equivalents in bank deposit accounts, which at times may exceed federally insured limits of $250,000. Historically, the Company has not experienced any losses in such accounts. </div><div style="margin-top:12pt;text-align:justify">Restricted Cash – The Company had restricted cash of $604,291 and $600,342, held by a bank on our behalf as of June 30, 2026 and December 31, 2025, respectively, relating to a custom bond guarantee.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Accounts Receivable, Unbilled Revenues, and Allowance for Credit Losses - With the adoption of the Accounting Standards Update ("ASU") 2016-13 Financial Instruments - Credit Losses (Topic 326), accounts receivable and contract assets are recorded at the invoiced amount and do not typically bear interest. The Company regularly monitors and assesses its risk of not collecting amounts owed by customers. At each consolidated balance sheet date, the Company recognizes an expected allowance for credit losses. In addition, at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist. If applicable, accounts receivable and contract assets are evaluated individually when they do not share similar risk characteristics which could exist in circumstances where amounts are considered at risk or uncollectible.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The allowance estimate is derived from a review of the Company’s historical losses based on the aging of receivables. This estimate is adjusted for management’s assessment of current conditions, reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by the Company. The Company believes historical loss information is a reasonable starting point in which to calculate the expected allowance for credit losses as the Company’s portfolio segments have remained constant since the Company’s inception.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The Company writes off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income in the year of recovery, in accordance with the entity’s accounting policy election. There was no allowance for credit losses as of June 30, 2026 and December 31, 2025. </div><div style="margin-top:12pt;text-align:justify">Property and Equipment – Property and equipment is recorded at cost and depreciated using the straight-line method. Expenditures which extend the useful lives of existing property and equipment are capitalized. Those costs which do not extend the useful lives are expensed as incurred. Upon disposition, the cost and accumulated depreciation are removed and any gain or loss on the disposal is reflected in the condensed consolidated statements of operations.</div><div style="margin-top:12pt;text-align:justify">Goodwill – Goodwill represents the excess of purchase price over the fair value of net assets acquired in business combinations. Pursuant to Accounting Standards Codification ("ASC") Topic 350, Intangibles-Goodwill and Other, the Company tests goodwill for impairment on an annual basis in the fourth quarter, or between annual tests, in certain circumstances. Under authoritative guidance, the Company first assessed qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment test. The assessment considers factors such as, but not limited </div><div style="margin-top:12pt;text-align:justify">to, macroeconomic conditions, data showing other companies in the industry and our share price. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. Events or changes in circumstances which could trigger an impairment review include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other entity specific events and sustained decrease in share price.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Intangible Assets - Intangible assets consist primarily of trade-names/trademarks, intellectual property and non-compete agreements acquired through the SeaTrepid acquisition. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 3 to 15 years. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Impairment of Long-Lived Assets - The Company reviews long-lived assets for potential impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In this assessment, future pre-tax cash flows (undiscounted) resulting from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the difference between its carrying value and estimated fair value. For the six months ended June 30, 2026 and 2025 no property and equipment was impaired. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Segment Reporting - In November of 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Operating segments refer to components of a company that engage in activities for which separate financial information is available and reviewed regularly by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources and assessing performance. The CODM reviews the consolidated balance sheets and consolidated statements of operations quarterly and reviews as a single reportable segment. The CODM is the Company's Chief Executive Officer. The Company manages its operations as a single segment because each revenue stream possesses similar production methods, distribution methods, and customer quality and consumption characteristics, resulting in similar long-term expected financial performance. </div><div style="margin-top:12pt;text-align:justify">Revenue – Our primary sources of revenue are from providing technology, engineering services and products to the offshore industry and governmental entities. Revenue is generated pursuant to contractual arrangements to design and develop subsea robots and software and to provide related engineering, technical, and other services according to the specifications of the customers. These contracts can be service sales (cost plus fixed fee or firm fixed price) or product sales. The Company had no product sales for the three and six months ended June 30, 2026 and 2025, respectively.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">A performance obligation is a promise in a contract to transfer distinct goods or services to a customer. For all contracts, we assess if there are multiple promises that should be accounted for as separate performance obligations or combined into a single performance obligation. Our service arrangements generally represent a single performance obligation. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Our performance obligations under service agreements generally are satisfied over a short period of time as the service is provided. Revenue under these contracts is recognized using an input method based on costs incurred relative to total estimated costs. This requires management to make estimates and assumptions to estimate contract sales and costs associated with its contracts with customers. Changes in estimates are recognized in the period in which they become known. Where the estimated total costs to complete a contract exceed the expected consideration to be received, the full amount of the anticipated loss is recorded in the period the loss becomes evident.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Leases – The Company’s lease arrangements are operating leases which are capitalized on the consolidated balance sheets as right-of-use (“ROU”) assets and obligations. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. These are recognized at the lease commencement date based on the present value of payments over the lease term. If leases do not provide for an implicit rate, we use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term as the lease payments. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the consolidated balance sheets; and the lease expense on short-term leases is recognized on a straight-line basis over the lease term.</div><div style="margin-top:12pt;text-align:justify">Stock-Based Compensation – The Company accounts for employee stock-based compensation using the fair value method. Compensation cost for equity incentive awards is based on the fair value of the equity instrument generally on the date of </div><div style="margin-top:12pt;text-align:justify">grant and is recognized over the requisite service period. The Company’s policy is to issue new shares upon the exercise or conversion of options and recognize option forfeitures as they occur.</div><div style="margin-top:12pt;text-align:justify">Income Taxes – Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax asset (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the benefit from the deferred tax asset will not be realized.</div><div style="margin-top:12pt;text-align:justify">The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. The Company had no material uncertain income tax positions as of June 30, 2026 and December 31, 2025.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Fair Value Measurements - The Company categorizes financial assets and liabilities using a three-tier fair value hierarchy, based on the nature of the inputs used to determine fair value. Inputs refer broadly to assumptions that market participants would use to value an asset or liability and may be observable or unobservable. When determining the fair value of assets and liabilities, the Company uses the most reliable measurement available. See Note 22, “Fair Value Measurements.”</div><div style="margin-top:12pt;text-align:justify">Common Stock Warrants – We account for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance. This assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability or requirements for equity classification, including whether the warrants are indexed to the Company’s Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">We have determined that the private warrants sold in a private placement (the “Private Warrants”) and warrants sold to the public (the “Public Warrants”) should be accounted for as liabilities. The Private Warrants and Public Warrants were initially recorded at their estimated fair value on the issuance. They are then revalued at each reporting date thereafter, with changes in the fair value reported in the consolidated statements of operations. Derivative warrant liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the consolidated balance sheet date. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model (a Level 3 measurement). The Public Warrants are valued using their publicly-traded price at each measurement date (a Level 1 measurement).</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">We have determined that the SPA Warrants should be accounted for as liabilities. The SPA Warrants were initially recorded at their estimated fair value on the issuance and are then revalued at each reporting date thereafter, with changes in the fair value reported in the consolidated statements of operations. Derivative warrant liabilities are classified in our consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the consolidated balance sheet date. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Fair Value Election for November 2024 Debentures - The Company has elected to measure its 2% Original Issue Discount Senior Secured Convertible Debentures (the "November 2024 Debentures") at fair value under the fair value option in accordance with ASC 825-10, Financial Instruments – Fair Value Option. This election was made to provide greater transparency and to more accurately reflect the economic value of the November 2024 Debentures in the Company's condensed consolidated financial statements.</div><div style="text-align:justify">Under the fair value option, the November 2024 Debentures are recorded at their estimated fair value at each reporting date, with changes in fair value recognized in earnings within "Other (income) expense" in the Condensed Consolidated </div><div style="text-align:justify">Statements of Operations. The fair value of the November 2024 Debentures are determined using a Monte Carlo simulation model that uses inputs such as the Company’s stock price (KITT), stock price volatility, risk-free interest rate and conversion terms.</div><div style="text-align:justify"> </div><div style="text-align:justify">The fair value option eliminates the requirement to separately account for embedded conversion features that would otherwise be bifurcated under ASC 815-15, Derivatives and Hedging – Embedded Derivatives. Instead, all economic impacts of the November 2024 Debentures—including interest, conversion features, and market fluctuations—are captured in the fair value measurement.</div><div style="text-align:justify"> </div><div style="text-align:justify">The Company believes that the fair value measurement provides a more relevant representation of the liability’s impact on financial position and performance, as it reflects the November 2024 Debentures current economic value and reduces potential measurement inconsistencies.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Earnout Shares – Earnout Shares that may be issued to former holders of Nauticus Robotics Holdings, Inc.’s common stock are held in escrow and will only be issued upon the occurrence of specified Triggering Events within 5 years of September 9, 2022. As of the reporting date, the Earnout Shares have not been issued and therefore are not considered issued or outstanding shares of common stock. The Company evaluated the earnout arrangement under ASC 815 – Derivatives and Hedging and concluded that, upon issuance, the Earnout Shares would qualify for equity classification. Accordingly, the Earnout Shares will be recognized in stockholders’ equity at fair value on the issuance date and will not be subsequently remeasured. </div><div style="margin-top:12pt;text-align:justify">Earnings (Loss) per Share – Basic earnings per share is computed by dividing income attributable to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of Common Stock that could have been outstanding assuming the exercise of stock options and warrants (determined using the treasury stock method) and conversion of convertible debt. The Earnout Shares, which are subject to forfeiture if the achievement of certain stock price thresholds is not met, are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of calculating loss per share. The Company’s Convertible Preferred Stock is considered a non-participating security as it does not have the right to participate in dividends with common stockholders beyond its stated dividend or share in undistributed earnings. Accordingly, the Company does not apply the two-class method in computing earnings (loss) per share. Dividends on preferred stock are recorded as a reduction to net income (loss) attributable to common stockholders in the calculation of basic earnings (loss) per share.</div><div style="margin-top:12pt;text-align:justify">Major Customer and Concentration of Credit Risk – We have a limited number of customers. During the three months ended June 30, 2026, sales to one customer accounted for 61% of total revenue. During the six months ended June 30, 2026, sales to one customer accounted for 72% of total revenue. As of June 30, 2026, amounts due from two customers accounted for 86% of accounts receivable, net, made up of 76% due from Customer A and 10% due from Customer B. During the three months ended June 30, 2025 sales to three customers accounted for 87% of total revenue. Sales to Customers C, D and E accounted for 42%, 27% and 18% of total revenue, respectively. During the six months ended June 30, 2025, sales to three customers accounted for 86% of total revenue. Sales to Customers C, D and E accounted for 44%, 25% and 17% of total revenue, respectively. As of December 31, 2025, amounts due from two customers accounted for 97% of accounts receivable, net, made up 76% due from Customer F and 20% due from Customer G. Loss of these customers could have a material adverse impact on the Company.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Reclassifications – Consolidated financial statements presented for prior periods include reclassifications that were made to conform to the current year presentation. For the three and six months ended June 30, 2025, we reclassified $50,000 and $100,000 respectively, of franchise tax expense from other expense to general and administrative expense in the consolidated statements of operations to conform to the current year presentation. For the year ended December 31, 2025 we reclassified $331,607 of accrued insurance from accrued liabilities to notes payable in the consolidated balance sheets to conform to current year presentation. The reclassifications did not affect net loss or cash flows as presented, and there were no other reclassifications that materially impacted the consolidated financial statements.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Distinguishing Liabilities from Equity – The Company evaluates financial instruments, including preferred stock, convertible debt, equity line of credit, and warrants to determine whether they should be classified as liabilities or equity in accordance with ASC 480 and ASC 815. For warrants, the Company assesses whether the instrument is indexed to its own </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">stock and meets the equity classification conditions. Instruments that fail equity classification are recorded as liabilities and measured at fair value, with changes recognized in earnings. This assessment is performed at issuance and reassessed each reporting period while outstanding. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Accounting for Business Combinations – The Company accounts for acquisitions in accordance with ASC 805, using the acquisition method. Under this method, the consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Any excess of the purchase price over the fair value of net identifiable assets acquired is recorded as goodwill. Identifiable intangible assets, are recognized separately from goodwill if they meet the separability criteria and are amortized over the estimated useful lives. Provisional amounts are adjusted during the measurement period as new information becomes available about facts and circumstances that existed as of the acquisition date. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Accounting Standards issued but not adopted as of June 30, 2026 – In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, an update that improves income statement expense disclosure requirements. Under ASU 2024-03 issuers will be required to incorporate new tabular disclosures disaggregating prescribed expense categories within relevant income statement captions in the notes to their financial statements. These categories include purchases of inventory, employee compensation, depreciation and intangible asset amortization. The amendments are effective for fiscal years beginning after December 15, 2026 and should be applied prospectively. The adoption of ASU 2024-03 will require us to provide additional disclosures related to certain income statement expenses, but otherwise will not materially impact our consolidated financial statements.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants (Topic 832), which establishes guidance on the recognition, measurement, presentation and disclosure of government grants received by business entities. The Company does not currently receive government grants within the scope of this guidance. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements and if arrangements in the future meet the definition of a government grant, such arrangements would be evaluated under this provision. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our consolidated financial statements.</div>

The accompanying Condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), under the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in preparation of these consolidated financial statements.

