v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 726,934 $ 24,661,284
Restricted cash 875,141 875,141
Accounts receivable, net 395,003 0
Inventories, net 245,494  
Tekne Convertible Note Receivable 23,116,321  
Advance on Tekne Convertible Receivable   1,179,686
Prepaid expenses and other current assets (including $2,178,123 and $233,498 with related parties, respectively) 4,244,130 1,621,303
Total current assets 31,195,561 45,784,559
Goodwill 19,262,851
Intangible assets subject to amortization, net 2,667,149  
Investments at fair value 9,581,198  
Property and equipment, net 15,256  
Other assets 57,172  
Total Assets 68,361,108 49,819,239
Current liabilities    
Accounts payable (including $96,340 and nil with related parties, respectively) 2,554,859 2,130,686
Accrued expenses (including $2,337,065 and nil with related parties, respectively) 7,762,650 3,276,794
Current portion of debt (including $29,525,305 and $25,863,601 at fair value, respectively) 30,785,850 25,874,146
Shareholder advances 99,936 99,936
Preferred stock liability, $0.0001 par value; 50,000,000 shares authorized; 1,006,118 and 2,188,905 shares issued and outstanding, respectively 10,061,180 21,889,050
Total current liabilities 51,264,475 61,402,511
SEPA liability 1,483,065 3,201,500
Warrant liabilities 3,844,288 397,401
Contingent consideration (including $820,368 and nil with related parties, respectively) 984,442  
Deferred tax liability 173,351  
Other liabilities 314,168  
TOTAL LIABILITIES 58,063,789 65,001,412
Commitments and Contingencies (Note 8)
Tekne Subordinated Convertible Note 928,000  
Stockholders' Equity (Deficit)    
Common Stock, $0.0001 par value; 900,000,000 shares authorized; 240,548,960 and 92,816,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 24,055 9,282
Additional paid-in capital 216,698,687 185,288,376
Accumulated deficit (207,415,591) (200,479,831)
Accumulated other comprehensive income 62,168  
Total Stockholders' Equity (Deficit) 9,369,319 (15,182,173)
TOTAL LIABILITIES, TEKNE SUBORDINATED CONVERTIBLE NOTE AND STOCKHOLDERS' EQUITY (DEFICIT) 68,361,108 49,819,239
Related Party [Member]    
Current assets    
SYME Convertible Note Receivable (related party) 1,592,538  
Subscription for Orbit shares (related party)   11,778,600
SYME inventory advance (related party)   5,668,545
Prepaid expenses and other current assets (including $2,178,123 and $233,498 with related parties, respectively) 2,178,123 233,498
SYME Bonds (related-party) 5,581,921  
SYME Convertible Note Receivable (related party)   2,351,602
Equity method investment (related-party)   949,806
Deposit on acquisition (related party)   733,272
Current liabilities    
Accounts payable (including $96,340 and nil with related parties, respectively) 96,340 0
Accrued expenses (including $2,337,065 and nil with related parties, respectively) $ 2,337,065 0
Preferred obligation related to Orbit Transaction (related party)   $ 8,131,899