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DE 86-2707040 1954 Airport Road Suite 124 Chamblee GA 30341 844 399-8998 Class A common stock, $0.0001 par value per share SOAR NYSEAMER Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $287.50 SOARW Yes Yes Non-accelerated Filer true true false false 53633248 8440000 4698000 12000 101000 200000 840000 636000 53000 70000 138000 206000 643000 1197000 1739000 324000 800000 572000 32000 267000 11158000 9810000 502000 323000 107000 128000 1770000 1693000 13537000 11954000 5309000 3394000 1637000 4230000 46000 43000 4621000 2823000 35000 1591000 10011000 13718000 61000 85000 10072000 13803000 0.0001 0.0001 200000000 200000000 53183044 53183044 9510784 9510784 10000 5000 108911000 98917000 -105456000 -100771000 3465000 -1849000 13537000 11954000 965000 24855000 1967000 50338000 292000 21088000 586000 42075000 3193000 2895000 6243000 4865000 3485000 23983000 6829000 46940000 -2520000 872000 -4862000 3398000 -86000 3130000 -116000 4311000 -264000 830000 -218000 99000 -1596000 -750000 959000 959000 -26000 -1229000 1000 -3629000 365000 2000000 78000 -68000 -2155000 2872000 -4784000 3330000 -1000 189000 4000 287000 -2154000 2683000 -4788000 3043000 103000 919000 103000 1014000 -2051000 3602000 -4685000 4057000 -0.06 1.03 -0.18 1.36 -0.06 0.55 -0.18 0.85 0.00 0.35 0.00 0.45 0.00 0.20 0.00 0.23 -0.06 1.39 -0.17 1.82 -0.06 0.75 -0.17 1.08 34809790 2592878 27125094 2229573 34809790 4661101 27125094 4506376 1843852 5000 87968000 -104307000 -16334000 46000 46000 57041 455000 455000 1900893 5000 88014000 -103852000 -15833000 557000 557000 2721844 4610000 4610000 3602000 3602000 4622737 5000 93181000 -100250000 -7064000 9510784 5000 98917000 -100771000 -1849000 30000 30000 10604465 1000 4042000 4043000 70000 36000 36000 -2634000 -2634000 20185249 6000 102953000 -103405000 -446000 20185249 6000 102953000 -103405000 -446000 1154915 249000 249000 35101766 4000 6647000 6651000 -3258886 -532000 -532000 406000 406000 -2051000 -2051000 -2051000 -2051000 53183044 10000 108911000 -105456000 3465000 53183044 10000 108911000 -105456000 3465000 -4788000 3043000 -103000 -1014000 120000 169000 -32000 -54000 30000 603000 830000 -26000 -6000 -35000 108000 4324000 101000 21000 19000 283000 -63000 -750000 -981000 959000 -128000 -324000 -89000 30000 468000 211000 237000 -73000 -17000 -5237000 467000 -914000 1798000 -1511000 -235000 3760000 -3193000 3282000 338000 -2746000 -2855000 536000 356000 30000 -356000 30000 21000 19000 1124000 1350000 3585000 2210000 1621000 442000 66000 6953000 141000 3742000 707000 4698000 4000000 8440000 4707000 1000 1652000 252000 165000 1800000 1977000 -1738000 -28000000 4293000 4676000 1738000 967000 37506000 -37595000 28500000 <p id="xdx_80F_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zyBmYYQ92Bz" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 1 – <span id="xdx_821_zTp4qM4LHQlh">ORGANIZATION AND DESCRIPTION OF BUSINESS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volato Group, Inc. (“we”, “us”, “the Company”, or “Volato”) is a holding company for several wholly owned subsidiaries, including Volato, Inc., Fly Vaunt, LLC, Gulf Coast Aviation, LLC (f/k/a Gulf Coast Aviation, Inc.), Parslee, LLC and Modern Aero Charter, LLC. The Company’s primary operating subsidiary was founded in 2021. That year, the Company entered the private jet charter and fractional ownership market with its Part 135 HondaJet ownership program, taking delivery of its first jet in August 2021 and completing its first Part 135 charter flight in October of 2021. In March 2022, the Company acquired Gulf Coast Aviation, Inc. (n/k/a Gulf Coast Aviation, LLC), owner of GC Aviation, Inc., a Part 135 air carrier certificate holder. In March 2022, the Company placed orders for <span id="xdx_902_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20220331__20220331__srt--AircraftTypeAxis__custom--GulfstreamG280Member_z1j0dfJOezed" title="Purchase obligation, number of aircrafts | aircraft">four</span> Gulfstream G280s for delivery in 2024 and 2025. In September 2022, the Company started internal development on its full suite Flight Management Software platform Mission Control, in the fourth quarter of 2023 the Company commercially launched Vaunt, our proprietary consumer facing empty leg platform, and in the fourth quarter of 2025 the Company commercially launched Parslee, our AI based document intelligence platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2024, the Company entered into an agreement with flyExclusive, Inc., (“flyExclusive”) a leading provider of private jet charter services, to transition the management of its aircraft ownership fleet operations to flyExclusive. This move was intended to bring substantial cost savings and allow Volato to focus on its potential high-growth areas, including aircraft sales and proprietary software products. The Company has continued to generate revenue from its proprietary software, including the Vaunt platform, its empty leg consumer app. In the fourth quarter of 2024, we transferred our aircraft lease agreements to flyExclusive and have no further obligations under the aircraft lease agreements or control over flight operations. The Company has retained insider card liabilities of $<span id="xdx_905_ecustom--InsiderCardLiabilities_iI_pn5n6_c20260630_zeZjEqWKEPM5" title="Insider card liabilities">0.1</span> million as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 24, 2025, the Company effected a reverse stock split of its issued and outstanding Class A common stock (also referred to as “common stock” in this Quarterly Report), at a ratio of 1-for-25 (the “Reverse Stock Split”) with no change in par value. All share amounts have been retroactively adjusted to account for the split as if it occurred at inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 20, 2025, the Company sold its former subsidiary GC Aviation, Inc., which held the FAA Part 135 certificate for $<span id="xdx_90D_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn5n6_c20250320__us-gaap--DisposalGroupClassificationAxis__us-gaap--DiscontinuedOperationsDisposedOfBySaleMember__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--GCAviationIncMember_zmGp4NdTX5j4" title="Selling price">2.0</span> million, of which $<span id="xdx_901_ecustom--DisposalGroupIncludingDiscontinuedOperationConsiderationNoteReceivable_iI_pn5n6_c20250320__us-gaap--DisposalGroupClassificationAxis__us-gaap--DiscontinuedOperationsDisposedOfBySaleMember__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--GCAviationIncMember_zP3vAbnGj5X" title="Discontinued operation">1.8</span> million is a note receivable. The Company is currently accruing interest on the note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 28, 2025, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Volato Merger Subsidiary, Inc., a Nevada corporation and then wholly-owned subsidiary of Volato (“Merger Sub”), and M2i Global, Inc., a Nevada corporation (“M2i”), pursuant to which Merger Sub was to merge with and into M2i, with M2i surviving the merger as a wholly-owned subsidiary of Volato (together with all other transactions contemplated by the Merger Agreement, the “Merger”). On June 4, 2026, the Company delivered written notice to M2i terminating the Merger Agreement and abandoning the transactions contemplated thereby.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the Company began development of an Artificial Intelligence based software platform designed to enhance the reliability of leading large language models when analyzing contracts, SEC filings and reports, and other structured documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2025, the Company entered into a Fourth Amendment (the “Amendment”) to Aircraft Management Services Agreement (as amended the “Agreement”) with flyExclusive to bring the Agreement in line with Company’s anticipated shift in operations, new business directives, and to better accommodate the contemplated Merger with M2i. The Amendment served to (i) modify the term of the Agreement; (ii) grant flyExclusive, subject to certain terms and conditions, the right to purchase certain aviation-related assets from the Company and assume certain obligations of the Company (the “flyExclusive Asset Option”); (iii) grant the Company, subject to certain terms and conditions, the right to sell certain aviation-related assets to flyExclusive and assign certain obligations of the Company to flyExclusive (the “Company Asset Option,” and collectively with the flyExclusive Asset Option, the “Asset Options”); (iv) obligate flyExclusive to pay the Company $<span id="xdx_906_eus-gaap--SettlementAssetsCurrent_iI_c20251001__us-gaap--TypeOfArrangementAxis__custom--AircraftManagementServicesAgreementMember_zHpv0a7oqHHh" title="Cash settlements">100,000</span> upon execution of the Amendment as settlement of net payables owed by flyExclusive to the Company under the terms of the Agreement (the “Net Payables Obligation”); and (v) modify the material terms of flyExclusive’s right to cause the Company to merge with and into a wholly owned subsidiary of flyExclusive (the “flyExclusive Merger Option”), including that the flyExclusive Merger Option is to be only exercisable in the event that the Company and M2i terminate the Merger Agreement. flyExclusive paid the Net Payables Obligation by issuing the Company <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251001__20251001__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--AircraftManagementServicesAgreementMember_zkYrSs9HLfJg" title="Issuance of shares">20,576</span> shares of Class A common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As consideration for the execution of the Amendment, flyExclusive agreed to pay $<span id="xdx_901_eus-gaap--Cash_iI_c20251001__dei--LegalEntityAxis__custom--FlyExclusiveMember_zWrQgEGGZCF8" title="Cash settlement">2,000,000</span> to the Company, in cash or shares of flyExclusive Class A common stock, in exchange for the right to receive either (i) the net proceeds that the Company receives from the sale of a certain G280 aircraft, or (ii) if, and only if, Gulfstream provides written consent, assignment of the G280 Agreement from the Company to flyExclusive subject to the execution of an asset purchase agreement relating solely to the transfer of the G280 Agreement. The G280 aircraft was later delivered to the Company pursuant to an existing agreement (the “G280 Agreement”) with Gulfstream Aerospace Corporation (“Gulfstream”). flyExclusive elected to pay all of the $<span id="xdx_900_ecustom--PaymentForShares_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveMember_zIDsIVJtLHY1" title="Payment for shares">2,000,000</span> in shares of its Class A common stock and issued an aggregate of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWBhVJbmEb11" title="Issuance of shares">411,523</span> shares of its Class A common stock to the Company, which occurred in the fourth quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2026, the Company paid a dividend of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260131__20260131__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpM1ZOihVOE7" title="Issuance of shares">432,099</span> shares of Class A common stock of flyExclusive to Volato shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 6, 2026, the Company signed amendment number five to the Agreement with flyExclusive, pursuant to which the Company sold certain unused intellectual property assets for $<span id="xdx_909_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_pn5n6_c20260306__20260306__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ze5S2LmeuXK8" title="Gain (loss) on intellectual property assets">1.3</span> million payable in cash or shares of flyExclusive’s Class A common stock. Such assets represent a portion of the total assets which were anticipated to be sold under one of the Asset Options as described above. flyExclusive issued an aggregate of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260306__20260306__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zdcjP9PAeVP1" title="Issuance of shares">451,901</span> shares of its Class A common stock to the Company in March 2026 which is recorded as Investment in flyExclusive on the consolidated balance sheets. With the sale of the asset, the Company recorded a gain on the sale of the asset of $<span id="xdx_90F_eus-gaap--GainLossOnDispositionOfAssets_pn5n6_c20260301__20260331__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zYUXzgNyKVG2" title="Gain (loss) on sale of asset">0.8</span> million which is recorded in Other Income on the Consolidated Statements of Operations. Following the sale of the intellectual property assets pursuant to the fifth amendment, there is $<span id="xdx_903_eus-gaap--GainLossOnDispositionOfAssets_pp0p0_c20260301__20260331__us-gaap--TypeOfArrangementAxis__custom--FifthAmendmentAgreementMember__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfyOcc3156vd" title="Gain (loss) on sale of asset">700,000</span> in remaining assets that may be sold to flyExclusive under the terms of the Agreement, as amended.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 100000 2000000.0 1800000 100000 20576 2000000 2000000 411523 432099 1300000 451901 800000 700000 <p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_z1w7fP3Wr7r7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 2 – <span><span id="xdx_823_zKTiOlYzVeD7">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going concern, liquidity, and capital resources </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has limited operating history, the Company realized net loss of approximately $</span><span id="xdx_90F_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20260101__20260630_zIM1ZhZdkBI" title="Net income">4.7</span> million for the six months ended June 30, 2026 and the Company has an accumulated deficit of approximately $<span id="xdx_90D_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20260630_z1tnzOSRsSD1" title="Accumulated deficit">105.5</span> million as of June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These above matters raise substantial doubt about the Company’s ability to continue as a going concern. During the next twelve months, the Company intends to fund its operations through the issuance of financial instruments including debt or equity securities and revenues from operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, management believes that its current cash position, along with its proceeds from future debt and/or equity financings, when combined with prudent expense management, will allow the Company to continue as a going concern and to fund its operations for at least one year from the date of issuance of these financial statements. There are no assurances, however, that management will be able to raise capital or debt on terms acceptable to the Company. If the Company is unable to obtain sufficient additional capital or debt on terms acceptable to the Company, the Company may be required to reduce the near-term scope of its planned development and operations, which could delay implementation of the Company’s business plan and harm its business, financial condition, and operating results. The balance sheets do not include any adjustments that might result from these uncertainties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zgCrUL4YUgK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of presentation </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and following the requirements of the Securities and Exchange Commission (the “SEC”). The unaudited interim consolidated financial statements are condensed and should be read in conjunction with the Company’s annual audited 2025 condensed consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2026. The results of operations for interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2026 or for any other future annual or interim period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zBxI8hgaMhsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassifications</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in 2026 have been reclassified to conform with the current period’s presentation to properly reflect discontinued operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_z1DRF7T4jQlb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principles of consolidatio</i>n</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited interim consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--UseOfEstimates_zvO6yIY75OW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of estimates </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful lives of property, plant, and equipment. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in valuing debt or equity instruments.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income taxes and related valuation allowance.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assessment of long-lived assets impairment.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in the aviation asset put/call option.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif">Accrual and legal estimates</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_84B_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zYCa2wEVvSb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At June 30, 2026 and December 31, 2025, the Company had <span id="xdx_902_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_do_c20260630_zLVkbT3yBRsi" title="Cash equivalents"><span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_do_c20251231_zmaRt6nVI8G" title="Cash equivalents">no</span></span> cash equivalents besides what was in the cash balance as of those dates. The Company had <span id="xdx_90C_eus-gaap--RestrictedCash_iI_do_c20260630_zFh9YJbKIVI7" title="Restricted cash"><span id="xdx_906_eus-gaap--RestrictedCash_iI_do_c20251231_zkD6BQphd4Y1" title="Restricted cash">no</span></span> restricted cash at June 30, 2026, and December 31, 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zd6BVptGjM87" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts receivable </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026 and 2025, the Company recognized $<span id="xdx_90B_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20260401__20260630_z9ncmsiVwnlj" title="Bad debt expense">6</span> thousand and $<span id="xdx_904_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20250401__20250630_zWwp0N4bgrvh" title="Bad debt expense">123</span> thousand of bad debt expense, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized $<span id="xdx_900_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20260101__20260630_zrdLboVAnfmf" title="Bad debt expense">7</span> thousand and $<span id="xdx_904_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20250101__20250630_z6XFv7XAslhg" title="Bad debt expense">148</span> thousand of bad debt expense, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z5CCtREosyxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed assets </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_ecustom--PropertyPlantAndEquipmentUsefulLivesTableTextBlock_zZYRkUKuiWB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zpapYdqHz053" style="display: none">SCHEDULE OF SEGMENT REPORTING IN NET INCOME OR LOSS AND TOTAL ASSETS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 80%; font-weight: bold; padding-bottom: 1pt">Classification</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Life</b></span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_z3mmNcDADhfe" title="Property plant and equipment useful life">3</span>-<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zDqZzUpRrzZ5" title="Property plant and equipment useful life">7</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zIapgy6Zjsyi" title="Property plant and equipment useful life">5</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zIKhsmqrkJbj" title="Property plant and equipment useful life">5</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_z5GfSTYR0BJf" title="Property plant and equipment useful life">3</span> years</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A9_zCVkTgFZEUx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zhHxrttQbOY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Computer software development </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software development costs are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-40, <i>Internal Use Software</i>. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section “Property and equipment, net” in the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company capitalized $<span id="xdx_909_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zVIvBW0bdzcl" title="Internal software development costs">346</span> thousand and <span id="xdx_908_eus-gaap--CapitalizedComputerSoftwareAdditions_c20250101__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zQFiBz0K1rp3" style="display: none" title="Internal software development costs">0</span>zero of internal software development costs during the six months ended June 30, 2026 and 2025, respectively. The Company recognized $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zdVq5upYlyWb" title="Capitalized computer software amortization expense">42</span> thousand and $<span id="xdx_90B_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250401__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zDOsOJ9GAlk4" title="Capitalized computer software amortization expense">48</span> of amortization expense related to computer software development during the three months ended June 30, 2026 and 2025, respectively. The Company recognized $<span id="xdx_908_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z1TYrxz1HmTf" title="Capitalized computer software amortization expense">69</span> thousand and $<span id="xdx_90E_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zHL9YlLUvJef" title="Capitalized computer software amortization expense">96</span> thousand of amortization expense related to computer software development during the six months ended June 30, 2026 and 2025, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. During the six months ended June 30, 2026 and 2025, the Company reduced the value of software development cost by $<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20260101__20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zyRDrI8x5UTh" title="Reduction in value of software development cost">32</span> thousand and $<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20250101__20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z1PUzR5hp9N8" title="Reduction in value of software development cost">54</span> thousand, related to a non-monetary exchange with a third party and their use of our mission control software. This software development cost was originally related to software developed for internal use, which was licensed to a third party in a non-monetary transaction and was subsequently sold to the same third-party in March 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_ecustom--WebsiteDevelopmentCostPolicyTextBlock_zifAXZkUQXQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Website development cost</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in FASB ASC 350-40. The Company capitalized no website development costs during the six months ended June 30, 2026 and 2025, respectively. The Company recognized $<span id="xdx_904_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_zV7FjkS69fAj" title="Capitalized computer software, amortization expense">24</span> thousand and $<span id="xdx_906_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250401__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_z9INiv4ImiEb" title="Capitalized computer software, amortization expense">24</span> thousand of amortization expenses during the three months ended June 30, 2026 and 2025, respectively. The company recognized $<span id="xdx_906_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_zoOR3316myVg" title="Capitalized computer software, amortization expense">40</span> thousand and $<span id="xdx_904_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_zhtPC2llg5u5" title="Capitalized computer software, amortization expense">48</span> thousand of amortization expense during the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--PropertyPlantAndEquipmentImpairment_zBZSjqwQTqOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Valuation of long-lived assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. <span id="xdx_907_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20250101__20250630_zikWnuWeH6Pj" title="Impairment"><span id="xdx_90A_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20260101__20260630_zBDPvqvTCIV4" title="Impairment">No</span></span> impairment was recognized during the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zZj6S4YYk1i2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair value of financial instruments </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted the provisions of FASB ASC 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs to the valuation methodology include:</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for similar assets or liabilities in active markets.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for identical or similar assets or liabilities in inactive markets.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs other than quoted prices that are observable for the asset or liability.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs that are derived principally from or corroborated by observable market date by correlation or other means.