The preparation of Condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the (i) estimates of future costs to complete customer contracts recognized over time, (ii) valuation allowances for deferred income tax assets, (iii) valuation of stock-based compensation awards, (iv) the valuation of conversion options, warrants and earnouts, (v) fair value of the November 2024 Debentures, (vi) the fair value of the SeaTrepid acquisition and (vii) fair value of Preferred Stock. Actual results could differ from those estimates.

The Company classifies all highly-liquid instruments with an original maturity of three months or less as cash equivalents. The Company maintains cash and cash equivalents in bank deposit accounts, which at times may exceed federally insured limits of $250,000. Historically, the Company has not experienced any losses in such accounts.

The Company had restricted cash of $604,291 and $600,342, held by a bank on our behalf as of June 30, 2026 and December 31, 2025, respectively, relating to a custom bond guarantee.

604291

600342

With the adoption of the Accounting Standards Update ("ASU") 2016-13 Financial Instruments - Credit Losses (Topic 326), accounts receivable and contract assets are recorded at the invoiced amount and do not typically bear interest. The Company regularly monitors and assesses its risk of not collecting amounts owed by customers. At each consolidated balance sheet date, the Company recognizes an expected allowance for credit losses. In addition, at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist. If applicable, accounts receivable and contract assets are evaluated individually when they do not share similar risk characteristics which could exist in circumstances where amounts are considered at risk or uncollectible.<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The allowance estimate is derived from a review of the Company’s historical losses based on the aging of receivables. This estimate is adjusted for management’s assessment of current conditions, reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by the Company. The Company believes historical loss information is a reasonable starting point in which to calculate the expected allowance for credit losses as the Company’s portfolio segments have remained constant since the Company’s inception.</div>The Company writes off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income in the year of recovery, in accordance with the entity’s accounting policy election. There was no allowance for credit losses as of June 30, 2026 and December 31, 2025.

Property and equipment is recorded at cost and depreciated using the straight-line method. Expenditures which extend the useful lives of existing property and equipment are capitalized. Those costs which do not extend the useful lives are expensed as incurred. Upon disposition, the cost and accumulated depreciation are removed and any gain or loss on the disposal is reflected in the condensed consolidated statements of operations.

Goodwill represents the excess of purchase price over the fair value of net assets acquired in business combinations. Pursuant to Accounting Standards Codification ("ASC") Topic 350, Intangibles-Goodwill and Other, the Company tests goodwill for impairment on an annual basis in the fourth quarter, or between annual tests, in certain circumstances. Under authoritative guidance, the Company first assessed qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment test. The assessment considers factors such as, but not limited <div style="margin-top:12pt;text-align:justify">to, macroeconomic conditions, data showing other companies in the industry and our share price. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. Events or changes in circumstances which could trigger an impairment review include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other entity specific events and sustained decrease in share price.</div>The Company evaluates goodwill for impairment annually or more frequently if events or changes in circumstances indicate the asset might be impaired.

Intangible assets consist primarily of trade-names/trademarks, intellectual property and non-compete agreements acquired through the SeaTrepid acquisition.

P3Y

P15Y

The Company reviews long-lived assets for potential impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In this assessment, future pre-tax cash flows (undiscounted) resulting from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the difference between its carrying value and estimated fair value.

In November of 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Operating segments refer to components of a company that engage in activities for which separate financial information is available and reviewed regularly by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources and assessing performance. The CODM reviews the consolidated balance sheets and consolidated statements of operations quarterly and reviews as a single reportable segment. The CODM is the Company's Chief Executive Officer. The Company manages its operations as a single segment because each revenue stream possesses similar production methods, distribution methods, and customer quality and consumption characteristics, resulting in similar long-term expected financial performance<div style="margin-top:12pt;text-align:justify">The Company operates as a single operating and reportable segment. The Company's Chief Operating Decision Maker ("CODM"), the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operational decisions, allocating resources, and evaluating financial performance.</div>The Company’s operations are organized and managed as a single segment because its products and services share similar economic characteristics, including production processes, customer types, distribution methods and regulatory environment. Accordingly, the Company has determined that it has one reportable segment. The CODM assesses performance by reviewing the Consolidated Balance Sheets and Consolidated Statements of Operations quarterly. Segment assets are not regularly reviewed by the CODM and, therefore, are not disclosed.

Our primary sources of revenue are from providing technology, engineering services and products to the offshore industry and governmental entities. Revenue is generated pursuant to contractual arrangements to design and develop subsea robots and software and to provide related engineering, technical, and other services according to the specifications of the customers. These contracts can be service sales (cost plus fixed fee or firm fixed price) or product sales. The Company had no product sales for the three and six months ended June 30, 2026 and 2025, respectively.<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">A performance obligation is a promise in a contract to transfer distinct goods or services to a customer. For all contracts, we assess if there are multiple promises that should be accounted for as separate performance obligations or combined into a single performance obligation. Our service arrangements generally represent a single performance obligation. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Our performance obligations under service agreements generally are satisfied over a short period of time as the service is provided. Revenue under these contracts is recognized using an input method based on costs incurred relative to total estimated costs. This requires management to make estimates and assumptions to estimate contract sales and costs associated with its contracts with customers. Changes in estimates are recognized in the period in which they become known. Where the estimated total costs to complete a contract exceed the expected consideration to be received, the full amount of the anticipated loss is recorded in the period the loss becomes evident.</div>

0 0 0 0

The Company’s lease arrangements are operating leases which are capitalized on the consolidated balance sheets as right-of-use (“ROU”) assets and obligations. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. These are recognized at the lease commencement date based on the present value of payments over the lease term. If leases do not provide for an implicit rate, we use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term as the lease payments. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the consolidated balance sheets; and the lease expense on short-term leases is recognized on a straight-line basis over the lease term.<div style="margin-top:12pt;text-align:justify">The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. For leases in which the Company is the lessee and do not have a readily determinable implicit rate, an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases.</div>

The Company accounts for employee stock-based compensation using the fair value method. Compensation cost for equity incentive awards is based on the fair value of the equity instrument generally on the date of <div style="margin-top:12pt;text-align:justify">grant and is recognized over the requisite service period. The Company’s policy is to issue new shares upon the exercise or conversion of options and recognize option forfeitures as they occur.</div>

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax asset (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the benefit from the deferred tax asset will not be realized.The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs.

The Company categorizes financial assets and liabilities using a three-tier fair value hierarchy, based on the nature of the inputs used to determine fair value. Inputs refer broadly to assumptions that market participants would use to value an asset or liability and may be observable or unobservable. When determining the fair value of assets and liabilities, the Company uses the most reliable measurement available.

We account for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance. This assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability or requirements for equity classification, including whether the warrants are indexed to the Company’s Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">We have determined that the private warrants sold in a private placement (the “Private Warrants”) and warrants sold to the public (the “Public Warrants”) should be accounted for as liabilities. The Private Warrants and Public Warrants were initially recorded at their estimated fair value on the issuance. They are then revalued at each reporting date thereafter, with changes in the fair value reported in the consolidated statements of operations. Derivative warrant liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the consolidated balance sheet date. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model (a Level 3 measurement). The Public Warrants are valued using their publicly-traded price at each measurement date (a Level 1 measurement).</div>We have determined that the SPA Warrants should be accounted for as liabilities. The SPA Warrants were initially recorded at their estimated fair value on the issuance and are then revalued at each reporting date thereafter, with changes in the fair value reported in the consolidated statements of operations. Derivative warrant liabilities are classified in our consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the consolidated balance sheet date. The Company has elected to measure its 2% Original Issue Discount Senior Secured Convertible Debentures (the "November 2024 Debentures") at fair value under the fair value option in accordance with ASC 825-10, Financial Instruments – Fair Value Option. This election was made to provide greater transparency and to more accurately reflect the economic value of the November 2024 Debentures in the Company's condensed consolidated financial statements.<div style="text-align:justify">Under the fair value option, the November 2024 Debentures are recorded at their estimated fair value at each reporting date, with changes in fair value recognized in earnings within "Other (income) expense" in the Condensed Consolidated </div><div style="text-align:justify">Statements of Operations. The fair value of the November 2024 Debentures are determined using a Monte Carlo simulation model that uses inputs such as the Company’s stock price (KITT), stock price volatility, risk-free interest rate and conversion terms.</div><div style="text-align:justify"> </div><div style="text-align:justify">The fair value option eliminates the requirement to separately account for embedded conversion features that would otherwise be bifurcated under ASC 815-15, Derivatives and Hedging – Embedded Derivatives. Instead, all economic impacts of the November 2024 Debentures—including interest, conversion features, and market fluctuations—are captured in the fair value measurement.</div><div style="text-align:justify"> </div><div style="text-align:justify">The Company believes that the fair value measurement provides a more relevant representation of the liability’s impact on financial position and performance, as it reflects the November 2024 Debentures current economic value and reduces potential measurement inconsistencies.</div>

0.02

Earnout Shares that may be issued to former holders of Nauticus Robotics Holdings, Inc.’s common stock are held in escrow and will only be issued upon the occurrence of specified Triggering Events within 5 years of September 9, 2022. As of the reporting date, the Earnout Shares have not been issued and therefore are not considered issued or outstanding shares of common stock. The Company evaluated the earnout arrangement under ASC 815 – Derivatives and Hedging and concluded that, upon issuance, the Earnout Shares would qualify for equity classification. Accordingly, the Earnout Shares will be recognized in stockholders’ equity at fair value on the issuance date and will not be subsequently remeasured.

P5Y

Basic earnings per share is computed by dividing income attributable to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of Common Stock that could have been outstanding assuming the exercise of stock options and warrants (determined using the treasury stock method) and conversion of convertible debt. The Earnout Shares, which are subject to forfeiture if the achievement of certain stock price thresholds is not met, are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of calculating loss per share. The Company’s Convertible Preferred Stock is considered a non-participating security as it does not have the right to participate in dividends with common stockholders beyond its stated dividend or share in undistributed earnings. Accordingly, the Company does not apply the two-class method in computing earnings (loss) per share. Dividends on preferred stock are recorded as a reduction to net income (loss) attributable to common stockholders in the calculation of basic earnings (loss) per share.

