Summary of Significant Accounting Policies (Policies) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company as of June 30, 2026, and December 31, 2025, and for the three and six months ended June 30, 2026, and 2025. The Company’s condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and therefore do not include all information and footnotes necessary for a fair presentation of consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2025, which are included in the 2025 Annual Report on Form 10-K, as amended on Form 10-K/A.
The interim condensed consolidated financial statements are unaudited, and in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of results for the periods presented. The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the full year due primarily to the impact of the continued uncertainty of general economic conditions that may impact the Company’s markets for the remainder of fiscal year 2026. All intercompany accounts and transactions have been eliminated in consolidation.
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| Cash, Cash Equivalents and Concentrations | Cash, Cash Equivalents and Concentrations
Cash and cash equivalents consist of short-term, highly liquid investments with an original maturity of three months or less from the date of acquisition. Certain of the Company’s cash and cash equivalents balances exceed Federal Deposit Insurance Corporation (“FDIC”) insured limits or are invested in money market accounts with investment banks that are not FDIC-insured. The Company places its cash and cash equivalents in what it believes to be credit-worthy financial institutions. At June 30, 2026, and December 31, 2025, cash equivalents were $11,652,779 and $0, respectively. As of June 30, 2026, and December 31, 2025, the Company had $11,320,840 and $550,130, respectively, in deposits in U.S banks in excess of the FDIC limit.
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| Concentrations | Concentrations
The following table details total revenues by major geographic area for the periods presented:
One customer accounted for approximately 15% of the Company’s total revenues during the six months ended June 30, 2026. Revenue from this customer primarily related to a one-time sale and is not expected to represent a recurring source of revenue. No other customer accounted for 10% or more of the Company’s total revenues during the period.
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| Inventories | Inventories
Inventory consisting of finished goods are stated at the lower of cost or net realizable value with cost determined on a first-in, first-out basis. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. The Company records an impairment that is charged directly to cost of revenue when it determines the product is obsolete, spoiled or in excess of future demand, and the Company will not be able to sell it at a normal profit above it carrying value. During the three months ended June 30, 2026, the Company determined that $42,372 was impaired due to obsolesce and recorded the impairment to inventory write-off included in cost of revenue in the accompanying unaudited condensed consolidated statements of operations.
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements
On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-04) — Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01 — Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the statement of operations as well as disclosures about specific types of expenses included in the expense captions presented in the statement of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently assessing the impact of this ASU; however expects to enhance expense disclosures based on the new requirements.
In December 2025, the FASB issued ASU 2025-11 – Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 clarifies the interim reporting guidance in the Accounting Standards Codification (“ASC”), adding a comprehensive list of required interim disclosures and a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating these new disclosure requirements.
All other ASUs issued and not yet effective as of June 30, 2026, and through the date of this report, were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s current or future financial position or results of operations. |
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