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2024, the Company entered into a Securities Purchase Agreement (“2024 Securities Purchase Agreement”) pursuant to which the Company may issue a series of convertible notes for an aggregate principal amount not to exceed $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zDBl5BMv0cNk" title="Principal amount">36.0</span> million. During the year ended December 31, 2024, the Company issued a single convertible note in the principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_zltZpv373v85" title="Principal amount">4.5</span> million, (the “2024 Convertible Note”), of which $<span id="xdx_905_eus-gaap--LongTermDebt_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_zOaKmLpi0Z1d" title="Long term debt">4.1</span> million was funded as of December 31, 2024, representing an original issue discount of ten percent. The Company elected the fair value guidance under ASC 825-10 and the 2024 Convertible Note was recognized at initial fair value as of the issuance date. The value of the 2024 Convertible Note at issuance approximated fair value as of December 31, 2024. Any issuances of additional convertible notes are subject to the terms and conditions of the 2024 Security Purchase Agreement (see Note 8).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 30, 2025, the Company, entered into Share Exchange Agreements (the “Share Exchange Agreements”), with two investors. The investors are shareholders of M2i, whose common stock is publicly quoted on the OTCQB Venture Market of OTC Markets Group, Inc. under the symbol “MTWO”. Pursuant to the Share Exchange Agreements, the Company agreed to issue an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250930__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_z1YoY8KwhEw9" title="Common stock issued during period shares">1,197,604</span> shares of the Company’s Class A common stock to the investors in exchange for an aggregate of <span id="xdx_90F_ecustom--CommonStockReceivedInShareExchangeAgreement_pid_c20250930__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zHXefvKdHGw6" title="Common stock received in share exchange agreement">16,000,000</span> shares of M2i common stock (the “Investment in M2i”). At the date of the exchange, the Company recognized a loss of $<span id="xdx_908_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20250930__20250930_zVXKWGK0TEuj" title="Loss on change in fair value">115</span> thousand in “Loss from change in fair value of financial instruments” on the consolidated statement of operations for the difference between the fair value of the Company’s common stock that were issued and the fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 16, 2026, the Company entered into two additional Share Exchange Agreements, and on April 17, 2026 the Company entered into a final Share Exchange Agreement with investors who are M2i shareholders. Pursuant to the additional Share Exchange Agreements, the Company agreed to issue an aggregate <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zKljwbIp3uRa" title="Common stock issued during period shares">5,407,499</span> shares of the Company’s Class A common stock in exchange for an aggregate of <span id="xdx_906_ecustom--CommonStockReceivedInShareExchangeAgreement_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zcGksZ01aj9j" title="Common stock received in share exchange agreement">48,044,912</span> shares of M2i common stock. At the date of exchange, the Company recognized a loss of $<span id="xdx_902_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260416__20260416_z1uuvW9zNSff" title="Loss on change in fair value">80</span> thousand for the difference between the fair value of the shares of the Company’s common stock that were issued and the fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 28, 2026, the Company entered into a mutual termination and release agreement with one of the M2i Investors because the investor failed to transfer and deliver <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorOneMember_zUT7AToZz0Fl" title="Common stock issued during period shares">27,902,467</span> M2i shares to the Company as required by the Share Exchange Agreements. In addition, the Company filed suite with another of the M2i Investors because the investor failed to transfer and deliver <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorTwoMember_zXzyveZhvkea" title="Common stock issued during period shares">4,000,000</span> M2i Shares to the Company as required by the Share Exchange Agreements. In conjunction with the mutual termination and release agreement and suite filed, the Company cancelled <span id="xdx_902_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zhdCSPpWvjfc" title="Cancelled share pf common stock">3,258,886</span> shares of Company common stock that were previously issued to the investors. During the three and six months ended June 30, 2026, the Company recorded a gain of $<span id="xdx_907_eus-gaap--GainLossOnContractTermination_pn3n3_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zaHmWbe3Mb21" title="Gain on termination">959</span> thousand due to unwind of the terminated agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in M2i is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in M2i is classified within Level 2 of the fair value hierarchy under ASC 820, as it is based on quoted prices for identical assets in inactive markets. The inputs are obtained from OTC quoted prices for level II. During the six months ended June 30, 2026, the Company recorded a net loss of $<span id="xdx_902_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260101__20260630_z0PybbAvv3k6">450</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand related to the change in fair value of the remaining Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2025, the Company entered into the Amendment with flyExclusive, as described in Note 1. As part of the amendment, flyExclusive agreed to pay $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveIncMember_z5UbihL1FJRe" title="Payment in cash">2.1</span> million in cash or shares of common stock to the Company for the net payables option and the proceeds from the sale of the fourth G280. flyExclusive issued the Company <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251001__20251231_zfP0OU2gy86" title="Issuance of shares">432,099</span> shares of Class A common stock (the “Investment in flyExclusive”) in the fourth quarter of 2025. At the date of the exchange, the Company recognized a loss of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20251001__20251031_zzNuZhmC653d" title="Payment in cash">6.1</span> million in Other Expense in the consolidated statements of operations. In January 2026, the Company effected a divided of the shares of flyExclusive stock it previously held to its shareholders. With the issuance of the dividend the Company recorded a loss of $101 thousand on the loss of the settlement of shares during the three months ended March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 6, 2026, the Company signed amendment number five to the Agreement with flyExclusive, and sold certain unused intellectual property assets for $<span id="xdx_90E_eus-gaap--ProceedsFromSaleOfIntangibleAssets_pn5n6_c20260306__20260306__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zc8bTDpoCM2f" title="Sale of property">1.3</span> million payable in cash or shares of flyExclusive’s Class A common stock. Such assets represent a portion of the total assets which were anticipated to be sold under one of the Asset Options as described above. flyExclusive issued an aggregate of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260306__20260306__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zbmsOZrCGYy5" title="Issuance of shares">451,901</span> shares of its Class A common stock to the Company in March 2026 and is recorded as Investment in flyExclusive on the consolidated balance sheets. During the three months ended June 30, 2026, the Company recorded a loss of $<span id="xdx_901_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zHVgArpiXRql" title="Loss on change in fair value">54</span> thousand related to the change in fair value of the Investment in flyExclusive. During the six months ended the Company recorded a loss of $<span id="xdx_906_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zirP2fIVeJk2" title="Loss on change in fair value">128</span> thousand related to the change in fair value of the Investment in flyExclusive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in flyExclusive is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in flyExclusive is classified within Level 1 of the fair value hierarchy under ASC 820, as it is traded in an active market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, with the signing of the Amendment with flyExclusive, as described in Note 1, it granted flyExclusive the right to purchase certain aviation-related assets from the Company and assume certain Company obligations (the “Call Option”) and granted the Company the right to sell certain obligations of the Company to flyExclusive (the “Put Option”). The fair value of the Company’s recorded Aviation Asset Option was determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Black-Scholes model was used to determine the fair value as of December 31, 2025. As of December 31, 2025, the Company fair valued the aviation asset and recorded a gain on the asset of $<span id="xdx_906_ecustom--AviationAssetOption_iI_pn3n3_c20251231_zO3pEFbU4zQ4">324</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand. In March of 2026, the Company determined that the exercise of the Call Option and Put Option prior to the expiration of the Agreement was not probable and as such the value of the aviation asset was reduced to <span id="xdx_906_ecustom--AviationAssetOption_iI_dxL_c20260331_z0QnUpYztkC6" style="display: none" title="Aviation asset option::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0804">0</span></span>zero and a loss of $<span id="xdx_904_ecustom--AviationAssetOption_iI_pn3n3_c20251231_z64Hqy9ATEth">324</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand was recorded in gain (loss) on change in financial instruments in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 7, 2026, under the terms of the Purchase Agreement, the Company delivered to the lead investor <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260607__20260607__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0T57DcGznM8" title="Issuance of shares">451,901</span> shares of FlyExclusive, Inc. common stock, previously held by the Company, which resulted in the Company ceasing to hold any shares of FlyExclusive common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zLGHXNeL2qUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents balances of the fair value instruments as of June 30, 2026 and December 31, 2025, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zRx3IOfYWlV6" style="display: none">SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurements as of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in Active Markets</p> <p style="margin-top: 0; margin-bottom: 0">for Identical Assets (Level 1)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs (Level 2)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Unobservable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; width: 36%; text-align: left">Investment in M2i</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_z29fudIdyFb6" style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="-sec-ix-hidden: xdx2ixbrl0810">—</span></td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zJwJGkEY3Wsl" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zS5XwugN1MKf" style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="-sec-ix-hidden: xdx2ixbrl0813">—</span></td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zRzibdIDEmad" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zJTkAWb7z7o7" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0817">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zFb8hUqjYTM4" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zgI51GHn0QUg" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0821">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630_zjQb8bdLxQIb" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurements as of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices</p> <p style="margin-top: 0; margin-bottom: 0">in Active</p> <p style="margin-top: 0; margin-bottom: 0">Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical</p> <p style="margin-top: 0; margin-bottom: 0">Assets (Level 1)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 2)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 36%; text-align: left">Third Tranche Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z6mHkMP6xv65" style="width: 12%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0825">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zB0Dy6mE1oCg" style="width: 12%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0827">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zmcn9IbiwCd1" style="width: 12%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zHawJpj0Uy5k" style="width: 12%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Fourth Tranche Note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zzbsNgjFBSGl" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0833">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_ztuXtz4crxdf" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0835">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zYdwf6BErYDc" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zwBJsFF8zNmj" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zocawy5s6Yid" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0841">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zKHigJBEnG68" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0843">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z2S5eWjcNIW8" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231_zk9Z1rVSSplb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Investment in M2i</td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zj8IyGSD1MHg" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0849">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zCwY72uRX48a" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zY5Ms0iOvvfd" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0853">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zDGq2y1OiYoi" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Investment in flyExclusive</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zES7E8I5kt8a" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zZ5dqT453vk5" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0859">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z2E9TiMFoLh" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0861">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zLJUUezXxGl9" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Aviation asset option</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zjwOnztciTac" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0865">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_z3awJclFdNN8" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0867">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zHGcdgDZzIfc" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_z9yKwL91ndX4" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztb24oiGyqL7" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">1,739</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zElqsck0V2zl" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">1,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zW35tpjAG5e4" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231_zcVDxkRZU07f" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial assets">3,260</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zRWQSH3Kdpeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zXGSqGQoy6I4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes of all convertible notes issued under the 2024 Securities Purchase Agreement (see Note 8) with significant unobservable inputs (Level 3) for the three and six months ended June 30, 2026, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zbpjFbunLUik" style="display: none">SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">2024 Convertible</p> <p style="margin-top: 0; margin-bottom: 0">Notes</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zjw0rv58R5sk" style="width: 16%; text-align: right" title="Beginning balance">4,230</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zUSQHQcXAbS9" style="text-align: right" title="Change in fair value">60</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zEH1uob1CX7k" style="border-bottom: Black 1pt solid; text-align: right" title="Conversions">(4,043</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance at March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_z8C7DN9mRei3" style="text-align: right" title="Beginning balance">247</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zd1Xu6SFHrCl" style="text-align: right" title="Change in fair value">3</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zQguO1EOXjXg" style="border-bottom: Black 1pt solid; text-align: right" title="Conversions">(250</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zibsXb2kNeo2" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0895">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zJkUYLYNvfRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_z09nwvoWKbTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured the Third Tranche Notes using a Monte Carlo simulation valuation model using the following assumptions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_z1PTc8bsdKs3" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Three and six</p> <p style="margin-top: 0; margin-bottom: 0">months ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Third Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Volume Weighted average stock price (“VWAP”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90E_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z3lCby6Uk5db" title="Volume Weighted average stock price">0.27</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Simulation Period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20260101__20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zpozU6vohJ16" title="Simulation Period">0.28</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zos7e21W58Z5" title="Expected Volatility">144.2</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit risk-adjusted rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z5ZyBn1OgFY1" title="Credit risk-adjusted rate">22.1</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zcpvFD12RbKd" title="Risk-free Rate">3.69</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AB_z81wOIEff3s1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zxjmZQatqGOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table represents the change in the Aviation asset option for the three and six months ended, June 30, 2026, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zUTkl8DC5eJ1" style="display: none">FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260630__us-gaap--FairValueByAssetClassAxis__us-gaap--EquitySecuritiesMember_zUTDewy9Fkgg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Aviation asset</p> <p style="margin-top: 0; margin-bottom: 0">option</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zFh4MrEQ9zfb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">324</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_pn3n3_zCaP0OTaona7" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0913">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_z55Ccj3JWlgb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(324</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zsoM7mVSGPMd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0917">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zh8kktouIz01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no transfers between fair value levels during the period. There were no gains and losses attributable to changes in instrument specific credit risk as the Company determined the likelihood of an event of default to be de minimus. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposits approximate their fair value because of the short maturity of those instruments. The Company’s credit facility, convertible notes and other loans approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at June 30, 2026 and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zKEdexpM9aIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commitments and contingencies </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred, and the amount of the assessment can be reasonably estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_843_ecustom--WarrantsPolicyTextBlock_z1eWPgXr6uoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480 <i>Distinguishing Liabilities from Equity</i> (“ASC 480”) and FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z7Xa7ZS0lPkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue recognition </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines revenue recognition pursuant to ASC 606, Revenue from Contracts with Customers, through the following steps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the contract, or contracts, with a customer.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the performance obligation(s) in the contract.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of the transaction price.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of the transaction to the performance obligation(s) in the contract.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize revenue when or as the entity satisfies a performance obligation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has generated revenue primarily through: (i) the sale of aircraft, and (ii) our Vaunt software-as-a-subscription product. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from aircraft sales is recognized upon the delivery of the aircraft.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--DisaggregationOfRevenueTableTextBlock_z03FyLk5ByU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generated revenue during the three and six months ended June 30, 2026 and 2025, broken down as follows, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zsPzdWeNzPLa" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260401__20260630_z08KQ5wUwGbf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250401__20250630_zKGxOOnSBENg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zl54wtGx1gO2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630_zLnSv8A1ixcl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftSalesMember_zwQdbqoWD4hj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Aircraft sales</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0927">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0929">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">49,600</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftManagementRevenueMember_zidBS6ielHse" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Subscription</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">965</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">355</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,967</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">738</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zgll3UwS6QEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">965</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50,338</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AC_zVJuQng24ns3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from the sales of our Vaunt Software-as-a-subscription is deferred and recognized over the subscription term of the software and is included in deferred revenue and customer deposits on the consolidated balance sheets. Additionally, in the three and six months ended June 30, 2026 we recognized revenue of $<span id="xdx_900_eus-gaap--Revenues_pn3n3_c20260101__20260630_z1hCvXA8naci" title="Revenues"><span id="xdx_90D_eus-gaap--Revenues_pn3n3_c20260401__20260630_zNN5Z5jdVEjc" title="Revenues"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20260101__20260630_zPYENVmfFwL8" title="Revenues">152</span></span></span> thousand related to mission control and the third-party non-monetary transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides a rollforward of deferred revenue, recorded in deferred revenue and customer deposits in the consolidated balance sheets, for the six months ended June 30, 2026, in thousands:</span></p> <p id="xdx_892_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zw1T8IdSR505" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_z8ECkPPQ8nFk" style="display: none">SCHEDULE OF CHANGES IN DEFERRED REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zOxFD1u6C2K2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_zZmzIQOpBWh1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,722</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_zez6yU65a0sk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue recognized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,797</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--ContractWithCustomerLiabilityIncreaseFromDeferralOfRevenue_pn3n3_z10TtrbqE3v6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue deferred</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,627</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_z9EhW2No5GH2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zFprU6h35Udh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--AssetsRecognizedFromTheCostsToObtainRevenueContractsPolicyTextBlock_zXtWhgM0oLd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assets Recognized from the Costs to Obtain Revenue Contracts</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize an asset for the incremental costs of obtaining a contract with a client if we expect the amortization period to be longer than one year, such costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. We have determined the costs incurred are incremental and recoverable and are subject to capitalization and amortization under ASC 340-40. The capitalized costs relate to revenue share with Vaunt operators and Vaunt sales commissions. The assets are capitalized and amortized ratably over the expected period of the benefit, which is currently estimated at 14 months. In April, after the sale of mission control to flyExclusive, the Company wrote off $264 thousand of the remining amount of the flyExclusive amortization and is recorded in gain on sale of asset in the consolidated statements of operations as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--CapitalizedContractCostTableTextBlock_zwPK68f0nfZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the asset balances and related amortization expense for the contract assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_z4eQEH5gsDn4" style="display: none">SCHEDULE OF RELATED AMORTIZATION EXPENSES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_482_eus-gaap--CapitalizedContractCostNet_iS_z6fZPNwP5Cg9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_z7OccZch0E5c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_zP3nbhQqyfg3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_z9Og2oFwS89f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the six months ended June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized, net</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_410_20260101__20260630_zhVwEMSiqay7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">750</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(546</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">840</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48E_eus-gaap--CapitalizedContractCostNet_iS_zDay3fo5oVvd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_481_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_z4hzRne1Xbp" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_zWFlu0jdAP22" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_zUxCelFC87P9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_412_20250101__20251231_zUs2sNOGWWCd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0965">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(299</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zc2DveT87ZPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_znnV9WsjX1ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income taxes </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zAbSwa2AjU1g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-based compensation </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, <i>Compensation—Stock Compensation</i>, which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_z0vrWgRtGoIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net income (loss) per share </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of FASB ASC. