Liquidity and Going Concern |
6 Months Ended |
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Jun. 30, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Liquidity and Going Concern | Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of June 30, 2026, the Company has negative working capital of $2.8 million and an accumulated deficit of $71.6 million. For the six months ended June 30, 2026, the Company incurred a net loss of $12.9 million and used net cash in operations of $10.1 million. These conditions indicate that the Company’s ability to meet its obligations as they become due depends on obtaining additional financing and managing operating expenditures. On August 13, 2026, Stewards (International) Limited, acting as CIS manager of Stewards International Funds PCC for its Stewards Private Credit Fund, executed a written commitment to provide the Company with at least $24.0 million of funding over the following twelve months through existing and new debt-financing arrangements. Funding rounds are intended to average approximately $2.0 million per month. Management’s cash-flow forecast incorporates the anticipated timing and terms of the funding and the related debt-service requirements. Based on the executed commitment, management’s assessment of the funding source’s financial capacity and the related financing arrangements, and its forecast of obligations as they become due, management concluded that its plans are probable of being effectively implemented and are expected to provide sufficient liquidity for the Company to meet its obligations for at least one year after the date these financial statements are issued.
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