We have a limited number of customers. During the three months ended June 30, 2026, sales to one customer accounted for 61% of total revenue. During the six months ended June 30, 2026, sales to one customer accounted for 72% of total revenue. As of June 30, 2026, amounts due from two customers accounted for 86% of accounts receivable, net, made up of 76% due from Customer A and 10% due from Customer B. During the three months ended June 30, 2025 sales to three customers accounted for 87% of total revenue. Sales to Customers C, D and E accounted for 42%, 27% and 18% of total revenue, respectively. During the six months ended June 30, 2025, sales to three customers accounted for 86% of total revenue. Sales to Customers C, D and E accounted for 44%, 25% and 17% of total revenue, respectively. As of December 31, 2025, amounts due from two customers accounted for 97% of accounts receivable, net, made up 76% due from Customer F and 20% due from Customer G. Loss of these customers could have a material adverse impact on the Company.

0.61

0.72

0.86

0.76

0.10

0.87

0.42

0.27

0.18

0.86

0.44

0.25

0.17

0.97

0.76

0.20

Consolidated financial statements presented for prior periods include reclassifications that were made to conform to the current year presentation. For the three and six months ended June 30, 2025, we reclassified $50,000 and $100,000 respectively, of franchise tax expense from other expense to general and administrative expense in the consolidated statements of operations to conform to the current year presentation. For the year ended December 31, 2025 we reclassified $331,607 of accrued insurance from accrued liabilities to notes payable in the consolidated balance sheets to conform to current year presentation. The reclassifications did not affect net loss or cash flows as presented, and there were no other reclassifications that materially impacted the consolidated financial statements.

50000

100000

331607

The Company evaluates financial instruments, including preferred stock, convertible debt, equity line of credit, and warrants to determine whether they should be classified as liabilities or equity in accordance with ASC 480 and ASC 815. For warrants, the Company assesses whether the instrument is indexed to its own stock and meets the equity classification conditions. Instruments that fail equity classification are recorded as liabilities and measured at fair value, with changes recognized in earnings. This assessment is performed at issuance and reassessed each reporting period while outstanding.

The Company accounts for acquisitions in accordance with ASC 805, using the acquisition method. Under this method, the consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Any excess of the purchase price over the fair value of net identifiable assets acquired is recorded as goodwill. Identifiable intangible assets, are recognized separately from goodwill if they meet the separability criteria and are amortized over the estimated useful lives. Provisional amounts are adjusted during the measurement period as new information becomes available about facts and circumstances that existed as of the acquisition date.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, an update that improves income statement expense disclosure requirements. Under ASU 2024-03 issuers will be required to incorporate new tabular disclosures disaggregating prescribed expense categories within relevant income statement captions in the notes to their financial statements. These categories include purchases of inventory, employee compensation, depreciation and intangible asset amortization. The amendments are effective for fiscal years beginning after December 15, 2026 and should be applied prospectively. The adoption of ASU 2024-03 will require us to provide additional disclosures related to certain income statement expenses, but otherwise will not materially impact our consolidated financial statements.<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants (Topic 832), which establishes guidance on the recognition, measurement, presentation and disclosure of government grants received by business entities. The Company does not currently receive government grants within the scope of this guidance. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements and if arrangements in the future meet the definition of a government grant, such arrangements would be evaluated under this provision. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our consolidated financial statements.</div>

Revenue<div style="margin-top:12pt;text-align:justify">The following table presents the components of our revenue:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.030%"><tr><td style="width:1.0%"></td><td style="width:44.991%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.698%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.069%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.137%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.591%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.163%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Three months ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Six months ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Cost plus fixed fee</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">852,357 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,075,566 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">934,431 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,240,822 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Firm fixed-price</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">33,590 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">111,090 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">885,947 </td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,075,566 </td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,045,521 </td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,240,822 </td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Our performance obligations under service agreements are generally satisfied over time as the service is provided and, therefore, all revenue above has been recognized over time.</div><div style="margin-top:12pt;text-align:justify">Contract Balances – As of June 30, 2026, accounts receivable, net totaled $841,071. There were no allowances for credit losses included in accounts receivable as of June 30, 2026 and December 31, 2025. Bad debt expense was $0 for the three and six months ended June 30, 2026 and 2025.</div>

852357

2075566

934431

2240822

33590

111090

885947

2075566

1045521

2240822

841071

Cash and Cash Equivalents<div style="margin-top:12pt;text-align:justify">The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows to the amounts shown in the condensed consolidated balance sheets:</div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,372,758 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,663,404 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">604,291 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,023 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total cash, cash equivalents and restricted cash</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,977,049 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,716,427 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-top:12pt;text-align:justify">The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows to the amounts shown in the condensed consolidated balance sheets:</div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,372,758 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,663,404 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">604,291 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53,023 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total cash, cash equivalents and restricted cash</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,977,049 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,716,427 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

1372758

2663404

604291

53023

1977049

2716427

Prepaid Expenses <div style="margin-top:12pt;text-align:justify">Prepaid expenses consisted of the following:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.242%"><tr><td style="width:1.0%"></td><td style="width:70.503%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.793%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.410%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.794%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Prepaid material purchases</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">5,400 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Prepaid insurance</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">842,677 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">827,713 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Other prepayments</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">216,494 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">222,211 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total prepaid expenses</td><td style="border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,059,171 </td><td style="border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,055,324 </td><td style="border-bottom:3pt double #000000;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

5400

842677

827713

216494

222211

1059171

1055324

Property and Equipment<div style="margin-top:12pt;text-align:justify">Property and equipment consisted of the following:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.687%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.690%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Useful Life (years)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Land</td><td colspan="3" style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">444,435 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">444,435 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Leasehold improvements</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">5</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,828,533 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,823,586 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Property & equipment</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">3-5 years</div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,885,075 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11,242,513 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Technology hardware equipment</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">3-5 years</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,973,983 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,973,983 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20,132,026 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,484,517 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Less accumulated depreciation</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(7,353,103)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,127,543)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Construction in progress</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,821,152 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,470,795 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 7.36pt;text-align:left;vertical-align:bottom">Total property and equipment, net</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">20,600,075 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">21,827,769 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Depreciation expense for the three and six months ended June 30, 2026 and June 30, 2025 was $653,519 and $1,229,410 and $574,563 and $1,054,939, respectively. During the six months ended June 30, 2026, $4,649,643 of construction in progress was reallocated to property and equipment.</div>

444435

P5Y

1828533

1823586

P3Y

P5Y

15885075

11242513

P3Y

P5Y

1973983

20132026

15484517

7353103

6127543

7821152

12470795

20600075

21827769

653519

1229410

574563

1054939

4649643

Accrued Liabilities<div style="margin-top:12pt;text-align:justify">Accrued liabilities consisted of the following:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.839%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.840%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued compensation</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">242,465 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">221,724 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued severance</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">274,038 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">274,038 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued professional fees</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">68,294 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">96,786 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued sales and property taxes</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">407,283 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">202,638 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued royalties</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">337,500 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">337,500 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued audit fees</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">531,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued settlement</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">118,860 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">319,546 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Other accrued expenses</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43,709 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">233,398 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued interest</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,195,025 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,303,157 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accrued purchase liability</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,724,199 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,287,881 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total accrued liabilities</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">6,411,373 </td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,807,668 </td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:12pt;text-align:justify">On March 20, 2025, the Company completed the acquisition of SeaTrepid International LLC (“SeaTrepid”), an expert in providing subsea robotic services to customers throughout the world, for total consideration of $14,209,810. On May 11, 2026, the Company entered into Amendment No. 2 to the Asset Purchase Agreement, which revised the payment terms for the remaining deferred purchase considerations and established the post-closing working capital adjustment at zero. As part of the agreement, $1,500,000 were paid down on the owed balance on May 15, 2026. The Company accounted the amended arrangement as a debt extinguishment under ASC 470. Accordingly, during the quarter ended June 30, 2026, the Company derecognized the accrued purchase price liability and recognized the new accrued purchase price liability at fair value and recognized a loss of extinguishment for $201,681. As of June 30, 2026, the outstanding accrued purchase liability was $1,724,199.</div>