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the six months ended June 30, 2026, include stock options, restricted stock units and warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zMLIXjiGQwI6" title="Options outstanding">16,509</span> and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhfCWC9Rx9h1" title="Options outstanding">17,857</span> outstanding stock options to purchase an equivalent number of shares of common stock at June 30, 2026, and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zHsTgIIbsYY5" title="Restricted stock shares outstanding">10,964</span> and <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOivB2KOQqG4" title="Restricted stock shares outstanding">15,706</span> outstanding restricted stock units to purchase an equivalent number of shares of common stock at June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also had <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630_zoGw2EWG1sQ3" title="Warrant purchase outstanding"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630_zK9B7ia9qWmd" title="Warrant purchase outstanding">1,161,195</span></span> outstanding warrants to purchase an equivalent number of shares of common stock as of June 30, 2026 and 2025, respectively at a weighted average strike price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260630_zOoojM9JgLi5" title="Weighted average strike price of warrants"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630_zrhG2H7FuZNe" title="Weighted average strike price of warrants">287.50</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zmmF99odNAka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of credit risk </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_907_eus-gaap--FederalDepositInsuranceCorporationPremiumExpense_c20260101__20260630_zZleBf25Y4hb" title="Insured FDIC">250,000</span>. At times, the Company may maintain balances in excess of the federally insured limits. As of June 30, 2026 the Company had approximately $<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_pn5n6_c20260630_zT3auuAseShj" title="FDIC-insured limits">8.2</span> million in excess of FDIC-insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk on cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zEiHtaXoF0Fk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible assets </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets other than goodwill consisted of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination were recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets were carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company reviewed the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicated the impairment, an impairment loss would be recorded for the difference of the value recorded and the fair value. There was no impairment loss for the three months ended June 30, 2026 or 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_z9KNPxdAek75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter. In March 2025, the Company sold GC Aviation, Inc. which held the Part 135 air carrier certificate. In connection with that sale, the Company recorded an impairment on goodwill of $<span id="xdx_90C_eus-gaap--GoodwillImpairmentLoss_pn3n3_c20250101__20250630_zBoSCBkhsaD6" title="Goodwill impairment loss">35</span> thousand for the six months ended June 30, 2025. The loss is recorded in other income, net in the consolidated statements of operations. There was <span id="xdx_902_eus-gaap--GoodwillImpairmentLoss_do_c20260101__20260630_zfdGdhqFQXj5" title="Impairment of goodwill">no</span> impairment loss recorded for the six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_840_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zw1RrF7NYgC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Segment reporting</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identifies operating segments as components of the Company for which discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”), or decision-making group, in making decisions regarding resource allocation and performance assessment. The CODM is the chief executive officer. We determined that the Company operates in a single operating and reportable segment, private aviation services, and the CODM reviews financial information including total assets from continuing operations and net income (loss) from continuing operations before income taxes presented on a consolidated basis for purposes of making operating decisions, allocating resources, and assessing performance. Substantially all of our long-lived assets are located in the U.S.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--CostOfSalesPolicyTextBlock_zWq91fhAj1E9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost of revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue includes costs that are directly related to the related revenue streams – aircraft sales and subscription based revenue. Aircraft sales cost of revenue is our purchase price of the aircraft. Subscription costs includes costs of our proprietary software, the Vaunt platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--AdvertisingCostsPolicyTextBlock_znQjGvcvxDw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advertising costs </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred and included in selling, general and administrative expenses on the consolidated statements of operations. Such advertising amounted to $<span id="xdx_902_eus-gaap--AdvertisingExpense_pn3n3_c20260401__20260630_zngK7wpp5byd" title="Advertising expense">255</span> thousand and $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn3n3_c20250401__20250630_zKZGB6TKwb7c" title="Advertising expense">207</span> thousand for the three months ended June 30, 2026 and 2025, respectively. Advertising amounted to $<span id="xdx_903_eus-gaap--AdvertisingExpense_pn3n3_c20260101__20260630_zq7hqHblFIUg" title="Advertising expense">525</span> thousand and $<span id="xdx_90B_eus-gaap--AdvertisingExpense_pn3n3_c20250101__20250630_zSY30VQNy87" title="Advertising expense">344</span> thousand for the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--LesseeLeasesPolicyTextBlock_ztlx0jEhD7S3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zB4LINf7cVK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. The Company adopted this standard, and the adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. The Company has one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation and cash taxes paid. The Company adopted this standard in its Annual Report on Form 10-K for the year ended December 31, 2025 using the prospective approach. The adoption affected disclosures only and did not impact the Company’s consolidated financial position, results of operations, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 is intended to enhance the disclosures for expenses for all public entities in accordance with ASC Topic 220, Income Statement-Reporting Comprehensive Income. ASU 2024-03 addresses investor requests for more detailed information about expenses, specifically cost of sales and selling, general, and administrative expenses. ASU 2024-03 requires a public entity to disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption presented on the face of the income statement as well as a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires a public entity to disclose the total amount of selling expenses and the entity’s definition of selling expenses. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. A public entity should apply ASU 2024-03 either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments modernize the guidance used to determine when costs incurred in developing internal-use software should be capitalized. The amendments are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the effect of the amendments on its consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This update will be effective beginning after December 15, 2027. The Company is currently evaluating the impact that adoption of ASU 2025-11 will have on its consolidated financial statements.</span></p> <p id="xdx_855_zbR2sPjfWEaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -4700000 -105500000 <p id="xdx_84A_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zgCrUL4YUgK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of presentation </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and following the requirements of the Securities and Exchange Commission (the “SEC”). The unaudited interim consolidated financial statements are condensed and should be read in conjunction with the Company’s annual audited 2025 condensed consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2026. The results of operations for interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2026 or for any other future annual or interim period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zBxI8hgaMhsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassifications</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in 2026 have been reclassified to conform with the current period’s presentation to properly reflect discontinued operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_z1DRF7T4jQlb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principles of consolidatio</i>n</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited interim consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--UseOfEstimates_zvO6yIY75OW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of estimates </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful lives of property, plant, and equipment. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in valuing debt or equity instruments.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income taxes and related valuation allowance.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assessment of long-lived assets impairment.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in the aviation asset put/call option.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif">Accrual and legal estimates</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_84B_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zYCa2wEVvSb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At June 30, 2026 and December 31, 2025, the Company had <span id="xdx_902_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_do_c20260630_zLVkbT3yBRsi" title="Cash equivalents"><span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_do_c20251231_zmaRt6nVI8G" title="Cash equivalents">no</span></span> cash equivalents besides what was in the cash balance as of those dates. The Company had <span id="xdx_90C_eus-gaap--RestrictedCash_iI_do_c20260630_zFh9YJbKIVI7" title="Restricted cash"><span id="xdx_906_eus-gaap--RestrictedCash_iI_do_c20251231_zkD6BQphd4Y1" title="Restricted cash">no</span></span> restricted cash at June 30, 2026, and December 31, 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 0 0 <p id="xdx_841_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zd6BVptGjM87" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts receivable </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026 and 2025, the Company recognized $<span id="xdx_90B_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20260401__20260630_z9ncmsiVwnlj" title="Bad debt expense">6</span> thousand and $<span id="xdx_904_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20250401__20250630_zWwp0N4bgrvh" title="Bad debt expense">123</span> thousand of bad debt expense, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized $<span id="xdx_900_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20260101__20260630_zrdLboVAnfmf" title="Bad debt expense">7</span> thousand and $<span id="xdx_904_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20250101__20250630_z6XFv7XAslhg" title="Bad debt expense">148</span> thousand of bad debt expense, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 6000 123000 7000 148000 <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z5CCtREosyxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed assets </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_ecustom--PropertyPlantAndEquipmentUsefulLivesTableTextBlock_zZYRkUKuiWB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zpapYdqHz053" style="display: none">SCHEDULE OF SEGMENT REPORTING IN NET INCOME OR LOSS AND TOTAL ASSETS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 80%; font-weight: bold; padding-bottom: 1pt">Classification</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Life</b></span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_z3mmNcDADhfe" title="Property plant and equipment useful life">3</span>-<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zDqZzUpRrzZ5" title="Property plant and equipment useful life">7</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zIapgy6Zjsyi" title="Property plant and equipment useful life">5</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zIKhsmqrkJbj" title="Property plant and equipment useful life">5</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_z5GfSTYR0BJf" title="Property plant and equipment useful life">3</span> years</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A9_zCVkTgFZEUx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_ecustom--PropertyPlantAndEquipmentUsefulLivesTableTextBlock_zZYRkUKuiWB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zpapYdqHz053" style="display: none">SCHEDULE OF SEGMENT REPORTING IN NET INCOME OR LOSS AND TOTAL ASSETS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 80%; font-weight: bold; padding-bottom: 1pt">Classification</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Life</b></span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_z3mmNcDADhfe" title="Property plant and equipment useful life">3</span>-<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zDqZzUpRrzZ5" title="Property plant and equipment useful life">7</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zIapgy6Zjsyi" title="Property plant and equipment useful life">5</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zIKhsmqrkJbj" title="Property plant and equipment useful life">5</span> years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_z5GfSTYR0BJf" title="Property plant and equipment useful life">3</span> years</span></td><td style="text-align: left"> </td></tr> </table> P3Y P7Y P5Y P5Y P3Y <p id="xdx_84C_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zhHxrttQbOY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Computer software development </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software development costs are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-40, <i>Internal Use Software</i>. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section “Property and equipment, net” in the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company capitalized $<span id="xdx_909_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zVIvBW0bdzcl" title="Internal software development costs">346</span> thousand and <span id="xdx_908_eus-gaap--CapitalizedComputerSoftwareAdditions_c20250101__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zQFiBz0K1rp3" style="display: none" title="Internal software development costs">0</span>zero of internal software development costs during the six months ended June 30, 2026 and 2025, respectively. The Company recognized $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zdVq5upYlyWb" title="Capitalized computer software amortization expense">42</span> thousand and $<span id="xdx_90B_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250401__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zDOsOJ9GAlk4" title="Capitalized computer software amortization expense">48</span> of amortization expense related to computer software development during the three months ended June 30, 2026 and 2025, respectively. The Company recognized $<span id="xdx_908_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z1TYrxz1HmTf" title="Capitalized computer software amortization expense">69</span> thousand and $<span id="xdx_90E_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zHL9YlLUvJef" title="Capitalized computer software amortization expense">96</span> thousand of amortization expense related to computer software development during the six months ended June 30, 2026 and 2025, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. During the six months ended June 30, 2026 and 2025, the Company reduced the value of software development cost by $<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20260101__20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zyRDrI8x5UTh" title="Reduction in value of software development cost">32</span> thousand and $<span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20250101__20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z1PUzR5hp9N8" title="Reduction in value of software development cost">54</span> thousand, related to a non-monetary exchange with a third party and their use of our mission control software. This software development cost was originally related to software developed for internal use, which was licensed to a third party in a non-monetary transaction and was subsequently sold to the same third-party in March 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 346000 0 42000 48000 69000 96000 32000 54000 <p id="xdx_841_ecustom--WebsiteDevelopmentCostPolicyTextBlock_zifAXZkUQXQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Website development cost</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in FASB ASC 350-40. The Company capitalized no website development costs during the six months ended June 30, 2026 and 2025, respectively. The Company recognized $<span id="xdx_904_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_zV7FjkS69fAj" title="Capitalized computer software, amortization expense">24</span> thousand and $<span id="xdx_906_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250401__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_z9INiv4ImiEb" title="Capitalized computer software, amortization expense">24</span> thousand of amortization expenses during the three months ended June 30, 2026 and 2025, respectively. The company recognized $<span id="xdx_906_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_zoOR3316myVg" title="Capitalized computer software, amortization expense">40</span> thousand and $<span id="xdx_904_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20250630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteDevelopmentCostsMember_zhtPC2llg5u5" title="Capitalized computer software, amortization expense">48</span> thousand of amortization expense during the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 24000 24000 40000 48000 <p id="xdx_84D_eus-gaap--PropertyPlantAndEquipmentImpairment_zBZSjqwQTqOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Valuation of long-lived assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. <span id="xdx_907_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20250101__20250630_zikWnuWeH6Pj" title="Impairment"><span id="xdx_90A_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20260101__20260630_zBDPvqvTCIV4" title="Impairment">No</span></span> impairment was recognized during the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zZj6S4YYk1i2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair value of financial instruments </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted the provisions of FASB ASC 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs to the valuation methodology include:</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for similar assets or liabilities in active markets.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for identical or similar assets or liabilities in inactive markets.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs other than quoted prices that are observable for the asset or liability.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs that are derived principally from or corroborated by observable market date by correlation or other means.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2024, the Company entered into a Securities Purchase Agreement (“2024 Securities Purchase Agreement”) pursuant to which the Company may issue a series of convertible notes for an aggregate principal amount not to exceed $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zDBl5BMv0cNk" title="Principal amount">36.0</span> million. During the year ended December 31, 2024, the Company issued a single convertible note in the principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_zltZpv373v85" title="Principal amount">4.5</span> million, (the “2024 Convertible Note”), of which $<span id="xdx_905_eus-gaap--LongTermDebt_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_zOaKmLpi0Z1d" title="Long term debt">4.1</span> million was funded as of December 31, 2024, representing an original issue discount of ten percent. The Company elected the fair value guidance under ASC 825-10 and the 2024 Convertible Note was recognized at initial fair value as of the issuance date. The value of the 2024 Convertible Note at issuance approximated fair value as of December 31, 2024. Any issuances of additional convertible notes are subject to the terms and conditions of the 2024 Security Purchase Agreement (see Note 8).