BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Accounting Policies [Abstract] |
|
| SCHEDULE OF IMPACT ON CONSOLIDATED BALANCE SHEET |
The
following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2024:
SCHEDULE OF IMPACT ON CONSOLIDATED BALANCE SHEET
| (in thousands) | |
As Previously Reported | | |
Adjustment | | |
As Revised | |
| Additional paid-in capital | |
| 304,584 | | |
| (2,631 | ) | |
| 301,953 | |
| Accumulated deficit | |
| (277,412 | ) | |
| 2,631 | | |
| (274,781 | ) |
The
following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2025:
| (in thousands) | |
As Previously Reported | | |
Adjustment | | |
As Revised | |
| Additional paid-in capital | |
| 311,616 | | |
| (2,631 | ) | |
| 308,985 | |
| Accumulated deficit | |
| (288,279 | ) | |
| 2,631 | | |
| (285,648 | ) |
The
following table presents the impact of the correction on the Company’s consolidated balance sheet as of June 30, 2025:
| (in thousands) | |
As Previously Reported | | |
Adjustment | | |
As Revised | |
| Additional paid-in capital | |
| 327,172 | | |
| (2,631 | ) | |
| 324,541 | |
| Accumulated deficit | |
| (300,350 | ) | |
| 2,631 | | |
| (297,719 | ) |
The
following table presents the impact of the correction on the Company’s consolidated balance sheet as of September 30, 2025:
| (in thousands) | |
As Previously Reported | | |
Adjustment | | |
As Revised | |
| Additional paid-in capital | |
| 333,078 | | |
| (2,631 | ) | |
| 330,447 | |
| Accumulated deficit | |
| (305,839 | ) | |
| 2,631 | | |
| (303,208 | ) |
The
following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2025:
| (in thousands) | |
As Previously Reported | | |
Adjustment | | |
As Revised | |
| Additional paid-in capital | |
| 341,887 | | |
| (2,631 | ) | |
| 339,256 | |
| Accumulated deficit | |
| (321,319 | ) | |
| 2,631 | | |
| (318,688 | ) |
The
following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2026:
| (in thousands) | |
As Previously Reported | | |
Adjustment | | |
As Revised | |
| Additional paid-in capital | |
| 361,153 | | |
| (2,631 | ) | |
| 358,522 | |
| Accumulated deficit | |
| (331,513 | ) | |
| 2,631 | | |
| (328,882 | ) |
|
| SCHEDULE OF CLASSES OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE |
The
following are the classes of assets and liabilities measured at fair value (amounts in thousands):
SCHEDULE OF CLASSES OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
| Description | |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| | |
As of June 30, 2026 | |
| Description | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Assets: | |
| | |
| | |
| | |
| |
| Money market fund | |
$ | 4,788 | | |
$ | - | | |
$ | - | | |
$ | 4,788 | |
| Total | |
$ | 4,788 | | |
$ | - | | |
$ | - | | |
$ | 4,788 | |
| Description | |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| | |
As of December 31, 2025 | |
| Description | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Assets: | |
| | | |
| | | |
| | | |
| | |
| Money market fund | |
$ | 4,799 | | |
$ | - | | |
$ | - | | |
$ | 4,799 | |
| Total | |
$ | 4,799 | | |
$ | - | | |
$ | - | | |
$ | 4,799 | |
|
| SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES |
Property
and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES
| Computers,
hardware and software |
3
years |
| Leasehold
improvements |
shorter
of remaining lease term or 5 years |
| Machinery, tooling, and equipment |
5 - 10
years |
| Other
equipment |
5
years |
| Production
tooling equipment |
5
years |
|
| SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING |
Potentially
dilutive securities outstanding were as follows:
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING
| | |
June 30, 2026 | | |
June 30, 2025 | |
| Preferred stock | |
| - | | |
| 3,721,394 | |
| Restricted stock units | |
| 637,895 | | |
| - | |
| Stock options | |
| 6,847,074 | | |
| 4,404,688 | |
| Warrants | |
| 6,386,337 | | |
| 868,167 | |
| Stock awarded and not yet issued | |
| 105,000 | | |
| - | |
| Potentially dilutive securities | |
| 13,976,306 | | |
| 8,994,249 | |
|
| SCHEDULE OF COMPUTATION OF BASIC NET LOSS PER SHARE OF CLASS A AND CLASS B STOCK |
The
following table sets forth the computation of basic net loss per share of Class A and Class B stock (in thousands, except share and
per share amounts):
SCHEDULE OF COMPUTATION OF BASIC NET LOSS PER SHARE OF CLASS A AND CLASS B STOCK
| | |
| Class
A | | |
| Class
B | | |
| Class
A | | |
| Class
B | |
| | |
Three Months Ended June 30, | |
| | |
2026 | | |
2025 | |
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of losses | |
$ | (3,552 | ) | |
$ | (7,332 | ) | |
$ | (9,531 | ) | |
$ | (2,540 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares outstanding | |
| 12,024,460 | | |
| 24,819,098 | | |
| 18,486,999 | | |
| 4,925,770 | |
| Basic net loss per share | |
$ | (0.30 | ) | |
$ | (0.30 | ) | |
$ | (0.52 | ) | |
$ | (0.52 | ) |
| | |
| Class
A | | |
| Class
B | | |
| Class
A | | |
| Class
B | |
| | |
Six Months Ended June 30, | |
| | |
2026 | | |
2025 | |
| | |
Class A | | |
Class B | | |
Class A | | |
Class B | |
| Numerator: | |
| | | |
| | | |
| | | |
| | |
| Allocation of losses | |
$ | (7,403 | ) | |
$ | (13,676 | ) | |
$ | (18,105 | ) | |
$ | (4,833 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares outstanding | |
| 12,119,502 | | |
| 22,388,172 | | |
| 18,486,999 | | |
| 4,935,209 | |
| Basic net loss per share | |
$ | (0.61 | ) | |
$ | (0.61 | ) | |
$ | (0.98 | ) | |
$ | (0.98 | ) |
|