242465

221724

274038 274038

68294

96786

407283

202638

337500

0 531000

118860

319546

43709

233398

3195025

4303157

1724199 3287881

6411373

9807668

14209810

1500000

-201681

1724199

Notes Payable<div style="margin-top:12pt;text-align:justify">Notes payable consisted of the following:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.545%"><tr><td style="width:1.0%"></td><td style="width:70.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.750%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.753%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">November 2024 Debentures - (fair value)</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,729,000 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">163,672 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Senior Secured Convertible Term Loan</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16,363,459 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">19,284,709 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;text-indent:-9pt;vertical-align:bottom">SBA loan</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">485,325 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">485,300 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;text-indent:-9pt;vertical-align:bottom">AmeriState loan</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,757,571 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,811,327 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Insurance Financing</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">297,355 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">331,607 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Total</td><td colspan="2" style="border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21,632,710 </td><td style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,076,615 </td><td style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Less: debt discount, net</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,895)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26,225)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Less: capitalized debt issuance costs, net</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(77,341)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(321,004)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2023 Term Loan Agreement exit fee provision</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">55,813 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">115,638 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Total notes payable </td><td style="border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">21,609,287 </td><td style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">21,845,024 </td><td style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">November 2024 Debentures (principal amount)</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,485,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">November 2024 Debentures</div><div style="text-align:justify">The November 2024 Debentures provide for, among other items: (a) an interest rate of the Prime Rate published in the Wall Street Journal plus 2% per annum, payable quarterly and added to the principal amount of the November 2024 Debentures, and/or in cash, at the Company’s option; (b) conversion by the holder into shares of the Company’s Common Stock at any time (subject to limitations on conversion described therein); (c) a conversion price of $88.56 (subject to adjustment as provided therein) with shares of the Company’s Common Stock issuable on conversion determined by dividing 120% of the applicable “conversion amount” (as defined in the November 2024 Debentures) by the conversion price; (d) an alternate conversion price at the lower of (1) $88.56 (subject to adjustment as provided therein) and (2) the greater of a floor price of $17.71 (subject to adjustment as provided therein) and 98% of the lowest VWAP of the Company’s shares of Common Stock during the applicable 10-trading day period (subject to payment in cash if the applicable VWAP calculation is less than the floor price); (e) a maturity date of September 9, 2026, and (f) an option by the holder to extend the maturity date by an additional year. The Company has elected to add the interest payable to the principal amount of the November 2024 Debentures.</div><div style="text-align:justify"> </div><div style="text-align:justify">In addition, the exercise price of the November 2024 Debentures is subject to customary anti-dilution adjustments, and, in the case of a subsequent equity sale at a per share price below the exercise price, the exercise price will be adjusted to such lower price.</div><div style="text-align:justify"> </div><div style="text-align:justify">On February 9, 2026, March 10, 2026 and May 12, 2026, the Company issued Senior Secured Convertible Debentures Due 2026 to ATW Special Situations II LLC ("ATW II"), in aggregate principal amounts of $1,960,000, $1,000,000 and $1,525,000, respectively, pursuant to the Securities Purchase Agreement dated November 4, 2024. </div><div style="text-align:justify"> </div><div style="text-align:justify">During the six months ended June 30, 2026, November 2024 Debentures with a principal value of $100,000 and fair value of $283,790, were converted into 27,932 shares of Common Stock. During the six months ended June 30, 2026, November 2024 Debentures with a principal value of $2,000,000 and fair value of $2,729,994, were exchanged into 2,023 shares of Series C Preferred Stock. The fair value of the Series C Preferred Stock was $3,659,502 and a loss on extinguishment of debt of $929,508 was reported in the condensed consolidated statements of operations for the six months ended June 30, 2026.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The fair value of the November 2024 Debentures at June 30, 2026 and December 31, 2025 was estimated at $2,729,000 and $163,672, respectively, using Monte Carlo simulations with the following assumptions at June 30, 2026: stock price of $1.23, a risk free rate of 4.0% implied volatility of 145% and a remaining term of 0.19 years and assumptions at December 31, 2025: stock price of $6.16, a risk free rate of 3.55% implied volatility of 154% and a remaining term of 0.69 years. A gain of $94,728 and a loss of $1,094,112 on change in fair value was reported in the condensed consolidated statements of operations for the three and six months ended June 30, 2026, respectively. The principal amount of the November 2024 Debentures at June 30, 2026 and December 31, 2025 was $2,485,000 and $100,000, respectively.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Senior Secured Convertible Term Loan</div><div style="margin-top:12pt;text-align:justify">The Company entered into senior secured convertible term loan agreements in September 2023 and January 2024 (the "2023 Term Loan Agreement" and "2024 Term Loan Agreement" and collectively, the "Term Loan Agreements") that provide aggregate financing of approximately $30.6 million (the "2023 Term Loans" and the "2024 Term Loans" and collectively the "Senior Secured Convertible Term Loan"). The 2023 Term Loan bears interest at 12.5% per annum and includes a 2.5% exit fee and an original issue discount. The 2024 Term Loan bears interest at 15% per annum, with an option for the Company to elect to capitalize and add to the principal amount of the 2024 Term Loan, accrued but unpaid </div><div style="margin-top:12pt;text-align:justify">interest as of the Interest Payment Date (as defined therein), up to (x) 100% for the six (6) months after the Closing Date (as defined therein) and (y) thereafter, 50%. The Company opted to capitalize interest payable.</div><div style="margin-top:12pt;text-align:justify">The Senior Secured Convertible Term Loans mature on various dates, generally tied to the third anniversary of the respective Term Loan Agreements, with the exception of a $1.0 million extended maturity loan with a 30-year term.</div><div style="margin-top:12pt;text-align:justify">The Senior Secured Convertible Term Loans are convertible into shares of the Company’s common stock at the lenders’ option, subject to anti-dilution adjustments. </div><div style="margin-top:12pt;text-align:justify">On May 11, 2026, the Company entered into a Second Amendment to the 2023 Term Loan Agreement, with each lender thereto, pursuant to which the conversion price was reduced from $15,552 to $2.20, for the period from May 11, 2026 to May 21, 2026. Thereafter the conversion price reverted to $15,552. During this period, a lender converted its 2023 Term Loan notes with a principal amount of $500,000 into 227,273 shares of Common Stock. On June 1, 2026, the Company entered into a Third Amendment to the 2023 Term Loan Agreement, with each lender thereto, pursuant to which the conversion price was reduced from $15,552 to $1.80 for the period from June 1, 2026 to June 15, 2026. Thereafter the conversion price reverted to $15,552. During this period, a lender converted its 2023 Term Loan notes with a principal amount of $1,000,000 into 555,556 shares of Common Stock. </div><div style="margin-top:12pt;text-align:justify">The Company evaluated these transactions under ASC 470-50, Debt Modifications and Extinguishments, and concluded they qualified as an extinguishment of debt through the issuance of equity securities. The fair values of the May 11, 2026 and June 1, 2026 conversions were estimated as $532,991 and $1,075,150, respectively, and a loss on extinguishment of debt of $108,141 was reported in the condensed consolidated statements of operations for the three and six months ended June 30, 2026.</div><div style="margin-top:12pt;text-align:justify">On June 26, 2026, the Company entered into an Exchange Agreement pursuant to which a lender converted a total of $4,000,000 2023 Term Loan notes, with principal and interest amounts of $2,146,701 and $1,853,299, respectively, into 4,800 shares of Series C Convertible Preferred Stock with a total stated value of $4,800,000. The fair value of the Series C Preferred Stock was $8,320,000 and a loss on extinguishment of debt of $4,320,000 was reported in the condensed consolidated statements of operations for the three and six months ended June 30, 2026.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The principal amounts outstanding on the Senior Secured Convertible Term Loans as of June 30, 2026 to related parties ATW II, ATW III and MIF was $9,274,089, $1,245,695 and $4,490,377, respectively. The principal amount outstanding on the Senior Secured Convertible Term Loans as of December 31, 2025 to related parties ATW II, ATW III and MIF was $2,687,981, $7,197,668, and $4,399,060, respectively.</div><div style="margin-top:12pt;text-align:justify">Term Loan Note Conversions</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">During the six months ended June 30, 2025, ATW I and ATW II converted Senior Secured Convertible Term Loan notes with principal amount of $2,551,855 and interest payable of $318,718 into 25,075 shares of Common Stock.</div><div style="margin-top:12pt;text-align:justify">Interest accrues on each note in accordance with its applicable interest rate, which is recorded as interest expense. Interest expense also includes the following relating to the Senior Secured Convertible Term Loans:</div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.030%"><tr><td style="width:1.0%"></td><td style="width:34.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.583%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.583%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.437%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.058%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Three months ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Six months ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Debt discount amortization</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">14,354 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">10,025 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">24,329 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">19,920 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Amortization of debt issuance costs</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">132,183 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">176,856 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,023 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">350,303 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Provision for exit fee</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(72,423)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,472 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(59,824)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,624 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Capitalized paid-in-kind (PIK) interest</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">185,349 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,900 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">365,288 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">338,782 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">For the three and six months ended June 30, 2026, interest expense, including amortization of debt discount and issuance costs, exit fee provision and PIK interest, attributable to ATW II, ATW III and MIF on the Senior Secured Convertible </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Term Loans was $235,318, $27,812 and $118,796 and $465,519, $54,812 and $235,275 respectively. For the three and six months ended June 30, 2025, interest expense attributable to ATW I, ATW II, ATW III and MIF was $51,944, $139,161, $25,794 and $114,762 and $103,317, $276,793, $75,876 and $277,386, respectively. </div><div style="text-align:justify">Small Business Association Loan (SBA) </div><div style="text-align:justify"> </div><div style="text-align:justify">In 2020, SeaTrepid entered into a term loan with the US Small Business Administration ("SBA") for principal amount of $485,300, with an annual interest rate of 3.75%, and a maturity date of June 19, 2050. In connection with the acquisition of SeaTrepid on March 20, 2025, the loan, with an outstanding principal of $485,325 as of June 30, 2026, is now an obligation of the Company. The loan is secured by collateral which includes all tangible and intangible property of SeaTrepid. Under the terms of the agreement, the sale of collateral without lender consent constitutes a violation of the loan agreement. As of June 30, 2026, the lender had not issued a notice of default. As a result of this and as the Company intends to repay the loan on or before December 31, 2026, the outstanding loan balance has been classified as a current liability.</div><div style="text-align:justify"> </div><div style="text-align:justify">AmeriState Loan </div><div style="text-align:justify"> </div><div style="text-align:justify">In 2017, SeaTrepid entered into a term loan with AmeriState Bank for a principal amount of $2,335,000 with an annual interest rate of prime plus 2.5%, and a maturity date of May 4, 2036. In connection with the acquisition of SeaTrepid on March 20, 2025, the loan with an outstanding principal of $1,757,571 as of June 30, 2026 is now an obligation of the Company. The loan is secured by collateral which includes all assets of SeaTrepid. The loan agreement includes customary affirmative and negative covenants, including financial covenants that require SeaTrepid to maintain a maximum Debt-to-Net Worth Ratio of 9.0 to 1.0 and a minimum Debt Service Coverage Ratio of 1.0 to 1.0, measured annually. The agreement also restricts the Company’s ability to incur additional indebtedness, pay dividends, compensate officers and owners, invest in fixed asset purchases, and dispose of collateral without the consent of the bank. Under the terms of the agreement, the sale of collateral without lender consent constitutes a violation of the loan agreement and as such constitutes a non compliance with the financial covenants related to the debt-to-net worth ratio and debt service coverage ratio. As of June 30, 2026 the lender had not issued a notice of default. As a result of this and as the Company intends to repay the loan on or before December 31, 2026, the outstanding loan balance has been classified as a current liability.</div><div style="text-align:justify"> </div><div style="text-align:justify">Insurance Financing</div><div style="text-align:justify"> </div><div style="text-align:justify">The Company finances certain insurance premiums through premium finance agreements with third-party lenders. The agreements are generally collateralized by the underlying insurance policies and require monthly installment payments over terms of twelve months or less.</div><div> </div><div>At June 30, 2026, the outstanding balance under the agreements was $297,355, with interest rates ranging from 7.15% to 7.69%. The agreements mature at various dates through the fourth quarter of 2026.</div>

2729000

163672

16363459

19284709

485325

485300

1757571

1811327

297355

331607

21632710

22076615

1895

26225

77341

321004

55813 115638

21609287

21845024

2485000

100000

0.02

88.56

1.20

88.56

17.71

0.98

1960000

1000000

1525000

100000

283790

27932

2000000

2729994

2023

3659502

-929508

2729000

163672

1.23

0.040

1.45

P0Y2M8D

6.16

0.0355

1.54

P0Y8M8D

-94728 1094112

2485000

100000

30600000

0.125 0.025 0.15 1 0.50

1000000.0

P30Y

15552

2.20

15552

500000

227273

15552

1.80

15552

1000000

555556

532991

1075150

-108141

4000000

2146701

1853299

4800

4800000

8320000

-4320000

9274089

1245695

4490377

2687981

7197668

4399060

2551855

318718

25075

<div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.030%"><tr><td style="width:1.0%"></td><td style="width:34.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.583%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.583%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.437%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.058%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Three months ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Six months ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Debt discount amortization</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">14,354 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">10,025 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">24,329 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">19,920 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Amortization of debt issuance costs</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">132,183 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">176,856 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">244,023 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">350,303 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Provision for exit fee</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(72,423)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">24,472 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(59,824)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,624 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Capitalized paid-in-kind (PIK) interest</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">185,349 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">171,900 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">365,288 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">338,782 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

14354

10025

24329

19920

132183

176856

244023

350303

-72423 24472 -59824 48624

185349

171900

365288

338782

235318

27812

118796

465519

54812

235275

51944

139161

25794

114762

103317

276793

75876

277386

485300

0.0375

485325

2335000

0.025

1757571

9.0 1.0

297355

0.0715

0.0769

Leases<div style="margin-top:12pt;text-align:justify">The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. For leases in which the Company is the lessee and do not have a readily determinable implicit rate, an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases.</div><div style="margin-top:12pt;text-align:justify">In March 2024, the Company extended the lease on its current office and manufacturing facility for an additional 3 years. The incremental borrowing rate on this lease of 8% was used to determine the present value of lease payments and establish the right-of-use asset and lease liability at lease inception for this lease.</div><div style="margin-top:12pt;text-align:justify">In July 2023, the Company entered into an operating lease for office space in Scotland. The lease had a term of 5 years with two options to extend. The Company’s secured borrowing rate of 15% was used to determine the present value of the lease payments and establish the right-of-use asset and lease liability at lease inception for this lease. During the fourth quarter of 2025 management agreed early termination of the lease with the landlord.</div><div style="margin-top:12pt;text-align:justify">The Company’s other operating leases include leases for certain office equipment.</div><div style="margin-top:12pt;text-align:justify">The following table presents the Company’s lease costs which are included in general and administrative expenses in the unaudited condensed consolidated statements of operations:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.939%"><tr><td style="width:1.0%"></td><td style="width:32.437%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.412%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.412%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.227%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Three months ended June 30,</td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Six months ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Fixed lease expense</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">103,329 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">122,318 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">206,658 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">244,636 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Variable lease expense</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44,460 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54,081 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">59,332 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126,275 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total operating lease expense</td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">147,789 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">176,399 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,990 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">370,911 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Short-term lease expense</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,650 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39,379 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,300 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,236 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease expense</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">155,439 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">215,778 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">281,290 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">418,147 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:12pt;text-align:justify">Cash paid for operating leases was $206,658 and $244,361 for the six months ended June 30, 2026, and 2025, respectively.</div><div style="margin-top:12pt;text-align:justify">The following table presents the balance and classifications of the Company’s right-of-use assets and lease liabilities included in the unaudited condensed consolidated balance sheets:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.568%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Operating lease right-of-use assets, net</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">373,183 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">559,005 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Current portion of operating lease liabilities</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">418,606 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">434,200 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Long-term operating lease liabilities</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,364 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,547 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 21.16pt;text-align:left;vertical-align:bottom">Total operating lease liabilities</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">427,970 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">637,747 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:12pt;text-align:justify">For operating lease assets and liabilities, the weighted average remaining lease term was 0.9 years and 1.4 years as of June 30, 2026, and December 31, 2025, respectively. The weighted average discount rate used in the valuation over the remaining lease terms was 8.1% as of June 30, 2026, and December 31, 2025.</div><div style="margin-top:12pt;text-align:justify">The following table presents the Company’s maturities of lease liabilities as of June 30, 2026:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.718%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2026 (excluding the 6 months ended June 30, 2026)</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">206,658 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310,855 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,477 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,477 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,897 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease payments</td><td colspan="2" style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">527,364 </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total present value discount</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99,394)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Operating lease liabilities</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">427,970 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