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 30, 2025, the Company, entered into Share Exchange Agreements (the “Share Exchange Agreements”), with two investors. The investors are shareholders of M2i, whose common stock is publicly quoted on the OTCQB Venture Market of OTC Markets Group, Inc. under the symbol “MTWO”. Pursuant to the Share Exchange Agreements, the Company agreed to issue an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250930__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_z1YoY8KwhEw9" title="Common stock issued during period shares">1,197,604</span> shares of the Company’s Class A common stock to the investors in exchange for an aggregate of <span id="xdx_90F_ecustom--CommonStockReceivedInShareExchangeAgreement_pid_c20250930__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zHXefvKdHGw6" title="Common stock received in share exchange agreement">16,000,000</span> shares of M2i common stock (the “Investment in M2i”). At the date of the exchange, the Company recognized a loss of $<span id="xdx_908_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20250930__20250930_zVXKWGK0TEuj" title="Loss on change in fair value">115</span> thousand in “Loss from change in fair value of financial instruments” on the consolidated statement of operations for the difference between the fair value of the Company’s common stock that were issued and the fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 16, 2026, the Company entered into two additional Share Exchange Agreements, and on April 17, 2026 the Company entered into a final Share Exchange Agreement with investors who are M2i shareholders. Pursuant to the additional Share Exchange Agreements, the Company agreed to issue an aggregate <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zKljwbIp3uRa" title="Common stock issued during period shares">5,407,499</span> shares of the Company’s Class A common stock in exchange for an aggregate of <span id="xdx_906_ecustom--CommonStockReceivedInShareExchangeAgreement_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zcGksZ01aj9j" title="Common stock received in share exchange agreement">48,044,912</span> shares of M2i common stock. At the date of exchange, the Company recognized a loss of $<span id="xdx_902_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260416__20260416_z1uuvW9zNSff" title="Loss on change in fair value">80</span> thousand for the difference between the fair value of the shares of the Company’s common stock that were issued and the fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 28, 2026, the Company entered into a mutual termination and release agreement with one of the M2i Investors because the investor failed to transfer and deliver <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorOneMember_zUT7AToZz0Fl" title="Common stock issued during period shares">27,902,467</span> M2i shares to the Company as required by the Share Exchange Agreements. In addition, the Company filed suite with another of the M2i Investors because the investor failed to transfer and deliver <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorTwoMember_zXzyveZhvkea" title="Common stock issued during period shares">4,000,000</span> M2i Shares to the Company as required by the Share Exchange Agreements. In conjunction with the mutual termination and release agreement and suite filed, the Company cancelled <span id="xdx_902_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_pid_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zhdCSPpWvjfc" title="Cancelled share pf common stock">3,258,886</span> shares of Company common stock that were previously issued to the investors. During the three and six months ended June 30, 2026, the Company recorded a gain of $<span id="xdx_907_eus-gaap--GainLossOnContractTermination_pn3n3_c20260416__20260416__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zaHmWbe3Mb21" title="Gain on termination">959</span> thousand due to unwind of the terminated agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in M2i is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in M2i is classified within Level 2 of the fair value hierarchy under ASC 820, as it is based on quoted prices for identical assets in inactive markets. The inputs are obtained from OTC quoted prices for level II. During the six months ended June 30, 2026, the Company recorded a net loss of $<span id="xdx_902_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260101__20260630_z0PybbAvv3k6">450</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand related to the change in fair value of the remaining Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2025, the Company entered into the Amendment with flyExclusive, as described in Note 1. As part of the amendment, flyExclusive agreed to pay $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveIncMember_z5UbihL1FJRe" title="Payment in cash">2.1</span> million in cash or shares of common stock to the Company for the net payables option and the proceeds from the sale of the fourth G280. flyExclusive issued the Company <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251001__20251231_zfP0OU2gy86" title="Issuance of shares">432,099</span> shares of Class A common stock (the “Investment in flyExclusive”) in the fourth quarter of 2025. At the date of the exchange, the Company recognized a loss of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20251001__20251031_zzNuZhmC653d" title="Payment in cash">6.1</span> million in Other Expense in the consolidated statements of operations. In January 2026, the Company effected a divided of the shares of flyExclusive stock it previously held to its shareholders. With the issuance of the dividend the Company recorded a loss of $101 thousand on the loss of the settlement of shares during the three months ended March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 6, 2026, the Company signed amendment number five to the Agreement with flyExclusive, and sold certain unused intellectual property assets for $<span id="xdx_90E_eus-gaap--ProceedsFromSaleOfIntangibleAssets_pn5n6_c20260306__20260306__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zc8bTDpoCM2f" title="Sale of property">1.3</span> million payable in cash or shares of flyExclusive’s Class A common stock. Such assets represent a portion of the total assets which were anticipated to be sold under one of the Asset Options as described above. flyExclusive issued an aggregate of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260306__20260306__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zbmsOZrCGYy5" title="Issuance of shares">451,901</span> shares of its Class A common stock to the Company in March 2026 and is recorded as Investment in flyExclusive on the consolidated balance sheets. During the three months ended June 30, 2026, the Company recorded a loss of $<span id="xdx_901_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260401__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zHVgArpiXRql" title="Loss on change in fair value">54</span> thousand related to the change in fair value of the Investment in flyExclusive. During the six months ended the Company recorded a loss of $<span id="xdx_906_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20260101__20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zirP2fIVeJk2" title="Loss on change in fair value">128</span> thousand related to the change in fair value of the Investment in flyExclusive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in flyExclusive is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in flyExclusive is classified within Level 1 of the fair value hierarchy under ASC 820, as it is traded in an active market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, with the signing of the Amendment with flyExclusive, as described in Note 1, it granted flyExclusive the right to purchase certain aviation-related assets from the Company and assume certain Company obligations (the “Call Option”) and granted the Company the right to sell certain obligations of the Company to flyExclusive (the “Put Option”). The fair value of the Company’s recorded Aviation Asset Option was determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Black-Scholes model was used to determine the fair value as of December 31, 2025. As of December 31, 2025, the Company fair valued the aviation asset and recorded a gain on the asset of $<span id="xdx_906_ecustom--AviationAssetOption_iI_pn3n3_c20251231_zO3pEFbU4zQ4">324</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand. In March of 2026, the Company determined that the exercise of the Call Option and Put Option prior to the expiration of the Agreement was not probable and as such the value of the aviation asset was reduced to <span id="xdx_906_ecustom--AviationAssetOption_iI_dxL_c20260331_z0QnUpYztkC6" style="display: none" title="Aviation asset option::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0804">0</span></span>zero and a loss of $<span id="xdx_904_ecustom--AviationAssetOption_iI_pn3n3_c20251231_z64Hqy9ATEth">324</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand was recorded in gain (loss) on change in financial instruments in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 7, 2026, under the terms of the Purchase Agreement, the Company delivered to the lead investor <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260607__20260607__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0T57DcGznM8" title="Issuance of shares">451,901</span> shares of FlyExclusive, Inc. common stock, previously held by the Company, which resulted in the Company ceasing to hold any shares of FlyExclusive common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zLGHXNeL2qUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents balances of the fair value instruments as of June 30, 2026 and December 31, 2025, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zRx3IOfYWlV6" style="display: none">SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurements as of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in Active Markets</p> <p style="margin-top: 0; margin-bottom: 0">for Identical Assets (Level 1)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs (Level 2)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Unobservable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; width: 36%; text-align: left">Investment in M2i</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_z29fudIdyFb6" style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="-sec-ix-hidden: xdx2ixbrl0810">—</span></td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zJwJGkEY3Wsl" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zS5XwugN1MKf" style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="-sec-ix-hidden: xdx2ixbrl0813">—</span></td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zRzibdIDEmad" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zJTkAWb7z7o7" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0817">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zFb8hUqjYTM4" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zgI51GHn0QUg" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0821">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630_zjQb8bdLxQIb" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurements as of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices</p> <p style="margin-top: 0; margin-bottom: 0">in Active</p> <p style="margin-top: 0; margin-bottom: 0">Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical</p> <p style="margin-top: 0; margin-bottom: 0">Assets (Level 1)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 2)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 36%; text-align: left">Third Tranche Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z6mHkMP6xv65" style="width: 12%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0825">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zB0Dy6mE1oCg" style="width: 12%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0827">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zmcn9IbiwCd1" style="width: 12%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zHawJpj0Uy5k" style="width: 12%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Fourth Tranche Note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zzbsNgjFBSGl" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0833">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_ztuXtz4crxdf" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0835">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zYdwf6BErYDc" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zwBJsFF8zNmj" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zocawy5s6Yid" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0841">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zKHigJBEnG68" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0843">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z2S5eWjcNIW8" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231_zk9Z1rVSSplb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Investment in M2i</td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zj8IyGSD1MHg" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0849">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zCwY72uRX48a" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zY5Ms0iOvvfd" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0853">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zDGq2y1OiYoi" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Investment in flyExclusive</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zES7E8I5kt8a" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zZ5dqT453vk5" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0859">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z2E9TiMFoLh" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0861">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zLJUUezXxGl9" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Aviation asset option</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zjwOnztciTac" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0865">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_z3awJclFdNN8" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0867">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zHGcdgDZzIfc" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_z9yKwL91ndX4" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztb24oiGyqL7" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">1,739</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zElqsck0V2zl" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">1,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zW35tpjAG5e4" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231_zcVDxkRZU07f" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial assets">3,260</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zRWQSH3Kdpeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zXGSqGQoy6I4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes of all convertible notes issued under the 2024 Securities Purchase Agreement (see Note 8) with significant unobservable inputs (Level 3) for the three and six months ended June 30, 2026, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zbpjFbunLUik" style="display: none">SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">2024 Convertible</p> <p style="margin-top: 0; margin-bottom: 0">Notes</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zjw0rv58R5sk" style="width: 16%; text-align: right" title="Beginning balance">4,230</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zUSQHQcXAbS9" style="text-align: right" title="Change in fair value">60</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zEH1uob1CX7k" style="border-bottom: Black 1pt solid; text-align: right" title="Conversions">(4,043</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance at March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_z8C7DN9mRei3" style="text-align: right" title="Beginning balance">247</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zd1Xu6SFHrCl" style="text-align: right" title="Change in fair value">3</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zQguO1EOXjXg" style="border-bottom: Black 1pt solid; text-align: right" title="Conversions">(250</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zibsXb2kNeo2" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0895">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zJkUYLYNvfRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_z09nwvoWKbTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured the Third Tranche Notes using a Monte Carlo simulation valuation model using the following assumptions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_z1PTc8bsdKs3" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Three and six</p> <p style="margin-top: 0; margin-bottom: 0">months ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Third Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Volume Weighted average stock price (“VWAP”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90E_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z3lCby6Uk5db" title="Volume Weighted average stock price">0.27</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Simulation Period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20260101__20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zpozU6vohJ16" title="Simulation Period">0.28</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zos7e21W58Z5" title="Expected Volatility">144.2</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit risk-adjusted rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z5ZyBn1OgFY1" title="Credit risk-adjusted rate">22.1</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zcpvFD12RbKd" title="Risk-free Rate">3.69</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AB_z81wOIEff3s1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zxjmZQatqGOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table represents the change in the Aviation asset option for the three and six months ended, June 30, 2026, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zUTkl8DC5eJ1" style="display: none">FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260630__us-gaap--FairValueByAssetClassAxis__us-gaap--EquitySecuritiesMember_zUTDewy9Fkgg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Aviation asset</p> <p style="margin-top: 0; margin-bottom: 0">option</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zFh4MrEQ9zfb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">324</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_pn3n3_zCaP0OTaona7" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0913">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_z55Ccj3JWlgb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(324</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zsoM7mVSGPMd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0917">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zh8kktouIz01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no transfers between fair value levels during the period. There were no gains and losses attributable to changes in instrument specific credit risk as the Company determined the likelihood of an event of default to be de minimus. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposits approximate their fair value because of the short maturity of those instruments. The Company’s credit facility, convertible notes and other loans approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at June 30, 2026 and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 36000000.0 4500000 4100000 1197604 16000000 115000 5407499 48044912 80000 27902467 4000000 3258886 959000 450000 2100000 432099 6100000 1300000 451901 54000 128000 324000 324000 451901 <p id="xdx_892_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zLGHXNeL2qUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents balances of the fair value instruments as of June 30, 2026 and December 31, 2025, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zRx3IOfYWlV6" style="display: none">SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurements as of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in Active Markets</p> <p style="margin-top: 0; margin-bottom: 0">for Identical Assets (Level 1)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs (Level 2)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Unobservable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; width: 36%; text-align: left">Investment in M2i</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_z29fudIdyFb6" style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="-sec-ix-hidden: xdx2ixbrl0810">—</span></td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zJwJGkEY3Wsl" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zS5XwugN1MKf" style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="-sec-ix-hidden: xdx2ixbrl0813">—</span></td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zRzibdIDEmad" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zJTkAWb7z7o7" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0817">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zFb8hUqjYTM4" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zgI51GHn0QUg" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0821">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20260630_zjQb8bdLxQIb" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">643</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurements as of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices</p> <p style="margin-top: 0; margin-bottom: 0">in Active</p> <p style="margin-top: 0; margin-bottom: 0">Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical</p> <p style="margin-top: 0; margin-bottom: 0">Assets (Level 1)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 2)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable</p> <p style="margin-top: 0; margin-bottom: 0">Inputs (Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 36%; text-align: left">Third Tranche Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z6mHkMP6xv65" style="width: 12%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0825">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zB0Dy6mE1oCg" style="width: 12%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0827">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zmcn9IbiwCd1" style="width: 12%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zHawJpj0Uy5k" style="width: 12%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Fourth Tranche Note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zzbsNgjFBSGl" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0833">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_ztuXtz4crxdf" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0835">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zYdwf6BErYDc" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zwBJsFF8zNmj" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zocawy5s6Yid" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0841">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zKHigJBEnG68" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0843">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z2S5eWjcNIW8" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iI_pn3n3_c20251231_zk9Z1rVSSplb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Investment in M2i</td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zj8IyGSD1MHg" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0849">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zCwY72uRX48a" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zY5Ms0iOvvfd" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0853">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zDGq2y1OiYoi" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Investment in flyExclusive</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zES7E8I5kt8a" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zZ5dqT453vk5" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0859">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z2E9TiMFoLh" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0861">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zLJUUezXxGl9" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Aviation asset option</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zjwOnztciTac" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0865">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_z3awJclFdNN8" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0867">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zHGcdgDZzIfc" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_z9yKwL91ndX4" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztb24oiGyqL7" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">1,739</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zElqsck0V2zl" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">1,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zW35tpjAG5e4" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231_zcVDxkRZU07f" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial assets">3,260</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 643000 643000 643000 643000 3148000 3148000 1082000 1082000 4230000 4230000 1197000 1197000 1739000 1739000 324000 324000 1739000 1197000 324000 3260000 <p id="xdx_89E_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zXGSqGQoy6I4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes of all convertible notes issued under the 2024 Securities Purchase Agreement (see Note 8) with significant unobservable inputs (Level 3) for the three and six months ended June 30, 2026, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zbpjFbunLUik" style="display: none">SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">2024 Convertible</p> <p style="margin-top: 0; margin-bottom: 0">Notes</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zjw0rv58R5sk" style="width: 16%; text-align: right" title="Beginning balance">4,230</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zUSQHQcXAbS9" style="text-align: right" title="Change in fair value">60</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zEH1uob1CX7k" style="border-bottom: Black 1pt solid; text-align: right" title="Conversions">(4,043</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance at March 31, 2026</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_z8C7DN9mRei3" style="text-align: right" title="Beginning balance">247</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zd1Xu6SFHrCl" style="text-align: right" title="Change in fair value">3</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Conversions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zQguO1EOXjXg" style="border-bottom: Black 1pt solid; text-align: right" title="Conversions">(250</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20260401__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zibsXb2kNeo2" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0895">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4230000 60000 -4043000 247000 3000 -250000 <p id="xdx_89E_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_z09nwvoWKbTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured the Third Tranche Notes using a Monte Carlo simulation valuation model using the following assumptions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_z1PTc8bsdKs3" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Three and six</p> <p style="margin-top: 0; margin-bottom: 0">months ended</p> <p style="margin-top: 0; margin-bottom: 0">June 30, 2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Third Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Volume Weighted average stock price (“VWAP”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90E_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z3lCby6Uk5db" title="Volume Weighted average stock price">0.27</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Simulation Period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20260101__20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zpozU6vohJ16" title="Simulation Period">0.28</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zos7e21W58Z5" title="Expected Volatility">144.2</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit risk-adjusted rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_z5ZyBn1OgFY1" title="Credit risk-adjusted rate">22.1</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zcpvFD12RbKd" title="Risk-free Rate">3.69</span></td><td style="text-align: left">%</td></tr> </table> 0.27 P0Y3M10D 144.2 22.1 3.69 <p id="xdx_89D_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zxjmZQatqGOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table represents the change in the Aviation asset option for the three and six months ended, June 30, 2026, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zUTkl8DC5eJ1" style="display: none">FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260630__us-gaap--FairValueByAssetClassAxis__us-gaap--EquitySecuritiesMember_zUTDewy9Fkgg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Aviation asset</p> <p style="margin-top: 0; margin-bottom: 0">option</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zFh4MrEQ9zfb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">324</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_pn3n3_zCaP0OTaona7" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0913">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_z55Ccj3JWlgb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(324</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zsoM7mVSGPMd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0917">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 324000 -324000 <p id="xdx_842_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zKEdexpM9aIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commitments and contingencies </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred, and the amount of the assessment can be reasonably estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_843_ecustom--WarrantsPolicyTextBlock_z1eWPgXr6uoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480 <i>Distinguishing Liabilities from Equity</i> (“ASC 480”) and FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z7Xa7ZS0lPkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue recognition </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines revenue recognition pursuant to ASC 606, Revenue from Contracts with Customers, through the following steps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the contract, or contracts, with a customer.