v3.26.1
BALANCE SHEET COMPONENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Schedule of Inventories

Inventories, net as of June 30, 2026 consisted of the following:

 

 

 

June 30,
2026

 

Raw materials and supplies

 

 

$

125,837

 

Work-in-process

 

 

 

54,543

 

Finished goods

 

 

 

65,114

 

Inventories, gross

 

 

 

245,494

 

Less: inventory reserve

 

 

 

—

 

Inventories, net

 

 

$

245,494

 
Schedule of Property and Equipment, Net

Property and equipment, net as of June 30, 2026 consisted of the following:

 

 

June 30,
2026

 

Machinery and equipment

 

$

10,078

 

Computer equipment and software

 

 

7,661

 

Property and equipment, gross

 

 

17,739

 

Less: accumulated depreciation and amortization

 

 

(2,483

)

Property and equipment, net

 

$

15,256

 

 
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 consisted of the following:

 

 

June 30,
2026

 

 

December 31,
2025

 

Receivables from related parties (1)

 

$

1,367,194

 

 

$

—

 

Interest receivable (2)

 

 

1,128,447

 

 

 

233,498

 

Prepaid services

 

 

325,030

 

 

 

601,415

 

Prepaid insurance

 

 

426,931

 

 

 

154,776

 

Value-added tax receivable

 

 

390,908

 

 

 

—

 

Deferred financing costs

 

 

212,065

 

 

 

—

 

Prepaid professional fees

 

 

81,628

 

 

 

614,225

 

Prepaid subscriptions

 

 

62,429

 

 

 

—

 

Prepaid regulatory and listing fees

 

 

58,200

 

 

 

—

 

Security deposits

 

 

68,683

 

 

 

—

 

Contract assets (3)

 

 

13,160

 

 

 

—

 

Other prepaid expenses and other current assets

 

 

109,455

 

 

 

17,389

 

Total prepaid expenses and other current assets

 

$

4,244,130

 

 

$

1,621,303

 

(1) The amount presented as of June 30, 2026 primarily includes amounts receivable from RegTech Open Project PLC ("RegTech"), a United Kingdom company controlled by the Company's Executive Chairman and Co-Chief Executive Officer, and The AvantGarde Group ("TAG"), which is founded and owned by the Company's Executive Chairman and Co-Chief Executive Officer, each of which is considered a related party, of $1,215,942 and $144,414, respectively.

(2) The amount presented as of June 30, 2026 includes interest receivable from related parties in connection with the SYME Convertible Note Receivable and the SYME Bonds of $599,462 and $198,307, respectively.

(3) The amount presented as of June 30, 2026 includes contract assets with RegTech of $13,160.
Schedule of Accrued Expenses

Accrued expenses as of June 30, 2026 and December 31, 2025 consisted of the following:

 

 

June 30,
2026

 

 

December 31,
2025

 

Related party payables (1)

 

$

2,337,065

 

 

$

—

 

Accrued legal, accounting and professional fees

 

 

1,659,599

 

 

 

1,486,556

 

Accrued payroll and benefits

 

 

1,321,647

 

 

 

699,085

 

Accrued taxes payable

 

 

1,269,422

 

 

 

426,088

 

Accrued transaction costs related to the reverse recapitalization

 

 

503,600

 

 

 

503,600

 

Contract liabilities

 

 

437,043

 

 

 

—

 

Accrued interest

 

 

89,470

 

 

 

114,313

 

Accrued purchases

 

 

53,681

 

 

 

—

 

Current portion of lease liabilities

 

 

41,334

 

 

 

—

 

Warranty provision

 

 

11,394

 

 

 

—

 

Other

 

 

38,395

 

 

 

47,152

 

Total accrued expenses

 

$

7,762,650

 

 

$

3,276,794

 

(1) The amount presented as of June 30, 2026 includes amounts payable to RegTech and TAG of $1,539,485 and $797,580, respectively.