P3Y

0.08

P5Y

0.15

<div style="margin-top:12pt;text-align:justify">The following table presents the Company’s lease costs which are included in general and administrative expenses in the unaudited condensed consolidated statements of operations:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.939%"><tr><td style="width:1.0%"></td><td style="width:32.437%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.412%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.412%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.227%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Three months ended June 30,</td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Six months ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Fixed lease expense</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">103,329 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">122,318 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">206,658 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">244,636 </td><td style="background-color:#cceeff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Variable lease expense</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">44,460 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54,081 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">59,332 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126,275 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total operating lease expense</td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">147,789 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">176,399 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,990 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">370,911 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Short-term lease expense</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,650 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">39,379 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,300 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,236 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease expense</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">155,439 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">215,778 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">281,290 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">418,147 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

103329 122318 206658 244636

44460

54081

59332

126275

147789

176399

265990

370911

7650

39379

15300

47236

155439

215778

281290

418147

206658

244361

<div style="margin-top:12pt;text-align:justify">The following table presents the balance and classifications of the Company’s right-of-use assets and lease liabilities included in the unaudited condensed consolidated balance sheets:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.568%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Operating lease right-of-use assets, net</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">373,183 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">559,005 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Current portion of operating lease liabilities</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">418,606 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">434,200 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Long-term operating lease liabilities</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,364 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,547 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 21.16pt;text-align:left;vertical-align:bottom">Total operating lease liabilities</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">427,970 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">637,747 </td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

373183

559005

418606

434200

9364

203547

427970

637747

P0Y10M24D

P1Y4M24D

0.081

<div style="margin-top:12pt;text-align:justify">The following table presents the Company’s maturities of lease liabilities as of June 30, 2026:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.718%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2026 (excluding the 6 months ended June 30, 2026)</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">206,658 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">310,855 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,477 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,477 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,897 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total lease payments</td><td colspan="2" style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">527,364 </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total present value discount</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99,394)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Operating lease liabilities</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">427,970 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

206658

310855

3477

2897

527364

99394

427970

Commitments and Contingencies<div style="margin-top:12pt;text-align:justify">Litigation – From time to time, we may be subject to litigation and other claims in the normal course of business. While the Company records accruals for certain matters as appropriate, it does not believe that any currently pending or threatened matters, individually or in the aggregate, are material to its consolidated financial statements.</div>

Goodwill<div style="margin-top:12pt;text-align:justify">The Company recognized goodwill as a result of the acquisition of SeaTrepid on March 20, 2025. The goodwill represents the excess of the purchase price over the fair value of net assets acquired and is attributable to expected synergies and the assembled workforce. The goodwill is not deductible for tax purposes.</div><div> </div><div style="text-align:justify">As of June 30, 2026 and December 31, 2025, goodwill totaled $9,600,745. The Company did not have any goodwill recorded on its consolidated balance sheets prior to this acquisition. </div><div> </div><div style="text-align:justify">The Company evaluates goodwill for impairment annually or more frequently if events or changes in circumstances indicate the asset might be impaired. No indicators of impairment were identified through the second quarter of 2026.</div>

9600745

Intangible Assets<div style="margin-top:12pt;text-align:justify">Intangible assets consisted of the following:</div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:19.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.965%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Useful Life (years)</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Gross Carrying Amount</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accumulated Amortization</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Net Carrying Amount</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Gross Carrying Amount</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accumulated Amortization</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Net Carrying Amount</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Tradename- Trademark</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">15 years</td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">687,300 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">58,630 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">628,670 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">687,300 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35,720 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">651,580 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Intellectual property</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">5 years</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">731,900 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187,303 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">544,597 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">731,900 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,113 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617,787 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Non-Competes</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">3 years</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,200 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,351 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,849 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,200 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,651 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,549 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total intangible assets</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,429,400 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250,284 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,179,116 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,429,400 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">152,484 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,276,916 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Amortization expense for the three and six months ended June 30, 2026 were $48,900 and $97,799, respectively.</div><div>The following table presents the Company's estimated future amortization expense: </div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:79.242%"><tr><td style="width:1.0%"></td><td style="width:72.131%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.669%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Years ending December 31,</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Amount</td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2026 (excluding the 6 months ended June 30, 2026)</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">97,800 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">195,600 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">192,949 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">192,200 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78,087 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2031</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,820 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">376,660 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,179,116 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-top:12pt;text-align:justify">Intangible assets consisted of the following:</div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:19.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.965%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Useful Life (years)</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Gross Carrying Amount</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accumulated Amortization</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Net Carrying Amount</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Gross Carrying Amount</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Accumulated Amortization</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Net Carrying Amount</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Tradename- Trademark</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">15 years</td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">687,300 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">58,630 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">628,670 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">687,300 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35,720 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">651,580 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Intellectual property</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">5 years</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">731,900 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">187,303 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">544,597 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">731,900 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,113 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">617,787 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Non-Competes</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">3 years</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,200 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,351 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,849 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,200 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,651 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,549 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total intangible assets</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,429,400 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250,284 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,179,116 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,429,400 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">152,484 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,276,916 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

P15Y

687300

58630

628670

687300

35720

651580

P5Y

731900

187303

544597

731900

114113

617787

P3Y

10200

4351

5849

10200

2651

7549

1429400

250284

1179116

1429400

152484

1276916

48900

97799

<div>The following table presents the Company's estimated future amortization expense: </div><div> </div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:79.242%"><tr><td style="width:1.0%"></td><td style="width:72.131%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.669%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Years ending December 31,</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Amount</td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2026 (excluding the 6 months ended June 30, 2026)</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">97,800 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">195,600 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">192,949 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">192,200 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">78,087 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">2031</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,820 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">376,660 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,179,116 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

97800

195600

192949

192200

78087

45820

376660

1179116

Income Taxes<div style="margin-top:12pt;text-align:justify">Income tax provisions for interim periods are generally based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items related specifically to interim periods. No income tax expense was recognized for the three and six months ended June 30, 2026 or 2025, respectively. The Company has a full valuation allowance against its net deferred tax assets as of June 30, 2026, and December 31, 2025, respectively.</div>

Preferred Stock<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Rights and Preferences of the Series A, B and C Preferred Stock</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The Series A, B and C Preferred Stock of the Company, with respect to the payment of dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company, ranks senior to all capital stock of the Company, unless the Required Holders (as defined in the applicable Certificate of Designations) consent to the creation of other capital stock of the Company that is senior or equal in rank to the specific series of Preferred Stock. For the avoidance of doubt, the Series A, B and C Preferred Stock ranks in parity with each other. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The holders of Series B and C Preferred Stock will be entitled to a 10% per annum dividends and holders of Series A Preferred Stock will be entitled to 5% per annum dividends. The dividends are payable to each record holder of the Preferred Stock in shares of Common Stock so long as there has been no Equity Conditions Failure (as defined in the applicable Certificate of Designations), and the Company may, at its option, under certain circumstances, capitalize the dividend by increasing the stated value of each Preferred Shares or elect a combination of the capitalized dividend and a payment in dividend shares. </div><div style="text-align:justify">Management has elected to capitalize dividends on each dividend date, which is the first Trading Day of the quarter after to which the dividend relates. During the three months ended June 30, 2026, dividends relating to the Series A, B and C Preferred Stock of $72,857, $59,779 and $67,377, respectively, were capitalized. During the six months ended June 30, 2026, dividends relating to the Series A, B and C Preferred Stock of $144,814, $140,993 and $87,377, respectively, were capitalized. The stated value of the Series A and B Preferred Stock increased to $1,064.08 and $1,066.68, respectively. The stated value of the Series C Preferred Stock was $1,020.08 for stock held by ATW I and $1,000 for stock held by a non related party investor. At June 30, 2026, dividends payable of $73,767, $53,680 and $65,026 relating to Series A, B and C Preferred Stock, respectively, were reported under other creditors in the Condensed Consolidated Balance Sheets. At December 31, 2025, dividends payable of $71,958, $71,399 and $16,753 relating to Series A, B and C Preferred Stock, respectively, were reported under other liabilities in the Condensed Consolidated Balance Sheets.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Series A Convertible Preferred Stock - A total of 5,546 shares of Series A Convertible Preferred Stock were outstanding as of June 30, 2026 of which 5,342 and 204 were held by related parties MIF and SLS Family Irrevocable Trust ("SLS"), respectively.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">During the six months ended June 30, 2025, ATW I and SLS converted 14,438 and 2,300 shares of Series A Preferred Stock into 213,426 and 38,844 shares of Common Stock, respectively.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Series B Convertible Preferred Stock - A total of 2,013 shares of Series B Convertible Preferred Stock were outstanding at June 30, 2026, held by related party ATW II. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">During the three and six months ended June 30, 2026, 250 and 800 shares of Series B Preferred Stock were converted into 67,436 and 214,217 shares of Common Stock, respectively.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Series C Convertible Preferred Stock - A total of 7,193 shares of Series C Convertible Preferred Stock were outstanding at June 30, 2026, of which 2,393 were held by related party ATW I.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">On June 28, 2026, the Company entered into an Exchange Agreement pursuant to which a lender exchanged a total of $4,000,000 2023 Term Loan notes, with principal and interest amounts of $2,146,701 and $1,853,299, respectively, for 4,800 shares of Series C Convertible Preferred Stock with a stated value of $4,800,000. The fair value of the Series C Preferred Stock was $8,320,000 and a loss on extinguishment of debt of $4,320,000 was reported in the condensed consolidated statements of operations for the three and six months ended June 30, 2026.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">During the six months ended June 30, 2026, November 2024 Debentures with a principal value of $2,000,000 and fair value of $2,729,994, were exchanged into 2,023 shares of Series C Preferred Stock. The fair value of the Series C Preferred </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Stock was $3,659,502 and a loss on extinguishment of debt of $929,508 was reported in the condensed consolidated statements of operations for the six months ended June 30, 2026.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">During the three and six months ended June 30, 2026, 1,384 and 1,784 shares of Series C Preferred Stock were converted into 967,330 and 1,034,650 shares of Common Stock, respectively.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Series D Convertible Preferred Stock</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">On February 6, 2026, the Company entered into a Securities Purchase Agreement and a registration rights agreement with Master Investment Group ("Investor"), pursuant to which the Company agreed to issue and sell in a private offering to Investor, (1) certain shares of Series D Convertible Preferred Stock of the Company, $0.0001 par value (the “Series D Preferred Stock”) for an aggregate purchase price of up to $3,000,000 and may issue additional shares of Series D Preferred Stock valued at up to $47,000,000 and (2) certain common stock purchase warrants (the “Warrants”) to purchase up to a number of shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), equal to 30% of the aggregate purchase price (the “Preferred Offering”). The Preferred Offering also relates to the offering of the shares of the Common Stock issuable upon the conversion of or otherwise pursuant to the terms of the Series D Preferred Stock (“Conversion Shares”) and the shares of the Common Stock issuable upon the exercise of the Warrants.</div><div style="text-align:justify">Pursuant to the Purchase Agreement, the Company agreed to issue the Initial Preferred Shares for an aggregate purchase price of $3,000,000 in two closings, in each case following the demonstration that Investor has made expenditures agreed by, and on behalf of, the Company in an aggregate amount equal to the applicable milestone aggregate investment amount specified in the Purchase Agreement. At each such milestone closing, the Company will issue to Investor a number of shares of Series D Preferred Stock equal to the applicable milestone aggregate investment amount invested by Investor, at a price of $1,000 per share. The Company and Investor agree that the proceeds of the Preferred Offering will be deployed exclusively as UAE related working capital to fund and support, directly or indirectly, the establishment and operation of the Company’s business in the United Arab Emirates.</div><div style="text-align:justify"> </div><div style="text-align:justify">In addition, for a period of up to 3 years from the date of the Purchase Agreement (or such later date as mutually agreed to by the Company and Investor), by written notice from the Company to Investor and subject to other terms and conditions set forth in the Purchase Agreement, the Company may require the Investor to participate in one or more additional milestone closings and issue additional shares of Series D Preferred Stock to Investor up to an aggregate maximum purchase price of $47,000,000 in one or more tranches, and additional Warrants exercisable for an amount of shares of Common Stock with an aggregate initial value equal to 30% of the value of the Series D Preferred Stock to be issued at each such additional closings, subject to mutually agreed milestones, assignments, and definitive documentation, and in each case, consent of certain existing holders of securities of the Company.</div><div style="text-align:justify"> </div><div style="text-align:justify">The Purchase Agreement further provides for a two-year lock-up period, during which Investor shall not, without the prior written consent of the Company and certain existing holders of securities of the Company, sell, transfer, pledge or otherwise dispose of any shares of Common Stock upon conversion of the Series D Preferred Stock, nor enter into any swap or other arrangement that transfers the economic consequence of ownership of such shares.</div><div style="text-align:justify"> </div><div style="text-align:justify">Pursuant to the Registration Rights Agreement, the Company agreed that in the event that the Company files a registration statement with the Securities and Exchange Commission, registering the offer and sale of any shares of its Common Shares under the Securities Act, the Investor shall have the option to require the Company to include registration under the Securities Act of 1933, as amended (the “Securities Act”), of the resale by Investor of shares of Common Stock issuable upon conversion of the Series D Preferred Stock and upon the exercise of the Warrants.</div><div style="text-align:justify"> </div><div style="text-align:justify">The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties.</div><div style="text-align:justify"> </div><div style="text-align:justify">As of June 30, 2026 no Series D Preferred Shares have been issued as no services have been provided or exchanges made under the agreement as of the date of the issuance of these financial statements. </div><div style="text-align:justify"> </div><div style="text-align:justify">On July 6, 2026, the Company designated 50,000 shares of the Company’s authorized and unissued preferred stock as Series D Preferred Stock and established the rights, preferences and privileges of the Series D Preferred Stock pursuant to the Certificate of Designations of Series D Preferred Stock (the “Certificate of Designations”), filed with the Secretary of State of the State of Delaware (see Note 24 - "Subsequent Events").</div><div style="text-align:justify">Warrants</div><div style="text-align:justify"> </div><div style="text-align:justify">The Warrants, when issued pursuant to the Purchase Agreement, are immediately exercisable upon issuance and will expire on the fifth anniversary of the original issuance date. The Warrants have an initial exercise price equal to $8.90, subject to certain adjustments as described in the Warrant.</div><div style="text-align:justify"> </div><div style="text-align:justify">A Warrant holder will not have the right to exercise any portion of the Warrants to the extent that, after giving effect to such conversion, the holder would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the number of shares of the Common Stock outstanding immediately after giving effect to such conversion.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Corrections to Certificates of Designations</div><div style="text-align:justify">On April 15, 2026, the Company filed with the Secretary of State of the State of Delaware, amendments to the Certificates of Designations of Rights and Preferences, respectively, of the Series A Convertible Preferred Stock, the Series B Convertible Preferred Stock, and the Series C Convertible Preferred Stock, to correct an error in each such instrument.</div>

