In November 2025, the Company entered into a Securities Purchase Agreement with the Dolomite Foundation (“Dolomite”) under which the Company issued warrants to purchase an aggregate of 2,450,980 shares of the Company’s common stock (the “Dolomite Warrants”). The Dolomite Warrants were issued in exchange for up to $10.0 million of noncash, in-kind consideration in the form of $DOLO ERC-20 tokens (the “$DOLO Tokens”), which are held in a multi-signature escrow wallet and are released to the Company only upon satisfaction of specified milestone conditions described below.

The Dolomite Warrants were legally issued and outstanding as of November 3, 2025, although the Dolomite Warrants are exercisable only in ten equal tranches of $1.0 million each, becoming exercisable upon achievement of specified $DOLO 30-day VWAP milestones.

The Dolomite Warrants are not considered indexed to the Company’s own stock and are accounted for as liability-classified instruments until such time as they qualify for equity classification. The Company recognized the Dolomite Warrants at fair value at issuance date and remeasures the instrument at fair value each reporting period, with changes in fair value recognized in earnings. The Company utilized a Monte Carlo simulation model to determine the fair value of the Dolomite Warrants. As of June 30, 2026, the fair value of the Dolomite Warrants was zero, primarily driven by a downward mark-to-market valuation adjustment during the period.

On September 2025, the Company entered into a Loan Agreement with Stewards International Funds PCC (on behalf of the Stewards Private Credit Fund) where the Company can issue up to $50 million of unsecured, unsubordinated notes. On October 30, 2025, this was increased to up to $100 million of unsecured, unsubordinated notes. See to Note 10, “Related Party Transactions,” for further details.

In connection with the Loan Agreement, the Company will issue Debt Facility Warrants based on actual principal draws within one month after the Closing date. For accounting purposes, the warrants are considered issued at the effective date of the Loan Agreement regardless of the contingent event (actual debt draws) for future issuance. In addition, the Company considers the Debt Facility Warrants as a loan commitment or access fee to obtain the debt facility, as such, a Loan Commitment Asset was recorded against the Debt Facility Warrants.

The Debt Facility Warrants have an exercise price of $0.76 per share and are not exercisable until after the later of (i) the Maturity Date of the Loan Agreement of August 31, 2030, or (ii) a Liquidity Event. Once exercisable, the Debt Facility Warrants may be exercised at any time through their expiration date of August 31, 2033.

The Debt Facility Warrants are not considered indexed to the Company’s own stock and are accounted for as liability-classified instruments until such time as they qualify for equity classification. The Company recognized the Debt Facility Warrants at fair value at issuance date and remeasures the instrument at fair value each reporting period, with changes in fair value recognized in earnings. The Company determined the fair value of the Debt Facility Warrants using a Black-Scholes valuation model and management incorporated its best estimate of expected borrowings under the debt facility. At initial recognition, the fair value of the Debt Facility Warrants amounted to $8.0 million.

In December 2025, in connection with a $3.0 million borrowing under its debt facility, the Company issued 3,947,368 debt facility warrants. For the six months ended June 30, 2026, there were additional draws of $6.9 million from the debt facility, bringing the cumulative funded principal to $9.9 million as of June 30, 2026.

At the actual draw date, the Company determined that the warrants were indexed to the Company’s own stock and met the criteria for equity classification under ASC 815-40. Accordingly, the Company remeasured the warrants to fair value on the draw date and reclassified the warrants from liability to equity, resulting in a $3.1 million reclassification to additional paid-in capital during the six months ended June 30, 2026.

As of June 30, 2026, the fair value of the Debt Facility Warrants amounted to $3.7 million and is presented as Warrant Liability in the accompanying unaudited condensed consolidated balance sheets. During the six months ended June 30, 2026, the Company revised the estimate of total expected borrowings under the debt facility from $18.5 million to $12.8 million, reflecting $9.9 million funded through June 30, 2026.