Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
| Accounting Policies [Abstract] |
|
| Schedule of Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets to the corresponding amounts presented in the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025(in thousands):
| | | | | | | | | | | | | June 30, 2026 | June 30, 2025 | December 31, 2025 | | Cash, cash equivalents | $ | 1,096 | | $ | 900 | | $ | 4,904 | | | Restricted cash | 3,715 | | — | | 3,274 | | | Total cash, cash equivalents and restricted cash | $ | 4,811 | | $ | 900 | | $ | 8,178 | |
|
| Restrictions on Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets to the corresponding amounts presented in the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025(in thousands):
| | | | | | | | | | | | | June 30, 2026 | June 30, 2025 | December 31, 2025 | | Cash, cash equivalents | $ | 1,096 | | $ | 900 | | $ | 4,904 | | | Restricted cash | 3,715 | | — | | 3,274 | | | Total cash, cash equivalents and restricted cash | $ | 4,811 | | $ | 900 | | $ | 8,178 | |
|
| Disaggregation of Revenue |
The following table provides the revenue recognized from each offering for the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | 2025 | | 2026 | 2025 | | MCAs income | $ | 113 | | | $ | 1,631 | | | $ | 668 | | | $ | 4,202 | | | | | | | | | | | | | | | | | | | | | | | | | | | Brokerage commissions | 949 | | | 1,647 | | | 1,850 | | | 2,404 | | | Management fee | 5 | | | 33 | | | 17 | | | 66 | | | Rental income | 2,399 | | | — | | | 4,783 | | | — | | | Others | 2 | | | 4 | | | 4 | | | 8 | | | Total revenues | $ | 3,468 | | | $ | 3,315 | | | 7,322 | | | 6,680 | |
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The tables below present information about the Company’s financial instruments that are measured and carried at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Total | Level 1 | Level 2 | Level 3 | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | | Debt facility warrants - Note 11 | 3,719 | | | — | | | — | | | 3,719 | | | Total liabilities at fair value | $ | 3,719 | | | $ | — | | | $ | — | | | $ | 3,719 | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Total | Level 1 | Level 2 | Level 3 | | Assets: | | | | | | | | | Other assets | $ | 1 | | | $ | — | | | $ | 1 | | | $ | — | | | Total assets at fair value | $ | 1 | | | $ | — | | | $ | 1 | | | $ | — | | | Liabilities: | | | | | | | | | Dolomite warrants - Note 11 | $ | 1,520 | | | $ | — | | | $ | — | | | $ | 1,520 | | | Debt facility warrants - Note 11 | 6,710 | | | — | | | — | | | 6,710 | | | Total liabilities at fair value | $ | 8,230 | | | $ | — | | | $ | — | | | $ | 8,230 | |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The changes in fair value are presented below (in thousands):
| | | | | | | | | | | | | | | | | | | Other assets | | Debt Facility Warrants | | Dolomite Warrants Liabilities | | Beginning balance, December 31, 2025 | $ | 1 | | | $ | 6,710 | | | $ | 1,520 | | | Additions | — | | | — | | | — | | | Changes in fair value | (1) | | | 156 | | | (1,520) | | | Reclassifications | — | | | (3,147) | | | — | | | Ending balance, June 30, 2026 | $ | — | | | $ | 3,719 | | | $ | — | |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The changes in fair value are presented below (in thousands):
| | | | | | | | | | | | | | | | | | | Other assets | | Debt Facility Warrants | | Dolomite Warrants Liabilities | | Beginning balance, December 31, 2025 | $ | 1 | | | $ | 6,710 | | | $ | 1,520 | | | Additions | — | | | — | | | — | | | Changes in fair value | (1) | | | 156 | | | (1,520) | | | Reclassifications | — | | | (3,147) | | | — | | | Ending balance, June 30, 2026 | $ | — | | | $ | 3,719 | | | $ | — | |
|