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the performance obligation(s) in the contract.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of the transaction price.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of the transaction to the performance obligation(s) in the contract.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize revenue when or as the entity satisfies a performance obligation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has generated revenue primarily through: (i) the sale of aircraft, and (ii) our Vaunt software-as-a-subscription product. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from aircraft sales is recognized upon the delivery of the aircraft.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--DisaggregationOfRevenueTableTextBlock_z03FyLk5ByU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generated revenue during the three and six months ended June 30, 2026 and 2025, broken down as follows, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zsPzdWeNzPLa" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260401__20260630_z08KQ5wUwGbf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250401__20250630_zKGxOOnSBENg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zl54wtGx1gO2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630_zLnSv8A1ixcl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftSalesMember_zwQdbqoWD4hj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Aircraft sales</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0927">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0929">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">49,600</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftManagementRevenueMember_zidBS6ielHse" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Subscription</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">965</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">355</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,967</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">738</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zgll3UwS6QEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">965</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50,338</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AC_zVJuQng24ns3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from the sales of our Vaunt Software-as-a-subscription is deferred and recognized over the subscription term of the software and is included in deferred revenue and customer deposits on the consolidated balance sheets. Additionally, in the three and six months ended June 30, 2026 we recognized revenue of $<span id="xdx_900_eus-gaap--Revenues_pn3n3_c20260101__20260630_z1hCvXA8naci" title="Revenues"><span id="xdx_90D_eus-gaap--Revenues_pn3n3_c20260401__20260630_zNN5Z5jdVEjc" title="Revenues"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20260101__20260630_zPYENVmfFwL8" title="Revenues">152</span></span></span> thousand related to mission control and the third-party non-monetary transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides a rollforward of deferred revenue, recorded in deferred revenue and customer deposits in the consolidated balance sheets, for the six months ended June 30, 2026, in thousands:</span></p> <p id="xdx_892_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zw1T8IdSR505" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_z8ECkPPQ8nFk" style="display: none">SCHEDULE OF CHANGES IN DEFERRED REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zOxFD1u6C2K2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_zZmzIQOpBWh1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,722</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_zez6yU65a0sk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue recognized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,797</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--ContractWithCustomerLiabilityIncreaseFromDeferralOfRevenue_pn3n3_z10TtrbqE3v6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue deferred</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,627</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_z9EhW2No5GH2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zFprU6h35Udh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--DisaggregationOfRevenueTableTextBlock_z03FyLk5ByU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generated revenue during the three and six months ended June 30, 2026 and 2025, broken down as follows, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zsPzdWeNzPLa" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260401__20260630_z08KQ5wUwGbf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250401__20250630_zKGxOOnSBENg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zl54wtGx1gO2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630_zLnSv8A1ixcl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftSalesMember_zwQdbqoWD4hj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Aircraft sales</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0927">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0929">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">49,600</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftManagementRevenueMember_zidBS6ielHse" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Subscription</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">965</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">355</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,967</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">738</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zgll3UwS6QEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">965</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50,338</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> 24500000 49600000 965000 355000 1967000 738000 965000 24855000 1967000 50338000 152000 152000 152000 <p id="xdx_892_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zw1T8IdSR505" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_z8ECkPPQ8nFk" style="display: none">SCHEDULE OF CHANGES IN DEFERRED REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zOxFD1u6C2K2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_zZmzIQOpBWh1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,722</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_zez6yU65a0sk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue recognized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,797</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--ContractWithCustomerLiabilityIncreaseFromDeferralOfRevenue_pn3n3_z10TtrbqE3v6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue deferred</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,627</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_z9EhW2No5GH2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2722000 -1797000 3627000 4552000 <p id="xdx_84C_ecustom--AssetsRecognizedFromTheCostsToObtainRevenueContractsPolicyTextBlock_zXtWhgM0oLd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assets Recognized from the Costs to Obtain Revenue Contracts</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize an asset for the incremental costs of obtaining a contract with a client if we expect the amortization period to be longer than one year, such costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. We have determined the costs incurred are incremental and recoverable and are subject to capitalization and amortization under ASC 340-40. The capitalized costs relate to revenue share with Vaunt operators and Vaunt sales commissions. The assets are capitalized and amortized ratably over the expected period of the benefit, which is currently estimated at 14 months. In April, after the sale of mission control to flyExclusive, the Company wrote off $264 thousand of the remining amount of the flyExclusive amortization and is recorded in gain on sale of asset in the consolidated statements of operations as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--CapitalizedContractCostTableTextBlock_zwPK68f0nfZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the asset balances and related amortization expense for the contract assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_z4eQEH5gsDn4" style="display: none">SCHEDULE OF RELATED AMORTIZATION EXPENSES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_482_eus-gaap--CapitalizedContractCostNet_iS_z6fZPNwP5Cg9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_z7OccZch0E5c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_zP3nbhQqyfg3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_z9Og2oFwS89f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the six months ended June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized, net</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_410_20260101__20260630_zhVwEMSiqay7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">750</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(546</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">840</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48E_eus-gaap--CapitalizedContractCostNet_iS_zDay3fo5oVvd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_481_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_z4hzRne1Xbp" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_zWFlu0jdAP22" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_zUxCelFC87P9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_412_20250101__20251231_zUs2sNOGWWCd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0965">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(299</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zc2DveT87ZPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_893_eus-gaap--CapitalizedContractCostTableTextBlock_zwPK68f0nfZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the asset balances and related amortization expense for the contract assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_z4eQEH5gsDn4" style="display: none">SCHEDULE OF RELATED AMORTIZATION EXPENSES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_482_eus-gaap--CapitalizedContractCostNet_iS_z6fZPNwP5Cg9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_z7OccZch0E5c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_zP3nbhQqyfg3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_z9Og2oFwS89f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the six months ended June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized, net</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_410_20260101__20260630_zhVwEMSiqay7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">750</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(546</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">840</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48E_eus-gaap--CapitalizedContractCostNet_iS_zDay3fo5oVvd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_481_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_z4hzRne1Xbp" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_zWFlu0jdAP22" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_zUxCelFC87P9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_412_20250101__20251231_zUs2sNOGWWCd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0965">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(299</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td></tr> </table> 636000 750000 -546000 840000 935000 -299000 636000 <p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_znnV9WsjX1ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income taxes </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zAbSwa2AjU1g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-based compensation </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, <i>Compensation—Stock Compensation</i>, which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_z0vrWgRtGoIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net income (loss) per share </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of FASB ASC. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the six months ended June 30, 2026, include stock options, restricted stock units and warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zMLIXjiGQwI6" title="Options outstanding">16,509</span> and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhfCWC9Rx9h1" title="Options outstanding">17,857</span> outstanding stock options to purchase an equivalent number of shares of common stock at June 30, 2026, and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zHsTgIIbsYY5" title="Restricted stock shares outstanding">10,964</span> and <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOivB2KOQqG4" title="Restricted stock shares outstanding">15,706</span> outstanding restricted stock units to purchase an equivalent number of shares of common stock at June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also had <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630_zoGw2EWG1sQ3" title="Warrant purchase outstanding"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630_zK9B7ia9qWmd" title="Warrant purchase outstanding">1,161,195</span></span> outstanding warrants to purchase an equivalent number of shares of common stock as of June 30, 2026 and 2025, respectively at a weighted average strike price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20260630_zOoojM9JgLi5" title="Weighted average strike price of warrants"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630_zrhG2H7FuZNe" title="Weighted average strike price of warrants">287.50</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 16509 17857 10964 15706 1161195 1161195 287.50 287.50 <p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zmmF99odNAka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of credit risk </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_907_eus-gaap--FederalDepositInsuranceCorporationPremiumExpense_c20260101__20260630_zZleBf25Y4hb" title="Insured FDIC">250,000</span>. At times, the Company may maintain balances in excess of the federally insured limits. As of June 30, 2026 the Company had approximately $<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_pn5n6_c20260630_zT3auuAseShj" title="FDIC-insured limits">8.2</span> million in excess of FDIC-insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk on cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 250000 8200000 <p id="xdx_844_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zEiHtaXoF0Fk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible assets </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets other than goodwill consisted of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination were recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets were carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company reviewed the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicated the impairment, an impairment loss would be recorded for the difference of the value recorded and the fair value. There was no impairment loss for the three months ended June 30, 2026 or 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_z9KNPxdAek75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter. In March 2025, the Company sold GC Aviation, Inc. which held the Part 135 air carrier certificate. In connection with that sale, the Company recorded an impairment on goodwill of $<span id="xdx_90C_eus-gaap--GoodwillImpairmentLoss_pn3n3_c20250101__20250630_zBoSCBkhsaD6" title="Goodwill impairment loss">35</span> thousand for the six months ended June 30, 2025. The loss is recorded in other income, net in the consolidated statements of operations. There was <span id="xdx_902_eus-gaap--GoodwillImpairmentLoss_do_c20260101__20260630_zfdGdhqFQXj5" title="Impairment of goodwill">no</span> impairment loss recorded for the six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> 35000 0 <p id="xdx_840_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zw1RrF7NYgC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Segment reporting</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identifies operating segments as components of the Company for which discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”), or decision-making group, in making decisions regarding resource allocation and performance assessment. The CODM is the chief executive officer. We determined that the Company operates in a single operating and reportable segment, private aviation services, and the CODM reviews financial information including total assets from continuing operations and net income (loss) from continuing operations before income taxes presented on a consolidated basis for purposes of making operating decisions, allocating resources, and assessing performance. Substantially all of our long-lived assets are located in the U.S.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--CostOfSalesPolicyTextBlock_zWq91fhAj1E9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost of revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue includes costs that are directly related to the related revenue streams – aircraft sales and subscription based revenue. Aircraft sales cost of revenue is our purchase price of the aircraft. Subscription costs includes costs of our proprietary software, the Vaunt platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--AdvertisingCostsPolicyTextBlock_znQjGvcvxDw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advertising costs </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred and included in selling, general and administrative expenses on the consolidated statements of operations. Such advertising amounted to $<span id="xdx_902_eus-gaap--AdvertisingExpense_pn3n3_c20260401__20260630_zngK7wpp5byd" title="Advertising expense">255</span> thousand and $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn3n3_c20250401__20250630_zKZGB6TKwb7c" title="Advertising expense">207</span> thousand for the three months ended June 30, 2026 and 2025, respectively. Advertising amounted to $<span id="xdx_903_eus-gaap--AdvertisingExpense_pn3n3_c20260101__20260630_zq7hqHblFIUg" title="Advertising expense">525</span> thousand and $<span id="xdx_90B_eus-gaap--AdvertisingExpense_pn3n3_c20250101__20250630_zSY30VQNy87" title="Advertising expense">344</span> thousand for the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 255000 207000 525000 344000 <p id="xdx_84D_eus-gaap--LesseeLeasesPolicyTextBlock_ztlx0jEhD7S3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zB4LINf7cVK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. The Company adopted this standard, and the adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. The Company has one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation and cash taxes paid. The Company adopted this standard in its Annual Report on Form 10-K for the year ended December 31, 2025 using the prospective approach. The adoption affected disclosures only and did not impact the Company’s consolidated financial position, results of operations, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 is intended to enhance the disclosures for expenses for all public entities in accordance with ASC Topic 220, Income Statement-Reporting Comprehensive Income. ASU 2024-03 addresses investor requests for more detailed information about expenses, specifically cost of sales and selling, general, and administrative expenses. ASU 2024-03 requires a public entity to disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption presented on the face of the income statement as well as a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires a public entity to disclose the total amount of selling expenses and the entity’s definition of selling expenses. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. A public entity should apply ASU 2024-03 either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments modernize the guidance used to determine when costs incurred in developing internal-use software should be capitalized. The amendments are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the effect of the amendments on its consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This update will be effective beginning after December 15, 2027. The Company is currently evaluating the impact that adoption of ASU 2025-11 will have on its consolidated financial statements.