0.10

0.05

72857

59779

67377

144814

140993

87377

1064.08 1066.68 1020.08

1000

73767

53680

65026

71958

71399

16753

5546

5342

204

14438

2300

213426

38844

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250

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P3Y

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0.30 P2Y

50000

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Common Stock<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">In October 2025, the Company filed a prospectus supplement to its shelf registration statement on Form S-3 (File No. 333-284675), initially filed with the SEC on February 3, 2025 registering the sale of up to $92 million of its common stock pursuant to its ATM offering program. During the three and six months ended June 30, 2026, we issued and sold 690,860 and 1,055,124 shares, for gross proceeds of $1,779,788 and $4,244,104 and net proceeds of $1,720,785 and $4,063,929 after deducting commissions and offering expenses totaling $59,003 and $180,175, respectively. At June 30, 2026, $81,792,369 remains available for issuance under the Company's ATM program pursuant to the prospectus supplement filed on October 31, 2025 under a registration statement on Form S-3. During the six months ended June 30, 2025, the Company conducted ATM offerings to offer and sell shares of its common stock for an aggregate offering price of up to $20,189,798. Under this offering we issued and sold 104,012 shares for gross proceeds of $20,141,905 and net proceeds of $19,438,121 after deducting commissions and offering expenses totaling $703,784. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">During the three and six months ended June 30, 2026, 250 and 800 Series B Convertible Preferred Stock and 1,384 and 1,784 Series C Convertible Preferred Stock were converted into 67,436 and 214,217 and 967,330 and 1,034,650 shares of Common Stock, respectively.</div><div style="text-align:justify">During the six months ended June 30, 2026, November 2024 Debentures with a principal value of $100,000 and fair value of $283,790, were converted into 27,932 shares of Common Stock. During the three and six months ended June 30, 2026, Senior Secured Term Loan notes with principal amount of $1,500,000 were converted into 782,829 shares of Common Stock.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">During the six months ended June 30, 2025, ATW I and SLS converted 14,438 and 2,300 shares of Series A Preferred Shares into 213,426 and 38,844 shares of Common Stock, respectively. During the six months ended June 30, 2025, ATW I and ATW II converted Term Loan notes with principal amount of $2,551,855 and interest payable of $318,718 into 25,075 shares of Common Stock. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">CleanTech Merger Earnout Shares</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Following the closing of the Merger between CleanTech, Merger Sub and Nauticus Robotics Holdings on September 9, 2022, former holders of shares of Nauticus Robotics Holdings’ Common Stock (including shares received as a result of the Nauticus Preferred Stock Conversion and the Nauticus Convertible Notes Conversion) are entitled to receive their pro rata share of up to 2,894 Earnout Shares which are held in escrow. The Earnout Shares will be released from escrow upon the occurrence of the following (each a “triggering event”): </div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">i.one-half of the Earnout Shares will be released if, within a 5-year period from September 9, 2022, the volume-weighted average price of our Common Stock equals or exceeds $38,880 per share over any 20 trading days within a 30-day trading period;</div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">ii.one-quarter of the Earnout Shares will be released if, within a 5-year period from September 9, 2022, the volume-weighted average price of our Common Stock equals or exceeds $45,360 per share over any 20 trading days within a 30-day trading period; and</div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt">iii.one-quarter of the Earnout Shares will be released if, within a 5-year period from September 9, 2022, the volume-weighted average price of our Common Stock equals or exceeds $51,840 per share over any 20 trading days within a 30-day trading period.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">As of June 30, 2026, the earn out targets have not been achieved and the Earnout Shares remain in escrow.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">SeaTrepid Acquisition Earnout Shares</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The acquisition of SeaTrepid on March 20, 2025 included a contingent consideration arrangement in which the Company agreed to issue shares of its common stock to the sellers of SeaTrepid, subject to the achievement of $4 million of business revenue for the year ended December 31, 2025. As of December 31, 2025, the earnout target was achieved and 83,944 shares of Common Stock were issued to the sellers of SeaTrepid in March 2026.</div>Equity Purchase Facility Agreement and Derivative Liability <div style="margin-top:12pt;text-align:justify">On October 24, 2025, the Company entered into an equity purchase facility agreement (the “EPFA”) and a registration rights agreement (the “Registration Rights Agreement”) with a certain institutional investor (“Investor”), pursuant to which the Investor has committed to purchase up to $250 million of the Company’s common stock, par value $0.0001 per share.</div><div style="text-align:justify"> </div><div style="text-align:justify">Upon the terms and subject to the satisfaction of the conditions set forth in the EPFA, the Company has the right, but not the obligation, to sell to the Investor, and the Investor is obligated to purchase, up to $250 million (the “Commitment Amount”) in shares of Common Stock. Such sales of Common Stock by the Company, if any, are subject to certain limitations set forth in the EPFA, and may occur from time to time, at the Company’s sole discretion, over a period of up to 24 months, commencing on the date of the EPFA (such period, the “Commitment Period”).</div><div> </div><div style="text-align:justify">During the Commitment Period, the Company may from time to time, by written notice delivered by the Company to the Investor (each, an “Advance Notice”), direct the Investor to purchase a number of shares of Common Stock up to the Maximum Advance Amount (as defined therein) as set forth in the Advance Notice, subject to limitations and adjustments as set forth in the EPFA. The prices at which such shares will be sold will be based on the applicable Market Price (as defined therein). Unless earlier terminated as provided under the EPFA, the term of the facility provided under the EPFA expires on the earlier to occur of (i) the first day of the next month following the 24-month anniversary of the first trading date after the date of the EPFA (the “Effective Date”), (ii) the date on which the Investor shall have made payment of Advances (as defined therein) pursuant to the EPFA for shares of Common Stock equal to the Commitment Amount and all shares of Common Stock purchased pursuant to the EPFA have been delivered, and (iii) the date on which the Company announces or publicly discloses a material restatement of its consolidated financial statements for two or more fiscal quarters (the “Lapsed Registration Termination”).</div><div style="text-align:justify"> </div><div style="text-align:justify">Under the EPFA, the Company will control the timing and amount of sales of Common Stock to the Investor, if any. The Investor has no right to require the Company to sell any shares of Common Stock to the Investor, but the Investor is obligated to make purchases as the Company directs, subject to certain conditions set forth in the EPFA. Actual sales of shares of Common Stock to the Investor, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, trading volume, the trading prices for the Common Stock, and determinations by the Company as to the appropriate sources of funding for the Company and its operations.</div><div style="text-align:justify"> </div><div style="text-align:justify">Consistent with the applicable Nasdaq listing rules, the aggregate number of shares of Common Stock that the Company may issue to the Investor under the EPFA may not exceed 19.99% of the shares of Common Stock issued and outstanding as of the execution date of the EPFA (the “Exchange Cap”), unless the Company first obtains stockholder approval to issue shares of Common Stock in excess of the Exchange Cap in accordance with applicable Nasdaq listing rules.</div><div> </div><div style="text-align:justify">Pursuant to the EPFA, the Company is required to provide each stockholder entitled to vote at a meeting of stockholders of the Company (the “Stockholder Meeting”), which shall be promptly called and held not later than 60 days following the date of the EPFA, a proxy statement in a form reasonably acceptable to the Investor and its counsel, at the expense of the Company to solicit each of the Company’s stockholders’ affirmative vote at the Stockholder Meeting for approval of the proposal to authorize the issuance of all shares of Common Stock issuable thereunder in compliance with the rules and regulations of Nasdaq, and the Company is required to use its reasonable best efforts to solicit its stockholders’ approval of such proposal and to cause the board of directors of the Company to recommend to the stockholders that they approve such proposal. A special meeting of stockholders was held on January 28, 2026 and the issuance of shares of Common Stock pursuant to the EPFA was approved.</div><div> </div><div style="text-align:justify">In connection with the EPFA, on October 24, 2025, the Company also entered into the Registration Rights Agreement with the Investor with respect to the resale of the shares of Common Stock issuable under the EPFA Agreement and the Commitment Shares. The Company filed the Resale Registration Statement on May 13, 2026.</div><div style="text-align:justify"> </div><div style="text-align:justify">The Company evaluated the EPFA under ASC 815, Derivatives and Hedging, and concluded that the EPFA meets the definition of a derivative instrument. The Company further determined that the EPFA does not qualify for the scope exception for contracts indexed to and settled in the Company’s own stock under ASC 815-40 due to certain provisions that adjust the number of shares deliverable based on trading volume and other factors that are not inputs to the fair value of a fixed-for-fixed equity instrument. Accordingly, the EPFA is accounted for as a freestanding derivative instrument and is measured at fair value at each reporting date, with changes in fair value recognized in earnings.</div><div style="text-align:justify">As of December 31, 2025, the Company determined that the fair value of the derivative associated with the EPFA was de minimis due to the low likelihood of utilization, the absence of any outstanding advances, and the Company’s discretion over whether to access the EPFA. As of June 30, 2026, the Company recorded a derivative liability of $251,000 related to the EPFA. The fair value of the derivative liability was estimated using Monte Carlo simulations and estimates as to the likelihood of the Company utilizing the EPFA and the following assumptions at June 30, 2026: stock price $1.23, implied volatility of 153.0% and a risk free rate of 4.0%.</div><div style="text-align:justify"> </div><div style="text-align:justify">The Company recognized a gain of $264,827 for the three months and loss of $251,000 on derivative for the six months ended June 30, 2026 related to the change in fair value of the derivative liability, which is included in the condensed consolidated statements of operations within other (expense) income, net.</div>

