Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Carrying Amounts of Assets and Liabilities |
The following table summarizes the carrying amounts of the assets and
liabilities of HITChain included in the Company’s unaudited consolidated financial statements as of June 30, 2026:
| |
|
June 30,
2026 |
|
| Assets |
|
|
|
| Cash and cash equivalents |
|
$ |
428,461 |
|
| Software |
|
|
753,485 |
|
| Deferred tax assets, net |
|
|
309 |
|
| Total assets |
|
$ |
1,182,255 |
|
| Liabilities |
|
|
|
|
| Accounts payable and accrued expenses |
|
$ |
43,764 |
|
| Total liabilities |
|
$ |
43,764 |
|
|
| Schedule of Illustrative Roll-Forward Based on Actual Figures |
Set forth below is an illustrative roll-forward based on actual figures
for the three and six months ended June 30, 2026.
| | |
2023 Purchase | | |
2025 Purchase | | |
Total | |
| Purchases | |
$ | 1,650,000 | | |
$ | 3,481,684 | | |
$ | 5,131,684 | |
| Accumulated Collections | |
| (1,272,413 | ) | |
| (278,059 | ) | |
| (1,550,472 | ) |
| Provision and write-offs | |
| (377,587 | ) | |
| — | | |
| (377,587 | ) |
| Balance as of December 31, 2025, net | |
$ | — | | |
$ | 3,203,625 | | |
$ | 3,203,625 | |
| Purchases | |
| — | | |
| — | | |
| — | |
| Collections | |
| — | | |
| (12,224 | ) | |
| (12,224 | ) |
| Provision and write-offs | |
| — | | |
| — | | |
| — | |
| Balance as of March 31, 2026, net | |
$ | — | | |
$ | 3,191,401 | | |
$ | 3,191,401 | |
| Purchases | |
| — | | |
| — | | |
| — | |
| Collections | |
| — | | |
| — | | |
| — | |
| Provision and write-offs | |
| — | | |
| (739,773 | ) | |
| (739,773 | ) |
| Balance as of June 30, 2026, net | |
$ | — | | |
$ | 2,451,628 | | |
$ | 2,451,628 | |
|
| Schedule of Disaggregated Revenues |
A summary of the Company’s disaggregated revenues is as follows:
| | |
Three Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Revenues: | |
| | |
| | |
| | |
| |
| Revenues from underwriting modeling (ICE) | |
$ | 1,272,647 | | |
| 2,767,848 | | |
$ | 2,849,863 | | |
| 5,398,303 | |
| Revenues from fees (SMR) | |
| 6,831,192 | | |
| 6,814,122 | | |
| 14,070,261 | | |
| 13,116,994 | |
| Program and platform management fees | |
| 1,790,447 | | |
| 6,814,122 | | |
| 4,520,336 | | |
| 13,116,994 | |
| Self-funded plan administration fees | |
| 5,040,745 | | |
| — | | |
| 9,549,925 | | |
| — | |
| Subtotal | |
| 8,103,839 | | |
| 9,581,970 | | |
| 16,920,124 | | |
| 18,515,297 | |
| Contra revenue for billing adjustments | |
| (47,219 | ) | |
| (92,423 | ) | |
| 16,544 | | |
| (230,721 | ) |
| Contra revenue for refund liability | |
| — | | |
| (175,698 | ) | |
| (108,402 | ) | |
| (955,743 | ) |
| Total revenues | |
$ | 8,056,620 | | |
| 9,313,849 | | |
$ | 16,828,266 | | |
| 17,328,833 | |
|
| Schedule of Basic and Diluted Net Income (loss) Per Share of Common Stock |
The following table sets forth the computation of basic and diluted
net income (loss) per share of common stock for the three and six months ended June 30, 2026 and 2025:
| | |
Three Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Net (loss) income attributable to common stockholders | |
$ | (2,511,024 | ) | |
$ | 630,631 | | |
$ | (4,099,305 | ) | |
$ | 1,129,223 | |
| Weighted average shares outstanding | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 62,829,725 | | |
| 55,382,395 | | |
| 60,106,502 | | |
| 55,003,233 | |
| Total dilutive effect of outstanding equity awards | |
| — | | |
| 249,962 | | |
| — | | |
| 2,000,837 | |
| Diluted | |
| 62,829,725 | | |
| 55,632,357 | | |
| 60,106,502 | | |
| 57,004,070 | |
| Net (loss) income per share attributable to common stockholders | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | (0.04 | ) | |
$ | 0.01 | | |
$ | (0.07 | ) | |
$ | 0.02 | |
| Diluted | |
$ | (0.04 | ) | |
$ | 0.01 | | |
$ | (0.07 | ) | |
$ | 0.02 | |
|
| Schedule of Outstanding Stock Awards |
The following outstanding stock awards were not considered in the computation
of diluted net income (loss) per share attributable to holders of common stock as they had antidilutive effects for the three and six
months ended June 30, 2026 and 2025:
| | |
Three Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Restricted stock awards | |
| 2,690,457 | | |
| 934,327 | | |
| 2,690,457 | | |
| 934,327 | |
| Option awards | |
| 1,900,825 | | |
| 2,296,505 | | |
| 1,900,825 | | |
| — | |
| Total | |
| 4,591,282 | | |
| 3,230,832 | | |
| 4,591,282 | | |
| 934,327 | |
|