</span></p> <p id="xdx_80F_eus-gaap--DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_zYrlCSCk85si" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 3 – <span id="xdx_82B_zLem2XfkBqFb">DISCONTINUED OPERATIONS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2025, the Company sold GC Aviation, Inc., which held the FAA Part 135 certificate, therefore items related to GC Aviation, Inc. are included in discontinued operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_zvKR8ogK3pld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major classes of line items constituting net income (loss) from discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_z60RR2C3S42" style="display: none">SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260401__20260630_zzlozZmSE093" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250401__20250630_zfGPdgjaq8Za" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630_zcEl8AwFlpxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20250630_zFjbZultcqdk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Month ended June 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueAircraftUsage_pn3n3_zrEQE7Ro307b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Revenue - Aircraft usage</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1028">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1030">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueManagedAircraft_pn3n3_zWClMAXK5s8e" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1033">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1034">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1035">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1036">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposalGroupIncludingDiscontinuedOperationCostsOfRevenueAircraftUsage_pn3n3_zfGsxfYF6wy7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Costs of Revenue - Aircraft usage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1038">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1040">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationCostOfRevenueManagedAircraft_pn3n3_zFjf9eZFc3Yl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cost of Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1043">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1044">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1045">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_pn3n3_zOKGVX0tZo5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1048">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1050">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DisposalGroupIncludingDiscontinuedOperationOtherIncomeLoss_pn3n3_zfo2zuzUsw3e" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other income (loss) from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">946</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,005</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_pn3n3_zx4V2dLYP4sf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Loss from discontinued operations before provision for taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right">844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">714</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DiscontinuedOperationTaxEffectOfDiscontinuedOperation_pn3n3_z1btkWXWF2J3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Benefit for taxes from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1063">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(75</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1065">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(300</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_iT_pn3n3_zTi2N1vpGFL5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net income (loss) from discontinued operations, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">919</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,014</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of assets included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zuSKcHvFiHKb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zU3gwalHoRZ1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet_iI_pn3n3_zenHTlgzSDO7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accounts receivable, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">32</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets_iI_pn3n3_zTdULMFy8Lpb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Prepaid and other assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1076">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">254</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AssetsOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_zu9PaaPYW9Vf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total assets associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of liabilities included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260630_zFoF6fq25ftk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_z8LXhfIlzxZg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities_iI_pn3n3_zuWwxRqwzSh6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accounts payable and accrued liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">35</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,307</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDeferredRevenue_iI_pn3n3_z8uLvMeXKyC9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Customer deposits and deferred revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1085">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">284</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_zPdGM1EgCSV5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total liabilities associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,591</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_ziYQoWIfjk47" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_zvKR8ogK3pld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major classes of line items constituting net income (loss) from discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_z60RR2C3S42" style="display: none">SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260401__20260630_zzlozZmSE093" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250401__20250630_zfGPdgjaq8Za" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630_zcEl8AwFlpxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20250630_zFjbZultcqdk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Month ended June 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueAircraftUsage_pn3n3_zrEQE7Ro307b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Revenue - Aircraft usage</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1028">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1030">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueManagedAircraft_pn3n3_zWClMAXK5s8e" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1033">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1034">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1035">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1036">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposalGroupIncludingDiscontinuedOperationCostsOfRevenueAircraftUsage_pn3n3_zfGsxfYF6wy7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Costs of Revenue - Aircraft usage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1038">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1040">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationCostOfRevenueManagedAircraft_pn3n3_zFjf9eZFc3Yl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cost of Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1043">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1044">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1045">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_pn3n3_zOKGVX0tZo5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1048">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1050">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DisposalGroupIncludingDiscontinuedOperationOtherIncomeLoss_pn3n3_zfo2zuzUsw3e" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other income (loss) from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">946</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,005</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_pn3n3_zx4V2dLYP4sf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Loss from discontinued operations before provision for taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right">844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">714</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DiscontinuedOperationTaxEffectOfDiscontinuedOperation_pn3n3_z1btkWXWF2J3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Benefit for taxes from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1063">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(75</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1065">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(300</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_iT_pn3n3_zTi2N1vpGFL5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net income (loss) from discontinued operations, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">919</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,014</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of assets included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zuSKcHvFiHKb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zU3gwalHoRZ1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet_iI_pn3n3_zenHTlgzSDO7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accounts receivable, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">32</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets_iI_pn3n3_zTdULMFy8Lpb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Prepaid and other assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1076">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">254</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AssetsOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_zu9PaaPYW9Vf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total assets associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of liabilities included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260630_zFoF6fq25ftk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_z8LXhfIlzxZg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities_iI_pn3n3_zuWwxRqwzSh6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accounts payable and accrued liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">35</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,307</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDeferredRevenue_iI_pn3n3_z8uLvMeXKyC9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Customer deposits and deferred revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1085">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">284</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_zPdGM1EgCSV5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total liabilities associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,591</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 24000 80000 27000 64000 1000 99000 306000 103000 946000 103000 1005000 103000 844000 103000 714000 -75000 -300000 103000 919000 103000 1014000 32000 13000 254000 32000 267000 35000 1307000 284000 35000 1591000 <p id="xdx_80E_ecustom--PrepaidExpensesAndOtherCurrentAssetsDisclosureTextBlock_zudtd4tXMJNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 4 – <span id="xdx_829_zuNFztZ0Hus6">PREPAID EXPENSES AND OTHER CURRENT ASSETS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets was $</span><span id="xdx_905_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn5n6_c20260630_zndiySDvdyBh" title="Prepaid expenses and other current assets">0.8</span> million as of June 30, 2026, consisting primarily of $<span id="xdx_904_eus-gaap--PrepaidInsurance_iI_pn5n6_c20260630_z5zTbepGDhw6" title="Prepaid expense insurance">0.5 million of prepaid directors and officers insurance and $</span><span id="xdx_90E_ecustom--PrepaidSoftwareCosts_iI_pn5n6_c20260630_zLYjn5xh3Snc" title="Prepaid software costs">0.1 million of prepaid software costs. The remaining balance consisted of other miscellaneous prepaid expenses and current assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 800000 500000 100000 <p id="xdx_80B_eus-gaap--IntangibleAssetsDisclosureTextBlock_zcEXS92oG5Gi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 5 – <span id="xdx_823_z93om1iqlni6">INTANGIBLES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indefinite - Lived Intangible Assets </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2025, the Company sold GC Aviation, Inc., which held the FAA Part 135 Certificate for $<span id="xdx_906_eus-gaap--GainLossOnDispositionOfIntangibleAssets_pn5n6_c20250331__20250331_zCCULsx9mwxi">2.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million. The Company did not recognize any impairment of the Part 135 certificate during the three months ended March 31, 2025. As of June 30, 2026 and December 31, 2025, the value of the FAA Part 135 certificate was <span id="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20260101__20260630_zonsm1mO2zb3" style="display: none"><span id="xdx_906_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20250101__20251231_zElGm7ALq0Y3">0</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">zero.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2000000.0 0 0 <p id="xdx_806_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zaNRy6tz6YMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 6– <span id="xdx_822_zTOzAKenYU25">PROPERTY AND EQUIPMENT, NET</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consist of the following at June 30, 2026 and December 31, 2025, in thousands:</span></p> <p id="xdx_895_eus-gaap--PropertyPlantAndEquipmentTextBlock_zfw95a2CdFli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_869_zHkuJzlqvgG2" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260630_zqB2tIVTNVD9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zXP1FUPYzTCf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zq4g9gdO9vh2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Machinery and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">186</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zkbX3pxvWFPf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Website development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zgrfJK6egYf1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zjzzpIfh4knj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Software development costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">867</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">553</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_zgbeV9KugJPi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,217</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,041</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_zl1x6HZpRadb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(715</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(718</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_zD4lvK4j2dl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">502</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">323</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_z78NiEtH5J49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026 and 2025, the Company recognized $<span id="xdx_90E_eus-gaap--Depreciation_pn3n3_c20260401__20260630_zhCr4X6EP3Q4" title="Depreciation">61</span> thousand and $<span id="xdx_90D_eus-gaap--Depreciation_pn3n3_c20250401__20250630_zOzynu5VRd2" title="Depreciation">85</span> thousand of depreciation and amortization, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized $<span id="xdx_902_eus-gaap--Depreciation_pn3n3_c20260101__20260630_zUgcgUrvlp22" title="Depreciation">120</span> thousand and $<span id="xdx_901_eus-gaap--Depreciation_pn3n3_c20250101__20250630_zEdB9E656ILf" title="Depreciation">169</span> thousand of depreciation and amortization, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026 and 2025, the Company reduced the value of software development cost by $<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20260101__20260630_zmpwfgySbGo" title="Property, plant and equipment, transfers and changes">32</span> thousand and $<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20250101__20250630_zLIR9kgye5c5" title="Property, plant and equipment, transfers and changes">54</span> thousand, related to a non-monetary exchange with a third party and their use of our mission control software. This software development cost was for software originally developed for internal use and has subsequently been sold to the third party in a non-monetary transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--PropertyPlantAndEquipmentTextBlock_zfw95a2CdFli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_869_zHkuJzlqvgG2" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT, NET</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260630_zqB2tIVTNVD9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zXP1FUPYzTCf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zq4g9gdO9vh2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Machinery and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">186</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zkbX3pxvWFPf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Website development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zgrfJK6egYf1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zjzzpIfh4knj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Software development costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">867</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">553</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_zgbeV9KugJPi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,217</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,041</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_zl1x6HZpRadb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(715</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(718</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_zD4lvK4j2dl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">502</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">323</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 37000 186000 290000 290000 23000 12000 867000 553000 1217000 1041000 715000 718000 502000 323000 61000 85000 120000 169000 32000 54000 <p id="xdx_807_eus-gaap--FinancingReceivablesTextBlock_zj0ScbgiMiFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 7 – <span id="xdx_821_zxSO1SPL0Hxh">NOTE RECEIVABLE</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 20, 2025, the Company sold its former subsidiary GC Aviation, Inc., which held the FAA Part 135 certificate for $<span id="xdx_904_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn5n6_c20250320__us-gaap--DisposalGroupClassificationAxis__us-gaap--DiscontinuedOperationsDisposedOfBySaleMember__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--GCAviationIncMember_zL2iAfVOi2u7" title="Selling price">2.0</span> million and recorded a $<span id="xdx_907_ecustom--DisposalGroupIncludingDiscontinuedOperationConsiderationNoteReceivable_iI_pn5n6_c20250320__us-gaap--DisposalGroupClassificationAxis__us-gaap--DiscontinuedOperationsDisposedOfBySaleMember__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--GCAviationIncMember_zSo8c9vjNbQh" title="Discontinued operation">1.8</span> million note receivable. The note receivable bears interest at a rate of 7% annually amortized over 15 years with a three year balloon payment. The first payment was to be the sooner of 120 days from the date of closing or the first business day following the first charter flight performed by the buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 17, 2026, the Company entered into an amendment to the agreement, under which it sold GC Aviation, Inc. The Company elected to waive certain interest due under the note and extend the first payment date to December 19, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note receivable consisted of the following as of June 30, 2026, and December 31, 2025, in thousands:</span></p> <p id="xdx_894_eus-gaap--ScheduleOfFinancingReceivablesMinimumPaymentsTableTextBlock_zsuMqKr4Tdhb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zvW3I26R6i85" style="display: none">SCHEDULE OF NOTE RECEIVABLE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zXlFIK3qEXR8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_zUeVT7oCtnva" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--InvestmentOwnedUnderlyingFaceAmountAtMarketValue_iI_z0OjpWMdqsCa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Principal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InterestReceivable_iI_z5wtnRGonVgd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Accrued interest receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">108</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">99</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermInvestments_iI_zlX7B4dkyT6g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net carrying value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,908</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,899</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AllowanceForDoubtfulAccountsReceivableNoncurrent_iNI_di_zDI5FVtdYg75" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Note Receivable, short-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(138</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(206</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_zS14ly2SA4Ah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Note receivable, long-term</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,770</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,693</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zraPFjkzspUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2000000.0 1800000 <p id="xdx_894_eus-gaap--ScheduleOfFinancingReceivablesMinimumPaymentsTableTextBlock_zsuMqKr4Tdhb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zvW3I26R6i85" style="display: none">SCHEDULE OF NOTE RECEIVABLE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630_zXlFIK3qEXR8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_zUeVT7oCtnva" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--InvestmentOwnedUnderlyingFaceAmountAtMarketValue_iI_z0OjpWMdqsCa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Principal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InterestReceivable_iI_z5wtnRGonVgd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Accrued interest receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">108</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">99</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermInvestments_iI_zlX7B4dkyT6g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net carrying value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,908</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,899</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AllowanceForDoubtfulAccountsReceivableNoncurrent_iNI_di_zDI5FVtdYg75" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Note Receivable, short-term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(138</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(206</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_zS14ly2SA4Ah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Note receivable, long-term</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,770</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,693</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1800000 1800000 108000 99000 1908000 1899000 138000 206000 1770000 1693000 <p id="xdx_800_eus-gaap--LongTermDebtTextBlock_zC2YM7VtMD9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 8 – <span id="xdx_82D_zU7Gt99AxSB5">UNSECURED CONVERTIBLE NOTES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured convertible notes consisted of the following at June 30, 2026 and December 31, 2025, in thousands:</span></p> <p id="xdx_89F_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zIBucuhX5bFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zEPpL5qfia14" style="display: none">SCHEDULE OF LONG-TERM DEBT INSTRUMENTS</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630_zyDss0Byew8c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zuhv8qM7L0xe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_404_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zObXOmlVD36a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPTkctVEVSTSBERUJUIElOU1RSVU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKio___zqYo2S2fPxM1" title="Debt interest rate percentage">4%</span> coupon, due July 2026<span id="xdx_F41_zi7Xta1w1aFd">**</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1168">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ziEbXwmKhn17" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPTkctVEVSTSBERUJUIElOU1RSVU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKioq_zGU4lt7fI96g" title="Debt interest rate percentage">4%</span> coupon, due October 2026<span id="xdx_F47_zycjGi6uWMJd">***</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1173">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtCurrent_iNI_pn3n3_di_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zOYnqF1Fl6ih" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1178">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,230</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zZCap9DIkU22" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total unsecured convertible note, long term</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1181">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1182">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F02_zo8TCZHpI5Pg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zrbkqturRoF6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Third Tranche Note (as described in this Note 8)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F0F_z9fmSI8RHKqc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z5Xlk0FDD655" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Fourth Tranche Note (as described in this Note 8)</span></td></tr> </table> <p id="xdx_8A6_z8K4nqmEs1Z6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company entered into the 2024 Securities Purchase Agreement as described in Note 2 above pursuant to which the Company may issue a series of convertible notes for an aggregate principal not to exceed $<span id="xdx_90D_eus-gaap--DebtInstrumentFeeAmount_iI_pn5n6_c20260630_zZJ43SCnvJH3" title="Principal not exceed">36.0</span> million. As of June 30, 2026, the Company had issued $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn4n6_c20260630_zT1dzpkwjD11" title="Face value">11.22</span> million in aggregate principal amount of convertible notes, leaving $<span id="xdx_904_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn4n6_c20260630_zBuZlgd45hR" title="Remaining capacity">24.78</span> million of remaining capacity available for future issuances. The Company does not expect to issue additional convertible notes in 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due December 2025 - 2024 Convertible Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company issued a single convertible note in a principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zDaycBoDKIT3">4.5</span> million, (as defined above, the “2024 Convertible Note”) of which $<span id="xdx_90A_eus-gaap--LongTermDebt_iI_pn5n6_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zM3ZUDdDl5Si">4.1</span> million was funded as of December 31, 2024, representing an original issue discount of ten percent. Interest is payable quarterly at the Company’s option and shall either be (i) paid in cash; (ii) paid-in-kind in shares of common stock; or (iii) compound and become additional principal outstanding. The Company recorded $<span id="xdx_90B_eus-gaap--InterestPayableCurrent_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zYco4DgqruAg">14</span> thousand of accrued interest expense in the year ended December 31, 2024. During the three months ended March 31, 2025 the $<span id="xdx_900_eus-gaap--PaidInKindInterest_pn3n3_c20250101__20250331__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zfNf3p1TZjb">14</span> thousand of paid-in-kind interest was rolled into the principal balance of the 2024 Convertible note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2024 Convertible Note is accounted for as a single liability measured at fair value in accordance with ASC 825-10. At June 30, 2026 and 2025, the Company valued the 2024 Convertible Note using the Monte-Carlo valuation model. See Note 2.