v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE AND REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
Total
Common stock and addition paid-in capital:
Common stock and addition paid-in capital:
Common Stock
Preferred Stock
Preferred Stock
Preferred Stock
Treasury stock:
Accumulated other comprehensive income (loss):
Retained earnings:
Beginning balances at Dec. 31, 2024 $ 128,576,901              
Convertible and redeemable Series A Preferred Stock:                
Dividends accretion 608,238              
Recapitalization and conversion of preferred stock (129,185,139)              
Ending balances at Jun. 30, 2025 0              
Beginning balances at Dec. 31, 2024 (137,643,729) $ 18,056,712   $ 86,742,045   $ (14,622,222) $ (52,849) $ (227,767,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of stock     $ 64,960,465   $ 51,982,894      
Recapitalization and conversion of preferred stock   329,432,829   (139,869,915)   14,622,222    
Exercise of stock options into common stock, net of withholding tax   1,406,643            
Warrant liability conversion   8,324,000            
Dividends   (915,069)            
Standby Equity Purchase Agreement commitment fee   500,000            
Stock-based compensation expense   4,994,794            
Issuance of equity-classified warrants       1,144,976        
Other comprehensive income (loss)             929,169  
Dividends accretion               (608,238)
Net income (loss) (92,408,146)             (92,408,146)
Ending balances at Jun. 30, 2025 106,852,896 426,760,375   0   0 876,320 (320,783,799)
Beginning balances at Mar. 31, 2025 0              
Convertible and redeemable Series A Preferred Stock:                
Dividends accretion 0              
Recapitalization and conversion of preferred stock 0              
Ending balances at Jun. 30, 2025 0              
Beginning balances at Mar. 31, 2025 177,380,358 422,558,993   0   0 429,542 (245,608,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of stock     65,000   0      
Recapitalization and conversion of preferred stock   0   0   0    
Exercise of stock options into common stock, net of withholding tax   218,697            
Warrant liability conversion              
Dividends              
Standby Equity Purchase Agreement commitment fee   500,000            
Stock-based compensation expense   3,417,685            
Issuance of equity-classified warrants       0        
Other comprehensive income (loss)             446,778  
Dividends accretion               0
Net income (loss) (75,175,622)             (75,175,622)
Ending balances at Jun. 30, 2025 106,852,896 426,760,375   0   0 876,320 (320,783,799)
Beginning balances at Dec. 31, 2025 0              
Convertible and redeemable Series A Preferred Stock:                
Dividends accretion 0              
Recapitalization and conversion of preferred stock 0              
Ending balances at Jun. 30, 2026 0              
Beginning balances at Dec. 31, 2025 106,048,552 433,454,959   0   0 464,365 (327,870,772)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of stock     0   0      
Recapitalization and conversion of preferred stock   0   0   0    
Exercise of stock options into common stock, net of withholding tax   150,433            
Warrant liability conversion   0            
Dividends   0            
Standby Equity Purchase Agreement commitment fee              
Stock-based compensation expense   6,674,204            
Issuance of equity-classified warrants       0        
Other comprehensive income (loss)             (369,817)  
Dividends accretion               0
Net income (loss) 679,081             679,081
Ending balances at Jun. 30, 2026 113,182,453 440,279,596   0   0 94,548 (327,191,691)
Beginning balances at Mar. 31, 2026 0              
Convertible and redeemable Series A Preferred Stock:                
Dividends accretion 0              
Recapitalization and conversion of preferred stock 0              
Ending balances at Jun. 30, 2026 0              
Beginning balances at Mar. 31, 2026 106,048,552 436,860,462   0   0 223,316 (330,058,982)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of stock     $ 0   $ 0      
Recapitalization and conversion of preferred stock   0   0   0    
Exercise of stock options into common stock, net of withholding tax   100,299            
Warrant liability conversion   0            
Dividends   0            
Standby Equity Purchase Agreement commitment fee              
Stock-based compensation expense   3,318,836            
Issuance of equity-classified warrants       0        
Other comprehensive income (loss)             (128,768)  
Dividends accretion               0
Net income (loss) 2,867,291             2,867,291
Ending balances at Jun. 30, 2026 $ 113,182,453 $ 440,279,596   $ 0   $ 0 $ 94,548 $ (327,191,691)