v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 138 $ 133
Restricted cash 6,437 8,818
Accounts receivable, net of allowance for credit losses of $86 and $21 as of June 30, 2026, and December 31, 2025, respectively 1,017 697
Unbilled receivables 1,085 280
Prepaid expenses and other current assets 327 408
Total current assets 9,004 10,336
Capitalized software, net 60
Operating lease right-of-use assets 193 218
Security deposits 227 229
Other long-term assets 43 61
Total assets 9,467 10,904
Current liabilities:    
Accounts payable 5,783 3,668
Accrued expenses 2,456 2,115
Accrued fiduciary obligations 7,270 8,521
Deferred revenue (including related party amounts of $317 and $0, respectively) 317 89
Current portion of operating lease liabilities 278 264
Current portion of convertible debentures, net 1,966 3,037
Other short-term liabilities 2,450 8,000
Vendor financing advance 2,000
Total current liabilities 23,546 25,694
Other long-term liabilities 18,306 11,450
Convertible debentures, net of current portion 6,122 5,795
Operating lease liabilities, net of current portion 384 528
Total liabilities 48,358 43,467
COMMITMENTS AND CONTINGENCIES (Note 16)
STOCKHOLDERS’ DEFICIT    
Preferred stock, $0.0001 par value, 2,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, 227,791,050 shares authorized; 26,667,334 and 24,035,610 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 3 2
Additional paid-in capital 84,266 82,829
Accumulated deficit (123,160) (115,394)
Total stockholders’ deficit (38,891) (32,563)
Total liabilities and stockholders’ deficit 9,467 10,904
Related Party    
Current liabilities:    
Due to related party $ 1,026