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2025, the outstanding principal and interest of the 2024 Convertible Note was converted into <span id="xdx_90B_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20250601__20250630__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zpjjF6BqfPPd" title="Convertible debt, shares converted">2,538,939</span> shares of the Company’s common stock, settling in full the Company’s repayment obligations related to that note. Immediately prior to the conversions, the Company remeasured the liability to its fair value as of the conversion date. The Company recognized a loss of $<span id="xdx_902_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zN3333KUkvV3" title="Convertible debt, value">626</span> thousand related to the change in the fair value of the 2024 Convertible Note recorded in Loss from change in fair value of financial instruments on the consolidated statements of operations for the twelve months ended December 31, 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due June 2026 - Second Tranche Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2025, the Company issued a second convertible note (the “Second Tranche Note”) in accordance with the terms of the 2024 Securities Purchase Agreement in the principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zNWG4oSDd6Ch">1.5</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, for a purchase price of $<span id="xdx_90B_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20250601__20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z8i2SzYi0zG4">1.4</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, representing an original issue discount of ten<span id="xdx_901_ecustom--DebtInstrumentOriginalIssueDiscountPercentage_iI_pid_dp_uPure_c20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zc5rl8jTsyg" style="display: none">10</span> percent, which was scheduled to mature on June 13, 2026. The Second Tranche Note was recorded at a fair value of $<span id="xdx_903_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn5n6_c20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zAMLU1hKzt1e">1.4</span> million. The Company recorded a loss of $<span id="xdx_90A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250401__20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zLakeI3zkyob">124</span> thousand on the change in fair value of the Second Tranche Note in the three months ended June 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, $<span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zB8ygC7P70na" title="Outstanding principal and accrued interest converted">1.1</span> million of the outstanding principal and accrued interest of the Second Tranche Note was converted into <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zwuLvXrQRPkb" title="Convertible debt, shares converted">988,240</span> shares of the Company’s common stock. Immediately prior to the conversions, the Company remeasured the liability to its fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_900_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zVcOozH4T2Vj" title="Gain (loss) on change in fair value">6</span> thousand related to the change in fair value as of the conversion date. In August 2025, the remaining $<span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20250801__20250831__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z0DC3gmZ3SW4" title="Outstanding principal and accrued interest converted">0.4</span> million of the outstanding principal and accrued interest of the Second Tranche Note was converted into <span id="xdx_909_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20250801__20250831__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zrXhSwx8iobe" title="Convertible debt, shares converted">344,242</span> shares of the Company’s common stock. Immediately prior to the conversion, the Company remeasured the liability to its fair value at the conversion date. The Company recorded a loss of $<span id="xdx_901_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250801__20250831__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zu98UUdP6eW" title="Gain (loss) on change in fair value">12</span> thousand related to the change in fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_901_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zk6SXVLNQog5" title="Gain (loss) on change in fair value">142</span> thousand for the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due July 2026 - Third Tranche Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the Company issued a third convertible note, (the “Third Tranche Note”), in accordance with the terms of the 2024 Securities Purchase Agreement, in the principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z0jR7MmYbLL5">3.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, for a purchase price of $<span id="xdx_903_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zVR5mVaphhrf">2.7</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, representing an original issue discount of ten<span id="xdx_90A_ecustom--DebtInstrumentOriginalIssueDiscountPercentage_iI_pid_dp_uPure_c20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ztTrUDLWEFq4" style="display: none">10</span> percent, which matures on July 21, 2026. The Third Tranche Note was recorded at an initial fair value of $<span id="xdx_905_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn5n6_c20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zqh0OEkP2Cy4" title="Fair value of convertible notes">2.9</span> million. The Company recorded a loss of $<span id="xdx_908_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zV4p45Klwlok" title="Gain (loss) on change in fair value">449</span> thousand on the change in fair value of the Third Tranche Note in the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the first quarter of 2026, $</span><span id="xdx_909_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zEpRWUQQsaId" title="Outstanding principal and accrued interest converted">2.8</span> million of the outstanding principal and accrued interest of the Third Tranche Note was converted into <span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zosih05x3zE5" title="Convertible debt, shares converted">8,677,847</span> shares of the Company’s common stock. Immediately prior to the conversions, the Company remeasured the liability to its fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_905_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zKMskG0Lrxji" title="Gain (loss) on change in fair value">29</span> thousand related to the change in fair value as of the conversion dates. The Company recorded a loss of $<span id="xdx_90D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z5hGu9txswR5" title="Gain (loss) on change in fair value">11</span> thousand on the change in fair value of the Third Tranche Note in the three months ended March 31, 2026. In April 2026, the remaining $<span id="xdx_900_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20260401__20260430__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ztMO3vFe266j" title="Outstanding principal and accrued interest converted">231</span> thousand of outstanding principal and interest was converted into <span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20260401__20260430__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zcDKcYCPuhAl" title="Convertible debt, shares converted">1,154,915</span> shares of the Company’s common stock. Immediately prior to the conversion, the Company remeasured the liability to its fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_90F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260401__20260630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zF9H738Zc4Pl" title="Gain (loss) on change in fair value">3 thousand related to the change in fair value as of the conversion dates in the three months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due October 2026 - Fourth Tranche Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2025, the Company issued a fourth convertible note, (the “Fourth Tranche Note”) in accordance with the 2024 Securities Purchase Agreement, in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zB8ZeCdEHnh5">2.2</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, for a purchase price of $<span id="xdx_90C_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20251001__20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zWTZGWumIkt9">2.0</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, representing an original issue discount of ten percent<span id="xdx_905_ecustom--DebtInstrumentOriginalIssueDiscountPercentage_iI_pid_dp_uPure_c20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zghb1gNUUny7" style="display: none" title="Original issue discount, percentage"> 10</span>, which was scheduled to mature on October 16, 2026. The Fourth Tranche Note was recorded at an initial fair value of $<span id="xdx_90C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn5n6_c20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zf2BW1HRvWMk">2.2</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million. The Company recorded a loss of $<span id="xdx_90C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20251001__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zRP54R0uUBq5">200</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand on the change in fair value of the Fourth Tranche Note at issuance. In December 2025, $<span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20251201__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zpNPGLELjfZk">1.2</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of the outstanding principal and accrued interest of the Fourth Tranche Note was converted into <span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20251201__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z94ScPdQ6qj2" title="Convertible debt, shares converted">1,604,091</span> shares of the Company’s common stock. Immediately prior to the conversions, the Company remeasured the liability to its fair value as of the conversion date and recorded a gain of $<span id="xdx_902_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20251201__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zKqgsVe91iZ3" title="Gain (loss) on change in fair value">10</span> thousand related to the change in fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_904_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ztHn0SKHpfF6" title="Gain (loss) on change in fair value">272</span> thousand on the change in fair value for the twelve months ended December 31, 2025. In January 2026, the remaining $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20260101__20260131__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zmb73kKrkht4" title="Outstanding principal and accrued interest converted">1.0</span> million of outstanding principal and accrued interest was converted into <span id="xdx_905_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20260101__20260131__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zxNvdokFvgmd" title="Convertible debt, shares converted">1,926,618</span> shares of the Company’s common stock. Immediately prior to the conversion, the Company remeasured the liability to its fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_90F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20260401__20260630__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zCYwcIBTQ7uf" title="Gain (loss) on change in fair value">20</span> thousand related to the change in fair value as of the conversion date during the six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89F_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zIBucuhX5bFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zEPpL5qfia14" style="display: none">SCHEDULE OF LONG-TERM DEBT INSTRUMENTS</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630_zyDss0Byew8c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June 30,</p> <p style="margin-top: 0; margin-bottom: 0">2026</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zuhv8qM7L0xe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p> <p style="margin-top: 0; margin-bottom: 0">2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_404_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zObXOmlVD36a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPTkctVEVSTSBERUJUIElOU1RSVU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKio___zqYo2S2fPxM1" title="Debt interest rate percentage">4%</span> coupon, due July 2026<span id="xdx_F41_zi7Xta1w1aFd">**</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1168">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ziEbXwmKhn17" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPTkctVEVSTSBERUJUIElOU1RSVU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKioq_zGU4lt7fI96g" title="Debt interest rate percentage">4%</span> coupon, due October 2026<span id="xdx_F47_zycjGi6uWMJd">***</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1173">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtCurrent_iNI_pn3n3_di_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zOYnqF1Fl6ih" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1178">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,230</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zZCap9DIkU22" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total unsecured convertible note, long term</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1181">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1182">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F02_zo8TCZHpI5Pg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zrbkqturRoF6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Third Tranche Note (as described in this Note 8)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F0F_z9fmSI8RHKqc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z5Xlk0FDD655" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Fourth Tranche Note (as described in this Note 8)</span></td></tr> </table> 0.04 3148000 0.04 1082000 4230000 36000000.0 11220000 24780000 4500000 4100000 14000 14000 2538939 626000 1500000 1400000 0.10 1400000 124000 1100000 988240 6000 400000 344242 12000 142000 3000000.0 2700000 0.10 2900000 449000 2800000 8677847 29000 11000 231000000 1154915 3000 2200000 2000000.0 0.10 2200000 200000 1200000 1604091 10000 272000 1000000.0 1926618 20000 <p id="xdx_806_eus-gaap--DebtDisclosureTextBlock_z3nk2eYwQlY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 9 – <span id="xdx_82A_zf72tOaoI7Va">CREDIT FACILITY AND OTHER LOANS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SAC Leasing G280 LLC Line of credit </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280 LLC to obtain loans in the aggregate amount of $<span id="xdx_900_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20221005__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zHJ0gwN4cTud" title="Line of credit facility, maximum borrowing capacity">40.5</span> million for the purchase of four (<span id="xdx_907_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20221005__20221005__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zVnTydzfLZnd" title="Purchase obligation, number of aircrafts">4</span>) Gulfstream G280 aircraft that were delivered in 2024 and 2025. The maturity date of amounts drawn under the SAC Leasing G280 LLC credit facility was the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (<span id="xdx_901_eus-gaap--LongTermDebtTerm_iI_dtM_c20221005__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__srt--RangeAxis__srt--MaximumMember_zdWccj2agzu6" title="Maturity period">35</span>) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 Leasing LLC as collateral on this credit facility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (<span id="xdx_907_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20220101__20221231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_zDQmN7jdW5w7" title="Purchase obligation, number of aircrafts">4</span>) Gulfstream G280 aircraft for total consideration of $<span id="xdx_906_eus-gaap--PurchaseObligation_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--GulfstreamG280Member__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zO8JQaiBEwz" title="Purchase obligation">79.0</span> million with expected deliveries in 2024 and 2025, of which an aggregate amount of $<span id="xdx_902_eus-gaap--PurchaseObligation_iI_pn5n6_c20241231__us-gaap--DebtInstrumentAxis__custom--GulfstreamG280Member__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_z53zaObsQaqh" title="Purchase obligation">48.0</span> million was funded and paid as of December 31, 2024, partially through a credit facility from SAC Leasing G280 LLC. During the year ended December 31, 2024, the Company funded an additional $<span id="xdx_901_eus-gaap--ProceedsFromLinesOfCredit_pn5n6_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zIvatLvgSAP3" title="Proceeds from lines of credit">9.0</span> million through the SAC Leasing G280 LLC credit facility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2025, the Company decreased its SAC leasing G280 LLC line of credit by $<span id="xdx_904_eus-gaap--LineOfCreditFacilityIncreaseDecreaseForPeriodNet_pn5n6_c20250101__20250630__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zGgWJ6ObZAa8" title="Decrease in line of credit">28.0</span> million through a combination of a repayment in the amount of $<span id="xdx_90D_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20250201__20250228__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zhj8zWNHjFkj" title="Repayments of lines of credit">10.5</span> million, with the sale of the second G280 in February 2025 and the deposit release and corresponding pay down of the G280 line of credit of $<span id="xdx_903_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20250301__20250331__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zBdFkUGtvsY9" title="Repayments of lines of credit">9.0</span> million with the delay of the fourth G280 until Q4 2025. In April 2025, the Company repaid the remaining $<span id="xdx_906_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20250401__20250430__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zdFV7P4gZm7h" title="Repayments of lines of credit">8.5</span> million, terminating the credit facility with SAC Leasing G280 LLC. The line of credit balance was zero as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026 and 2025, the Company amortized to interest expense <span id="xdx_90C_eus-gaap--AmortizationOfDebtDiscountPremium_dc_c20260401__20260630__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zgo9Nn2CJWzf" title="Amortization of debt discount">zero</span> and $<span id="xdx_90D_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20250401__20250630__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zxJSakghKmN1" title="Amortization of debt discount">185</span> thousand of debt discount, respectively. During the six months ended June 30, 2026 and 2025, the Company amortized to interest expense <span id="xdx_909_eus-gaap--AmortizationOfDebtDiscountPremium_dc_c20260101__20260630__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zekIpwyUHe8a" title="Amortization of debt discount">zero</span> and $<span id="xdx_90C_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20250101__20250630__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zw1CDpAy80I6" title="Amortization of debt discount">247</span> thousand of debt discount, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026 and 2025, the Company incurred <span id="xdx_90A_eus-gaap--InterestExpenseDebtExcludingAmortization_dc_c20260401__20260630_zXczRlugk8Xg" title="Interest expense"><span id="xdx_90A_eus-gaap--InterestExpenseDebtExcludingAmortization_dc_c20250401__20250630_zKKblFTFYtci" title="Interest expense">zero</span></span> of interest, respectively. During the six months ended June 30, 2026 and 2025, the Company incurred <span id="xdx_903_eus-gaap--InterestExpenseDebtExcludingAmortization_dc_c20260101__20260630_z6FYtI1ppGvd" title="Interest expense">zero</span> and $<span id="xdx_905_eus-gaap--InterestExpenseDebtExcludingAmortization_pn3n3_c20250101__20250630_zKci4I5smcBd" title="Interest expense">641</span> thousand of interest, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>OgaraJets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the purchase and sale of the second G280, the Company entered into a financing agreement with OgaraJets. The Company borrowed $<span id="xdx_907_ecustom--BorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20260101__20260630__srt--CounterpartyNameAxis__custom--OgarJetsMember_zSyhi82qvgb6" title="Borrowings to sale">19.6</span> million from OgaraJets to facilitate the delivery and subsequent sale of the second G280. Upon the sale of the second G280, in February 2025, $<span id="xdx_90A_ecustom--RepaymentsOfBorrowingsToFacilitateDeliveryAndSaleOfJets_pn4n6_c20250201__20250228__srt--CounterpartyNameAxis__custom--OgarJetsMember_zhDmxpFaEnok" title="Borrowings to sale">19.7</span> million was repaid to OgaraJets. All transactions occurred during the first quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the purchase and sale of the third G280, the Company entered into a financing agreement with OgaraJets. The Company borrowed $<span id="xdx_90E_ecustom--BorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20250201__20250228__srt--CounterpartyNameAxis__custom--OgarJetsMember_zMPXL7hYsrmf" title="Borrowings to facilitate delivery and sale of jets">17.9</span> million from OgaraJets to facilitate the delivery and subsequent sale of the third G280. Upon the sale of the third G280 in June 2025, $<span id="xdx_90B_ecustom--RepaymentsOfBorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20250601__20250630__srt--CounterpartyNameAxis__custom--OgarJetsMember_zj9HplylZj25" title="Repayments of borrowing to facility delivery and sale of jets">17.9</span> million was repaid to OgaraJets. All transactions occurred during the second quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the purchase and sale of the fourth G280, the Company entered into a financing agreement with Ogara Jets. The Company borrowed $<span id="xdx_90F_ecustom--BorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20250201__20250228__srt--CounterpartyNameAxis__custom--OgarJetsMember__us-gaap--TypeOfArrangementAxis__custom--FourthG280AgreementMember_zGP1m5NIbCl1" title="Borrowings to facilitate delivery and sale of jets">18.4</span> million from OgaraJets to facilitate the delivery and subsequent sale of the fourth G280. Upon the sale of the fourth G280, in December 2025, $<span id="xdx_90D_ecustom--RepaymentsOfBorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20251201__20251231__srt--CounterpartyNameAxis__custom--OgarJetsMember__us-gaap--TypeOfArrangementAxis__custom--FourthG280AgreementMember_z1lnKXN7nlX8" title="Repayments of borrowing to facility delivery and sale of jets">18.4</span> million was repaid to Ogara Jets. All transactions occurred during the fourth quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 40500000 4 P35M 4 79000000.0 48000000.0 9000000.0 28000000.0 10500000 9000000.0 8500000 0 185000 0 247000 0 0 0 641000 19600000 19700000 17900000 17900000 18400000 18400000 <p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zgEV9ZtfS9We" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 10 – <span id="xdx_825_zyiAUpErU4R2">RELATED PARTIES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liotta Family Office, LLC </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liotta Family Office, LLC (“LFO”) is owned <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20260630__srt--OwnershipAxis__custom--LiottaFamilyOfficeLLCMember__dei--LegalEntityAxis__custom--VolatoGroupInc.ChiefExecutiveOfficerMember_zAPGkhaqGwvf" title="Ownership percentage of issued and outstanding shares of Class A common stock">20</span>% by the Company’s Chief Executive Officer (“CEO”), <span id="xdx_905_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_uPure_c20260630__srt--OwnershipAxis__custom--LiottaFamilyOfficeLLCMember__dei--LegalEntityAxis__custom--VolatoGroupInc.ChiefExecutiveOfficerMember_zXzc1SfRXye3" title="Subsidiary, ownership percentage">60</span>% owned by the father of the Company’s Chief Executive Officer, and <span id="xdx_900_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20260630__srt--OwnershipAxis__custom--LiottaFamilyOfficeLLCMember__dei--LegalEntityAxis__custom--BrotherOfManagementOrPrincipalOwnerMember_zliHCi955AJc" title="Ownership percentage of issued and outstanding shares of Class A common stock">20</span>% by the brother of the CEO. LFO currently owns <span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20260630__srt--OwnershipAxis__custom--VolatoGroupInc.Member__dei--LegalEntityAxis__custom--LiottaFamilyOfficeLLCMember_zeFqnFdNH66i" title="Class A Common Stock outstanding">74,372</span> shares of the Company’s issued and outstanding common stock which represents less than <span id="xdx_90D_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20260630__srt--OwnershipAxis__custom--VolatoGroupInc.Member__dei--LegalEntityAxis__custom--LiottaFamilyOfficeLLCMember_z2mQ2pzxpwZ4" title="Class A Common Stock outstanding">1</span>% of the Company’s issued and outstanding common stock as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.20 0.60 0.20 74372 0.01 <p id="xdx_803_eus-gaap--IncomeTaxDisclosureTextBlock_ziYQyw4Eprdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 11 – <span id="xdx_829_zZPE5UK3JTgb">INCOME TAXES</span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has determined that the Company does not have any uncertain tax positions and associated unrecognized benefits that would impact the consolidated financial statements or related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective tax rate was <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_dcp_uPure_c20260401__20260630_zYfszpJ6cLy1">zero</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">percent for the three and six months ended June 30, 2026, respectively. The effective tax rate was <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_c20250401__20250630_zjutHaUxabT3">3.00</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_dcp_uPure_c20250101__20250630_zkQUnPQhws0l">zero</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">percent for the three and six months ended June 30, 2025, respectively. Our effective tax rate for the three and six months ended June 30, 2026 differs from the federal statutory rate of <span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20260101__20260630_z5firSiO3Bgi">21</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and was negative as a result of the valuation allowance on the deferred tax benefit due to the convertible note fair value adjustments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0.0300 0 0.21 <p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zDzqeRc4qM2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 12 – <span id="xdx_82B_zytacjcM6cl7">SHAREHOLDERS’ EQUITY (DEFICIT)</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 24, 2025, the Company effected the Reverse Stock Split described elsewhere in this Quarterly Report. All share amounts have been retroactively adjusted to account for the Reverse Stock Split as if it occurred at inception. The Reverse Stock Split did not have an effect on the number of authorized shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common stock at the market sales agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 5, 2025, the Company entered into an ATM Sales Agreement with Virtu Americas LLC (“Virtu”) pursuant to which Virtu acted as the Company’s sole sales agent or principal with respect to the offer and sale from time-to-time of shares of the Company’s Class A Common Stock, par value $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20251205__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_z9FTANWXooRe" title="Common stock, par value">0.0001</span> per share, having an aggregate gross sales price of an aggregate of up to $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20251205__20251205__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zlE8DZRAHTxc" title="Sale of common stock">9.3</span> million. The Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zl2GfAWF2Mo2" title="Common stock issued during period">436,757</span> shares of common stock for proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn3n3_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zPwCCQjkV1T4" title="Sale of common stock">463</span> thousand in the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 19, 2026, the Company delivered a notice of termination to Virtu terminating the ATM Sales Agreement as of March 22, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 27, 2026, the Company entered into an ATM Sales Agreement with Curvature Securities, LLC (“Curvature”) pursuant to which Curvature will act as the Company’s sole sales agent or principal with respect to the offer and sale from time-to-time of shares of the Company’s Class A Common Stock, par value $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20260327__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zcXqC1sKWGQ9" title="Common Stock par value">0.0001</span> per share, having an aggregate gross sales price of an aggregate of up to $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfCommonStock_pid_c20260327__20260327__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zoK4kL5PF4v9" title="Aggregate gross sales price">3,700,000</span>. The Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zflfcnJDW7G1" title="Common stock issued during period">12,155,500</span> shares of common stock for gross proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zYuGGSrbBB17" title="Sale of common stock">3.6</span> million in the six months ended June 30, 2026 under this ATM Sales Agreement. The Company does not currently expect to be able to utilize this ATM program for the remainder of 2026 due to limitations imposed under SEC rules.