92000000

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59003

180175

81792369 20189798

104012

20141905

19438121

703784

250

800

1384

1784

67436

214217

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283790

27932

1500000

782829

14438

2300

213426

38844

2551855

318718

25075

2894 P5Y 38880 20 30 P5Y 45360 20 30 P5Y 51840 20 30

4000000

83944

Warrants<div style="margin-top:12pt;text-align:justify">Public Warrants – As of June 30, 2026 there were 11,779,167 Public Warrants outstanding. For every 2,592 Public Warrants, the holder is entitled to purchase one share of Common Stock at a price of $11.50, subject to adjustment. The Public Warrants expire on September 9, 2027, or earlier upon redemption or liquidation. Our Public Warrants are listed on Nasdaq under the symbol “KITTW”.</div><div style="margin-top:12pt;text-align:justify">The Public Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of June 30, 2026 and December 31, 2025 at $105 and $1,612, respectively, based on their publicly-traded price. </div><div style="margin-top:12pt;text-align:justify">For the three months ended June 30, 2026 and 2025, the Company reported a gain and loss in value of Public Warrants of $1,664 and $11,465, respectively. For the six months ended June 30, 2026 and 2025, the Company reported a gain and loss in value of the Public Warrants of $1,507 and $22,698, respectively. The change in fair value of the Public Warrants was reported within other (income) expense in our condensed consolidated statements of operations.</div><div style="margin-top:12pt;text-align:justify">Private Warrants – As of June 30, 2026 there were 4,020,833 Private Warrants outstanding, which are not publicly traded. For every 2,592 Private Warrants, the holder is entitled to purchase one share of Common Stock at an exercise price of $11.50. </div><div style="margin-top:12pt;text-align:justify">The Private Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of June 30, 2026 and December 31, 2025 at $51 and $589, respectively. The fair value of the Private Warrants at June 30, 2026 was estimated using a Black-Scholes option pricing model using the following assumptions: stock price of $1.23, no assumed dividends, a risk-free rate of 4.0%, implied volatility of 284.6%, and a remaining term of 1.19 years. The gain in fair value of the Private Warrants during the three months ended June 30, 2026 and 2025 was $596 and $1,179, respectively. The gain and loss in fair value of the Private Warrants during the six months ended June 30, 2026 and 2025 was $538 and $3,798, respectively. The change in fair value of the Private Warrants was reported with other (income) expense in our consolidated statements of operations.</div><div style="margin-top:12pt;text-align:justify">SPA Warrants – As of June 30, 2026, there were 1,480 SPA warrants outstanding. Each whole SPA Warrant is exercisable for one share of Common Stock.</div>The SPA Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of June 30, 2026 and December 31, 2025 at $1,781 and $9,080, respectively, and were estimated using a Black-Scholes valuation model using the following assumptions: stock price $1.23, implied volatility of 152.0%, and remaining term of 6.25 years. The change in the value of the SPA Warrants during the three months ended June 30, 2026 and 2025 was a gain of $4,065 and $1,499, respectively. The change in fair value of SPA Warrants during the six months ended June 30, 2026 and 2025 was a gain of $7,299 and $68,627 respectively. The change in fair value of SPA Warrants was reported with other (income) expense in our condensed consolidated statements of operations.

11779167

2592

11.50

105

1612

1664

-11465

-1507

22698

4020833

2592

11.50

589

1.23

0.040 2.846 P1Y2M8D

596

1179

538

-3798

1480

1781

9080

1.23

1.520

6.25

4065

1499

7299

68627

250000000

0.0001

250000000

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251000

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Stock-Based CompensationOur 2022 Omnibus Incentive Plan provides for the grant of options, stock appreciation rights, restricted stock units (“RSU”s), restricted stock and other stock-based awards, any of which may be performance-based, and for incentive bonuses, which may be paid in cash, Common Stock, or a combination thereof. During the three months ended June 30, 2026, 69,708 RSUs were granted with a weighted-average grant-date fair value of $2.41. As of June 30, 2026, 71,243 RSUs remained outstanding. Total stock-based compensation expense including options and RSUs for the three and six months ended June 30, 2026, net of forfeiture adjustments, totaled $315,861 and $541,413, respectively. Stock based compensation expense including options and RSUs for the three and six months ended June 30, 2025, net of forfeiture adjustments, totaled $257,334 and $570,015, respectively.

69708

2.41

71243

315861

541413

257334

570015

Employee Benefit PlanNauticus offers a 401(k) plan which permits eligible employees to contribute portions of their compensation to an investment trust. The Company makes contributions to the plan totaling 3% of employees’ gross salaries and such contributions vest immediately. The 401(k) plan provides several investment options, for which the employee has sole investment discretion. The Company’s cost for the 401(k) plan was $56,199 and $100,046 for the three and six months ended June 30, 2026 respectively. The Company's cost for the 401(k) plan was $61,231 and $95,692 for the three and six months ended June 30, 2025, respectively.

0.03

56199

100046

61231

95692

Related Party Transactions<div style="margin-top:12pt;text-align:justify">ATW I, ATW II, ATW III, MIF and SLS are considered related parties as they can significantly influence the management of the Company, and we require their consent on all material transactions. Further, MIF is considered a related party as Adam Sharkawy is a member of the Board of Directors of the Company and the founder and managing partner of MIF. </div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">SPA Warrants – The SPA Warrants are held by related parties ATW I, MIF and SLS (see Note 16 – Warrants).</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">November 2024 Debentures - The November 2024 debentures are held by ATW II (see Note 8 - Notes Payable).</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Senior Secured Convertible Term Loan - The Senior Secured Convertible Term Loan includes amounts outstanding to related parties, ATW II, ATW III and MIF (see Note 8 - Notes Payable).</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Series A, B and C Convertible Preferred Stock - The Series A, B and C Convertible Preferred Stock is held by related parties ATW I, ATW II, MIF and SLS (see Note 14 - Preferred Stock).</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">Flexible Consulting, LLC - On December 1, 2023, the Board appointed Victoria Hay as the Interim Chief Financial Officer and principal financial officer of the Company. Victoria Hay is the co-owner and President of Flexible Consulting, LLC, a financial and accounting consulting firm, with which the Company has engaged with since January 2023 to provide it with accounting and finance services relating to its quarterly reporting and mergers/acquisition activity. On July 25, 2025, the Board appointed Jimena Begaries, also a Flexible Consulting LLC employee, as the Interim Chief Financial Officer succeeding Victoria Hay. Flexible Consulting, LLC is considered to be a related party from December 1, 2023. The total value of services provided by Flexible Consulting, LLC to the Company for the three and six months ended June 30, 2026 and 2025 was $253,016 and $533,016 and $319,726 and $652,721, respectively. Accounts payable included $80,000 and $45,000 due to Flexible Consulting, LLC at June 30, 2026 and December 31, 2025, respectively.</div>

253016

533016

319726

652721

80000

45000

Loss Per Share<div style="margin-top:12pt;text-align:justify">Following is the computation of loss per basic and diluted share:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:47.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.591%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.350%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.591%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.350%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.967%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.350%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.971%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Three months ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Numerator:</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Net loss</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(11,115,971)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(7,454,176)</td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(20,382,052)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(15,021,363)</td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Preferred stock dividend</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(214,298)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(405,548)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Net loss attributable to Common Stockholders</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(11,330,269)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(7,454,176)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(20,787,600)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(15,021,363)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Denominator:</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Weighted average shares outstanding</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">5,367,986</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">402,876</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">4,608,495</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">392,105</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Basic and diluted loss per share</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(2.11)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(18.50)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(4.51)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(38.31)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="24" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Anti-dilutive securities excluded from shares outstanding:</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Stock options</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">80</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">169</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">85</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">205</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Restricted and performance stock units</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,077</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">1,755</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">4,204</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">1,864</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Warrants</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,575</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,576</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,575</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,576</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Earnout shares</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">SeaTrepid earnout shares</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">-</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">83,944</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">83,944</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Convertible debt</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">479,800</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">110,871</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">479,800</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">110,871</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Series A, B and C Convertible Preferred Stock</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,175,802</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">247,914</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,175,802</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">247,914</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 16.84pt;text-align:left;text-indent:-13.51pt;vertical-align:bottom">Total</td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,673,228</td><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">455,123</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,670,360</td><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">455,268</td></tr></table></div><div style="margin-top:12pt;text-align:justify">Basic loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding during the period.</div><div style="margin-top:12pt;text-align:justify">In computing the loss attributable to common shareholders, the Company deducts dividends on its preferred stock in accordance with ASC 260, Earnings Per Share. For the three and six months ended June 30, 2026, total preferred dividends of $214,298 and $405,548 were deducted from net loss, consisting of $21,825 and $213,075 of dividends that were capitalized and added to the stated value of the preferred stock in accordance with the Certificates of Designation; and $192,473 of dividends that were accrued but unpaid as of June 30, 2026.</div><div style="text-align:justify"> </div><div style="text-align:justify">Total preferred dividends increased the loss attributable to common shareholders for purposes of calculating basic and diluted earnings per share.</div>

<div style="margin-top:12pt;text-align:justify">Following is the computation of loss per basic and diluted share:</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:47.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.591%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.350%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.591%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.350%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.967%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.350%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.971%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Three months ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Numerator:</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Net loss</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(11,115,971)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(7,454,176)</td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(20,382,052)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(15,021,363)</td><td style="background-color:#ffffff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Preferred stock dividend</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(214,298)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(405,548)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Net loss attributable to Common Stockholders</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(11,330,269)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(7,454,176)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(20,787,600)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(15,021,363)</td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Denominator:</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Weighted average shares outstanding</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">5,367,986</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">402,876</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">4,608,495</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">392,105</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Basic and diluted loss per share</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(2.11)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(18.50)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(4.51)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">(38.31)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="24" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Anti-dilutive securities excluded from shares outstanding:</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Stock options</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">80</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">169</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">85</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">205</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Restricted and performance stock units</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,077</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">1,755</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">4,204</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">1,864</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Warrants</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,575</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,576</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,575</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">7,576</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Earnout shares</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">2,894</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">SeaTrepid earnout shares</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">-</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">83,944</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">83,944</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Convertible debt</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">479,800</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">110,871</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">479,800</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">110,871</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Series A, B and C Convertible Preferred Stock</td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,175,802</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">247,914</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,175,802</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">247,914</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 16.84pt;text-align:left;text-indent:-13.51pt;vertical-align:bottom">Total</td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,673,228</td><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">455,123</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">3,670,360</td><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:right;vertical-align:bottom">455,268</td></tr></table></div>

