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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:        
Net loss     $ (6,935,760) $ (28,836,400)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization   $ 0 246,043 446,449
Stock-based compensation     403,691 794,646
Provision for credit losses     11,332  
Net change in employee benefit liability     17,947  
Amortization of deferred financing costs       28,433
Debt issuance costs expensed under fair value option       161,380
Interest expense recognized on preferred obligation related to Orbit Transaction (related party)     67,737  
Change in fair value of warrant liabilities     (12,225,675) (110,314)
Loss on issuance of warrants and related costs $ 18,498 0 8,224,691 0
Change in fair value of debt (393,246) 1,422,895 (8,672,492) 1,166,373
Loss on issuance of debt 0 766,296 11,661,274 1,474,096
Loss on issuance of SEPA       2,582,724
Gain on initial recognition of Tekne Investment 0 0 (84,000) 0
Change in fair value of investments 3,087,260 0 3,123,545 0
Gain on issuance of SYME Bonds (related party) 0 0 (49,514) 0
Change in fair value of SYME Bonds (related party) (95,206) 0 (62,168) 0
Change in fair value of contingent consideration (including $351,042 and nil for the three months ended June 30, 2026 and 2025, respectively, and $46,661 and nil for the six months ended June 30, 2026 and 2025, respectively, with related parties) 368,523 0 68,159 0
Change in fair value of derivative liability (including nil and nil for the three months ended June 30, 2026 and 2025, respectively, and $4,909,820 and nil for the six months ended June 30, 2026 and 2025, respectively, with related parties) (0) (0) (4,909,820) (37,900)
Change in fair value of convertible notes receivable (including $174,100 and nil for the three months ended June 30, 2026 and 2025, respectively, and $393,100 and nil for the six months ended June 30, 2026 and 2025, respectively, with related parties) (288,535) 11,400 (1,362,338) 11,400
Remeasurement of subscription for Orbit shares (related party) 0 0 (1,189,837) 0
Remeasurement of Orbit equity method investment (related party) 0 0 59,408 0
Change in fair value of SEPA liability     (1,473,349) 260,507
Loss on extinguishment of debt (including nil and nil for the three months ended June 30, 2026 and 2025, respectively, and nil and $27,139 for the six months ended June 30, 2026 and 2025, respectively, with related parties) 0 1,375,819 0 6,873,335
SEPA fees and issuance costs       1,075,000
Gain on sale of intellectual property intangible assets 0 0 0 (8,961,872)
Loss on impairment of inventories, property and equipment and operating lease right-of-use asset       6,064,823
Interest expense recognized on remeasurement of preferred stock liability       10,398,050
Changes in operating assets and liabilities:        
Accounts receivable     101,043  
Inventories     1,535  
Prepaid expenses and other current assets     (345,820) (97,647)
Accounts payable     (571,024) 776,714
Accrued expenses     (1,234,289) 2,181,068
Operating lease liability       (237,369)
Other liabilities     31,518  
Net cash used in operating activities     (15,098,163) (3,986,504)
Cash Flows from Investing Activities:        
Cash paid for purchases of property and equipment     (5,242)  
Cash paid for acquisition of controlling financial interest in Orbit, net of cash acquired     (540,915)  
Cash paid for Lyocon Acquisition, net of cash acquired     (749,905)  
Payments for acquisitions and investments (related party)       (600,000)
Payments under convertible notes receivable (nil and $150,000, respectively, with related parties)     (20,511,875) (650,000)
Net cash used in investing activities     (21,807,937) (1,250,000)
Cash Flows from Financing Activities:        
Proceeds from debt borrowings       5,399,708
Repayments of debt     (9,624,733) (1,024,898)
Proceeds received from the February 2026 Offering     11,994,929  
Proceeds received from the SEPA     10,996,535  
Payments of debt and equity issuance costs     (1,155,614) (236,380)
Proceeds received from settlement       1,000,000
Restricted stock units withheld for tax withholdings       (173)
Proceeds from exercise of warrants     765,061  
Net cash provided by financing activities     12,976,178 5,138,257
Effect of exchange rate changes on cash     (4,428)  
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH DURING THE PERIOD     (23,934,350) (98,247)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD     25,536,425 209,337
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD $ 1,602,075 $ 111,090 1,602,075 111,090
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:        
Cash paid for interest     883,531 83,418
Cash paid for income taxes     59,645  
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Reclassification of warrant liability to equity upon exercise of warrants     3,244,912 934
Extinguishment of Preferred Stock through issuance of warrants     11,827,870  
Deemed dividend in connection with extinguishment of preferred stock through issuance of warrants     2,047,370 936
Fair value of warrants issued as equity issuance costs     185,018  
Issuance of Common Stock in connection with the SEPA     11,241,621 545,309
Issuance of Common Stock upon extinguishment or conversion of debt     618,861 9,416,186
SYME Inventory Advance applied to SYME Bonds     5,668,545  
Investment in H&K through issuance of convertible note     11,688,726  
Advance to Tekne applied to Tekne Convertible Note Receivable     1,179,686  
Non-cash consideration transferred in Orbit Change of Control (related party)     14,592,107  
Gain on extinguishment of Orbit Preferred Obligation in excess of derivative liability fair value, recognized as a capital contribution (related party)     784,807  
Non-cash consideration transferred in Lyocon Acquisition     1,388,558  
Issuance of Tekne Subordinated Convertible Note     928,000  
Premium on issuance of Lyocon Convertible Notes     172,000  
Stock-based compensation expense included in accrued expenses     50,000 50,000
Reclassification of stock-based compensation liability to equity upon issuance of shares of Common Stock     58,983  
Shares issued for services included in prepaid expenses     268,667 709,167
Issuance of promissory note for replacement of shareholder advance       545,000
Transaction costs related to the reverse recapitalization not yet paid     $ 1,007,439 1,007,439
Initial fair value of convertible notes receivable over proceeds paid       110,000
Extinguishment of existing unsecured promissory note and accrued interest through issuance of convertible note       2,108,525
Debt issuance costs included in accounts payable and accrued expenses       $ 127,000