-11115971

-7454176

-20382052

-15021363

214298

405548

-11330269

-7454176

-20787600

-15021363

5367986

402876

4608495

392105

-2.11

-18.50

-4.51

-38.31

169

205

7077

1755

4204

1864

7575

7576

7575

7576

2894

83944

479800

110871

479800

110871

3175802

247914

3175802

247914

3673228

455123

3670360

455268

214298

405548

21825 213075

192473

Fair Value Measurements<div style="margin-top:12pt;text-align:justify">The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels related to fair value measurements are as follows:</div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:2.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:86.022%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:justify;vertical-align:top">Level 1 – </td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:justify;vertical-align:bottom">Observable inputs such as quoted prices in active markets for identical assets or liabilities.</td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:justify;vertical-align:top">Level 2 – </td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:justify;vertical-align:bottom">Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data.</td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:justify;vertical-align:top">Level 3 – </td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:justify;vertical-align:top">Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.</td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The estimated fair values of accounts receivable, contract assets, accounts payable and accrued expenses approximate their carrying amounts due to the relatively short maturity or time to maturity of these instruments. Notes payable with related parties may not be arm's-length transactions and therefore may not reflect fair value.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The Company elected to measure the November 2024 Debentures at fair value under the fair value option in accordance with ASC 825-10, Financial Instruments - Fair Value Option. The fair value of the November 2024 Debentures are measured at each reporting date in accordance with ASC 820-10, Fair Value Measurement, using a Monte Carlo simulation model. This model incorporates Level 3 inputs, including, current stock price, stock price volatility (historical and implied), risk free interest rate (U.S. Treasury rates), and expected term to maturity. The fair value measurement is classified as Level 3 in the fair value hierarchy due to the use of unobservable inputs. At June 30, 2026, the following assumptions were used in order to estimate the fair value of the November 2024 Debentures: stock price of $1.23, a risk free rate of 4.0% implied volatility of 145% and a remaining term of 0.19 years.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">The fair value of the Public, Private and SPA Warrants are measured at each reporting date in accordance with ASC 820-10. The Public Warrants were valued based on their publicly-traded price. The Private and SPA Warrants are considered Level 3 measurements as they involve significant unobservable inputs. </div><div style="margin-top:12pt;text-align:justify">The fair value of notes payable acquired approximated their carrying values at the acquisition date as the Company plans to pay off the notes in the short-term. The fair values of working capital items, including cash, accounts receivable, accounts payable, and accrued expenses, approximated their carrying values at the acquisition date due to their short-term nature. These items are not presented in the table below.</div><div style="margin-top:12pt;text-align:justify">The Company measures the derivative liability associated with the EPFA at fair value on a recurring basis. The fair value of the derivative liability is classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs. The fair value of the derivative liability was estimated using a Monte Carlo simulation model. This model incorporates Level 3 inputs, including, current stock price, stock price volatility (historical and implied), risk free interest rate (U.S. Treasury rates), and the expected utilization of the EPFA during its term. The fair value measurement is classified as Level 3 in the fair value hierarchy due to the use of unobservable inputs. The following assumptions were used in order to estimate the fair value of the EPFA at June 30, 2026: stock price $1.23, implied volatility of 153.0% and a risk free rate of 4.0%.</div><div style="margin-top:12pt;text-align:justify">The fair values of the 2,023 and 4,800 Series C Preferred Stock was measured on the exchange dates of March 27, 2026 and June 28, 2026, respectively, in accordance with ASC 820-10, Fair Value Measurement, using a Monte Carlo simulation model. This model incorporates Level 3 inputs, including, current stock price, stock price volatility (historical and implied), risk free interest rate (U.S. Treasury rates), and expected term to maturity. The fair value measurement is classified as Level 3 in the fair value hierarchy due to the use of unobservable inputs. The following assumptions were used in order to estimate the fair value of the Series C Preferred Stock at March 27, 2026: stock price of $4.24, risk free rate of 3.77%, implied volatility of 152%, and remaining term of 1.01 years. The following assumptions were used in order to </div><div style="margin-top:12pt;text-align:justify">estimate the fair value of the Series C Preferred Stock at June 28, 2026: stock price of $1.15, risk free rate of 3.9%, implied volatility of 75% and remaining term of 0.76 years.</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring and non-recurring basis and the related activity for periods presented:</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.748%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.839%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.839%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.203%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.596%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.445%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.662%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value as of June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value as of December 31, 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Financial liabilities:</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">November 2024 Debentures</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,729,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,729,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">163,672 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">163,672 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Derivative liability</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">251,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">251,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">Public Warrants</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">105 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">105 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,612 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,612 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">Private Warrants</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">51 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">51 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">589 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">589 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 5.5pt;text-align:left;text-indent:-0.01pt;vertical-align:bottom"> SPA Warrants</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,781 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,781 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,080 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,080 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total warrant liability</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,937 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">105 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,832 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">11,281 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,612 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,669 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top">Non-recurring fair value instruments:</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">Series C Preferred Stock at March 27, 2026</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">3,659,502 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">3,659,502 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 5.5pt;text-align:left;vertical-align:bottom">Series C Preferred Stock at June 28, 2026</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">8,320,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">8,320,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div><div style="margin-top:12pt;text-align:justify">The following table sets forth a summary of the changes in fair value of the Company’s financial liabilities categorized within Level 3:</div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">November 2024 Debentures</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Warrant Liability </td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Derivative Liability</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance, December 31, 2024</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,583,832 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">172,833 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of November 2024 Debentures</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">536,060 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of warrant liabilities</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64,829)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance June 30, 2025</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">3,119,892 </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">108,004 </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance, December 31, 2025</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">163,672 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,669 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Issuance of November 2024 Debentures</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,485,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Fair value conversion of November 2024 Debentures to Common Stock</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(283,790)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Exchange of November 2024 Debentures to Series C Preferred Stock</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,729,994)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of November 2024 Debentures</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,094,112 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of warrant liabilities</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(7,837)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of derivative liability</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">251,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance, June 30, 2026</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,729,000 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,832 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">251,000 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

1.23

0.040

1.45

P0Y2M8D

1.23

1.530

0.040

2023

4800

4.24

0.0377

1.52

1.01

1.15

0.039

0.75

0.76

<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring and non-recurring basis and the related activity for periods presented:</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.748%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.839%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.839%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.203%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.596%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.445%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.662%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value as of June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value as of December 31, 2025</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Level 3</td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Financial liabilities:</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">November 2024 Debentures</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,729,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,729,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">163,672 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">163,672 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 11.08pt;text-align:left;vertical-align:bottom">Derivative liability</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">251,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">251,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">Public Warrants</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">105 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">105 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,612 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,612 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">Private Warrants</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">51 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">51 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">589 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">589 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 5.5pt;text-align:left;text-indent:-0.01pt;vertical-align:bottom"> SPA Warrants</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,781 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,781 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,080 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,080 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Total warrant liability</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,937 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">105 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,832 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">11,281 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,612 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,669 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:top">Non-recurring fair value instruments:</td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 7.37pt;text-align:left;vertical-align:bottom">Series C Preferred Stock at March 27, 2026</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">3,659,502 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">3,659,502 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 5.5pt;text-align:left;vertical-align:bottom">Series C Preferred Stock at June 28, 2026</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">8,320,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">8,320,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div>

2729000

163672

251000

105 105 0 0 1612 1612 0 0 51 0 0 51 589 0 0 589 1781 0 0 1781 9080 0 0 9080 1937 105 0 1832 11281 1612 0 9669

3659502

8320000

<div style="margin-top:12pt;text-align:justify">The following table sets forth a summary of the changes in fair value of the Company’s financial liabilities categorized within Level 3:</div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">November 2024 Debentures</td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Warrant Liability </td><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:center;vertical-align:bottom">Derivative Liability</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance, December 31, 2024</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,583,832 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">172,833 </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of November 2024 Debentures</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">536,060 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of warrant liabilities</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(64,829)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance June 30, 2025</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">3,119,892 </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">108,004 </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance, December 31, 2025</td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">163,672 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">9,669 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Issuance of November 2024 Debentures</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,485,000 </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Fair value conversion of November 2024 Debentures to Common Stock</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(283,790)</td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Exchange of November 2024 Debentures to Series C Preferred Stock</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(2,729,994)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of November 2024 Debentures</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,094,112 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of warrant liabilities</td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(7,837)</td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="background-color:#cceeff;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Change in fair value of derivative liability</td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">- </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2.62pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">251,000 </td><td style="padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2.62pt 1pt 1.5pt 1pt;text-align:left;vertical-align:bottom">Balance, June 30, 2026</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">2,729,000 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">1,832 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 0 1.5pt 0;text-align:right;vertical-align:bottom">251,000 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2.62pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

2583832

172833

536060

-64829

3119892

108004

163672

9669

4485000

283790

2729994

1094112

-7837

251000

2729000

1832

251000

Segment Information<div style="margin-top:12pt;text-align:justify">The Company operates as a single operating and reportable segment. The Company's Chief Operating Decision Maker ("CODM"), the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operational decisions, allocating resources, and evaluating financial performance.</div><div style="margin-top:12pt;text-align:justify">The Company’s operations are organized and managed as a single segment because its products and services share similar economic characteristics, including production processes, customer types, distribution methods and regulatory environment. Accordingly, the Company has determined that it has one reportable segment. The CODM assesses performance by reviewing the Consolidated Balance Sheets and Consolidated Statements of Operations quarterly. Segment assets are not regularly reviewed by the CODM and, therefore, are not disclosed. </div><div style="margin-top:12pt;text-align:justify">Substantially all of the Company's revenues are derived from customers located in the United States, and substantially all long-lived assets are located in the United States.</div>

Subsequent Events<div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">ATM offering</div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify">From July 1, 2026 to August 12, 2026 the Company has conducted ATM offerings to offer and sell shares of the Company's Common Stock. Under this offering we issued and sold 31,852 shares, for gross proceeds of $36,101 and net proceeds of $34,422 after deducting commissions and offering expenses totaling $1,679.</div><div style="text-align:justify">Series D Preferred Stock</div><div style="text-align:justify"> </div><div style="text-align:justify">On July 6, 2026, the Company filed with the Secretary of State of the State of Delaware a Certificate of Designations of Series D Convertible Preferred Stock (the “Certificate of Designation”), establishing a new series of preferred stock designated as the Company's Series D Convertible Preferred Stock, consisting of up to 50,000 shares. </div><div style="margin-top:12pt;text-align:justify">November 2024 Debenture</div><div style="margin-top:12pt;text-align:justify">On July 20, 2026, the Company issued November 2024 Debentures to an institutional investor in aggregate principal amount of $1,500,000.00 which are convertible into 197,369 shares of common stock of the Company calculated at a conversion price of $7.60 pursuant to the Securities Purchase Agreement dated as of November 4, 2024.</div>

31852

36101

34422

1679

50000

1500000

197369

7.60

false false false false Reflects the 1-for-8 effected April 21, 2026. Reflects the 1-for-9 reverse split effected September 5, 2025 and the 1-for-8 effected April 21, 2026. Reflects the 1-for-9 reverse split effected September 5, 2025 and the 1-for-8 effected April 21, 2026.