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><i>Security offerings </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">On June 7, 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) for the sale by the Company of <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20260607__20260607__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zzC9FtCSc4Di" title="Aggregate sale">6,500,000</span> shares of the Company’s Class A common stock. The Company received gross proceeds of $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260607__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zIANJm50w0Ua" title="Gross proceeds">2.1</span> million from the offering. As part of the Purchase Agreement, the Company transferred <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20260607__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__dei--LegalEntityAxis__custom--FlyExclusiveIncMember_z8NZ5nVWCmCf" title="Transferred shares">451,901</span> shares of FlyExclusive, Inc. common stock, held by the Company. The company recorded a loss of $<span id="xdx_90D_ecustom--GainLossOnSharesTransfer_c20260607__20260607__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_z7iSrjufPFn4" title="Transferred shares">54</span> thousand as part of the share transfer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">On June 28, 2026, the Company entered into a securities purchase agreement, dated June 27, 2026, for the sale by the Company of an aggregate of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20260628__20260628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVCoWazSJjF2" title="Aggregate sale">11,038,767</span> shares of the Company’s Class A common stock. The Company received gross proceeds of approximately $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn4n6_c20260628_zJhOcUMz0cUc" title="Gross proceeds">1.82</span> million. As of June 30, 2026, $<span id="xdx_904_eus-gaap--ProceedsFromContributedCapital_pn5n6_c20260630__20260630_z1goIaymBmD5" title="Proceeds from contributed capital">0.2</span> million of the proceeds were outstanding and recorded as equity contribution receivable on the consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20260630_zD3cVNSdajf8" title="Preferred stock shares outstanding"><span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20251231_zo8mKTHZDHYc" title="Preferred stock shares outstanding">No</span></span> shares of preferred stock have been issued as of June 30, 2026 and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock Options - Equity Incentive Plans</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Summary of the 2025 Plan </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2025 Stock Incentive Plan (the “2025 Plan”) was approved at the annual meeting of the shareholders of the Company on July 21, 2025. The 2025 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of common stock for issuance pursuant to awards under the 2025 Plan equal to <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20250721__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFivePlanMember_zPyan2O9Opo" title="Number of stock options authorized for issuance">415,584</span> shares. As of June 30, 2026 the Company had <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFivePlanMember_zzRHT1VXlCY8" title="Number of options available for grant">39,060</span> shares available for issuance under the 2025 Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Summary of the 2023 Plan </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2023 Stock Incentive Plan (the “2023 Plan”) was approved at the special meeting of the shareholders of the Company on November 28, 2023. The 2023 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of common stock for issuance pursuant to awards under the 2023 Plan equal to <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20250721__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreePlanMember_zDptOumfWvdi" title="Number of stock options authorized for issuance">224,348</span> shares. As of June 30, 2026 the Company had <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreePlanMember_zIdqQ08NoBj8" title="Number of options available for grant">23,005</span> shares available for issuance under the 2023 Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z1qT76xuS0Hh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock option activity for the periods presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_z6uUfzErBlsi" style="display: none">SCHEDULE OF STOCK OPTION ACTIVITY</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise Price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per Share</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term (years) </b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding as of December 31, 2025</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630_zNDI5CwYAnPh" style="width: 14%; text-align: right" title="Options outstanding balance, beginning">17,703</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630_zM2hLNO8EEk3" style="width: 14%; text-align: right" title="Weighted average exercise price per share, beginning">4.69</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zAA1ZyU6yG77" title="Weighted average remaining contractual term for option awards outstanding">7.5</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630_zfLYWjcEB5N5" style="text-align: right" title="Granted"><span style="-sec-ix-hidden: xdx2ixbrl1381">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zDH8vtUVjgSl" style="text-align: right" title="Weighted average exercise price per share, granted"><span style="-sec-ix-hidden: xdx2ixbrl1383">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancelled</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancellationsInPeriod_iN_pid_di_c20260101__20260630_z4bcNCRDbk9h" style="text-align: right" title="Cancelled">(1,194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsCancellationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zm0RalRdxjs3" style="text-align: right" title="Weighted average exercise price per share, cancelled">12.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260630_zNngMRtPFt0b" style="border-bottom: Black 1pt solid; text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1389">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_za5mwwwGH8Ph" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price per share, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1391">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding as of June 30, 2026</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630_zT1oH9pWW7q1" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding balance, ending">16,509</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zPDSXUfra901" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, ending">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630_zeGQvoDomEFh" title="Weighted average remaining contractual term for option awards outstanding">5.82</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable as of June 30, 2026</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260630_zF80tkz3eWQg" style="border-bottom: Black 2.5pt double; text-align: right" title="Options Exercisable">15,861</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zLHWYRDrAAx8" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, exercisable">4.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zNF1DW3Iy5nd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Black-Scholes option pricing model is used by the Company to determine the weighted-average fair value of share-based payments. The Company recognizes forfeitures as they occur. There were no stock options granted in the three and six months ended June 30, 2026 or 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zhUdEgMSnuRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted stock unit activity for the period presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B5_zRm54TRmB0zh"><span id="xdx_8B4_zHwPcgSp2IUf" style="display: none">SCHEDULE OF RESTRICTED STOCK UNIT</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Restricted Stock</p> <p style="margin-top: 0; margin-bottom: 0">Units</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted Average</p> <p style="margin-top: 0; margin-bottom: 0">Grant Date Fair</p> <p style="margin-top: 0; margin-bottom: 0">Value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Outstanding as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zfrfAUSUsGO2" style="width: 14%; text-align: right" title="Outstanding, beginning balance">10,964</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxmASvM2PImd" style="width: 14%; text-align: right" title="Weighted average grant date fair value, outstanding beginning balance">18.75</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zkrgheCtnFq8" style="text-align: right" title="Granted">70,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIWMsaE6MxB5" style="text-align: right" title="Weighted average grant date fair value, granted">0.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxEla6vDDwYc" style="text-align: right" title="Vested">(70,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvMt3caIEiJl" style="text-align: right" title="Weighted average grant date fair value, vested">0.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKXQagX5fZx1" style="border-bottom: Black 1pt solid; text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1417">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zo3XHMdEAsge" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1419">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Outstanding as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjubuE5SNw6l" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding, ending balance">10,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zm4hgaCZIyoe" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average grant date fair value, outstanding ending balance">18.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zihjcpFNXeSj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock based compensation expense was <span id="xdx_901_eus-gaap--ShareBasedCompensation_pn3n3_dc_c20260401__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zZQnZrmPdITf" title="Stock based compensation">zero</span> and $<span id="xdx_90A_eus-gaap--ShareBasedCompensation_pn3n3_c20250401__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z8BuJkSFZEe7" title="Stock based compensation">557</span> thousand for the three months ended June 30, 2026 and 2025, respectively. Stock based compensation expense was $<span id="xdx_90D_eus-gaap--ShareBasedCompensation_pn3n3_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIHg8Vd55M1f" title="Stock based compensation">30</span> and $<span id="xdx_903_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlv8bLp2LWbg" title="Stock based compensation">603</span> thousand for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 the unrecognized compensation costs related to non-vested awards was $<span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPCompensationExpense_pn3n3_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zHUEprWVR44" title="Stock based compensation">5</span> thousand and is expected to be recognized over a weighted average period of <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_zemtS9ImacRd" title="Weighted average term">1.4</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there were <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zH3qveUqBIAb" title="Warrants outstanding">552,000</span> public warrants and <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_zEymRXNsJtT7" title="Warrants outstanding">609,195</span> private placement warrants issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private placement warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has <span id="xdx_90C_ecustom--NumberOfWarrantsOrRightsIssuedInThePeriod_pid_c20260101__20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_zbsyQIfyn2Ra" title="Number of warrants issued in the period">609,195</span> private placement warrants outstanding. Each private placement warrant is exercisable for one whole share of Class A common stock at a price of $<span id="xdx_903_ecustom--NumberOfWarrantOrRightIssuedInThePeriodPricePerWarrant_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_zxn27ebq0GW2" title="Price per warrant">287.50</span> per share. Such private placement warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are not redeemable by the Company. The private placement warrants are all exercisable as of June 30, 2026. There was no activity during the three and six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the initial public offering (“IPO”) by Proof Acquisition Corp I (“PACI”) in 2021, the Company sold <span id="xdx_902_ecustom--NumberOfWarrantsOrRightsIssuedInThePeriod_pid_c20211201__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnitsMember_zaU5UnL1rRJd" title="Number of warrants issued in the period">1,104,000</span> units at a price of $<span id="xdx_905_ecustom--NumberOfWarrantOrRightIssuedInThePeriodPricePerWarrant_iI_pid_c20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnitsMember_zpkFLKC0P1o4" title="Price per warrant">250.00</span> per unit. Each unit consisted of <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_dxL_c20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnitsMember_zkziR7X7sDq" title="Class of warrant or right, number of securities called by each warrant or right::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1449">one</span></span> share of Class A common stock and one-half of one redeemable warrant. Each whole public warrant entitles the holder to purchase one share of Class A common stock at a price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zuWFah4DnPQg" title="Price per warrant">287.50</span> per share, subject to adjustment. A majority of the shares were redeemed before the December 2023 merger transaction, but the warrants remain. As a result, there are <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_z72M210N7IKj" title="Warrants outstanding">552,000</span> public warrants outstanding as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The public warrants became exercisable on the later of (a) <span id="xdx_907_ecustom--ClassOfWarrantOrRightPeriodAfterABusinessCombinationInWhichWarrantsBecomeExercisable_dtD_c20211231__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zRVdqEveZNH6" title="Number of days after a business combination in which warrants become exercisable">30</span> days after the completion of a business combination and (b) <span id="xdx_904_ecustom--ClassOfWarrantOrRightPeriodAfterInitialPublicOfferingInWhichWarrantsAreExercisable_dtM_c20211231__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zGAS8ActdWx7" title="Period after initial public offering in which warrants are exercisable">12</span> months from the closing of the IPO. The public warrants expire <span id="xdx_903_ecustom--ClassOfWarrantOrRightExpirationPeriodAfterABusinessCombination_dc_c20211231__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zFPOF8GblD0d" title="Expiration period after a business combination">five years</span> after the completion of a business combination or earlier upon redemption or liquidation. The public and private warrants expire on December 1, 2028. The public warrants are all exercisable as of June 30, 2026. There was no activity during the three and six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0001 9300000 436757 463000 0.0001 3700000 12155500 3600000 6500000 2100000 451901 54 11038767 1820000 200000 0 0 415584 39060 224348 23005 <p id="xdx_891_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z1qT76xuS0Hh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock option activity for the periods presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_z6uUfzErBlsi" style="display: none">SCHEDULE OF STOCK OPTION ACTIVITY</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise Price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per Share</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term (years) </b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding as of December 31, 2025</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630_zNDI5CwYAnPh" style="width: 14%; text-align: right" title="Options outstanding balance, beginning">17,703</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630_zM2hLNO8EEk3" style="width: 14%; text-align: right" title="Weighted average exercise price per share, beginning">4.69</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zAA1ZyU6yG77" title="Weighted average remaining contractual term for option awards outstanding">7.5</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630_zfLYWjcEB5N5" style="text-align: right" title="Granted"><span style="-sec-ix-hidden: xdx2ixbrl1381">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zDH8vtUVjgSl" style="text-align: right" title="Weighted average exercise price per share, granted"><span style="-sec-ix-hidden: xdx2ixbrl1383">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancelled</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancellationsInPeriod_iN_pid_di_c20260101__20260630_z4bcNCRDbk9h" style="text-align: right" title="Cancelled">(1,194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsCancellationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zm0RalRdxjs3" style="text-align: right" title="Weighted average exercise price per share, cancelled">12.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260630_zNngMRtPFt0b" style="border-bottom: Black 1pt solid; text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1389">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_za5mwwwGH8Ph" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price per share, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1391">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding as of June 30, 2026</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630_zT1oH9pWW7q1" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding balance, ending">16,509</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zPDSXUfra901" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, ending">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630_zeGQvoDomEFh" title="Weighted average remaining contractual term for option awards outstanding">5.82</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable as of June 30, 2026</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260630_zF80tkz3eWQg" style="border-bottom: Black 2.5pt double; text-align: right" title="Options Exercisable">15,861</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zLHWYRDrAAx8" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, exercisable">4.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 17703 4.69 P7Y6M 1194 12.36 16509 4.41 P5Y9M25D 15861 4.07 <p id="xdx_89C_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zhUdEgMSnuRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted stock unit activity for the period presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B5_zRm54TRmB0zh"><span id="xdx_8B4_zHwPcgSp2IUf" style="display: none">SCHEDULE OF RESTRICTED STOCK UNIT</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Restricted Stock</p> <p style="margin-top: 0; margin-bottom: 0">Units</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted Average</p> <p style="margin-top: 0; margin-bottom: 0">Grant Date Fair</p> <p style="margin-top: 0; margin-bottom: 0">Value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Outstanding as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zfrfAUSUsGO2" style="width: 14%; text-align: right" title="Outstanding, beginning balance">10,964</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxmASvM2PImd" style="width: 14%; text-align: right" title="Weighted average grant date fair value, outstanding beginning balance">18.75</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zkrgheCtnFq8" style="text-align: right" title="Granted">70,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIWMsaE6MxB5" style="text-align: right" title="Weighted average grant date fair value, granted">0.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxEla6vDDwYc" style="text-align: right" title="Vested">(70,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvMt3caIEiJl" style="text-align: right" title="Weighted average grant date fair value, vested">0.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKXQagX5fZx1" style="border-bottom: Black 1pt solid; text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1417">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zo3XHMdEAsge" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1419">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Outstanding as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjubuE5SNw6l" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding, ending balance">10,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zm4hgaCZIyoe" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average grant date fair value, outstanding ending balance">18.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 10964 18.75 70000 0.26 70000 0.26 10964 18.75 0 557000 30000 603000 5000 P1Y4M24D 552000 609195 609195 287.50 1104000 250.00 287.50 552000 P30D P12M P5Y <p id="xdx_803_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zPhewm6pVKh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 13 – <span id="xdx_827_z66Io8mxYV7e">COMMITMENT AND CONTINGENCIES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Facilities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our facilities leases are for space at airports throughout the south with remaining terms ranging from one<span id="xdx_905_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtM_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_z206Vd8Gc7Jk" style="display: none" title="Lessee operating lease remaining lease term">1</span> to <span id="xdx_908_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dc_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_z38s1GgBfXXl" title="Lease operating lease remaining lease term">eleven months</span>. These leases consist of office space. The leases have lease terms of 12 months or less. Accordingly, the Company has not recognized ROU assets or lease liabilities related to these lease agreements pursuant to the short-term lease election. The Company has made a policy election to not separate lease and non-lease components for these facility leases. Short term lease costs related to these leases were <span id="xdx_90F_eus-gaap--ShortTermLeaseCost_pn3n3_dc_c20260101__20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zhbDREIR9yp4" title="Short term lease cost">zero</span> and $<span id="xdx_90E_eus-gaap--ShortTermLeaseCost_pn3n3_c20250101__20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zwRJBcKAQg6c" title="Short term lease cost">3</span> thousand for the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company began leasing space for aircraft with a term of <span id="xdx_905_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20240131__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesFixedMember_z7N1iS842XJ5" title="Lessee operating lease term of contract">5</span> years with fixed lease payments. The Company recognized an operating lease liability in the amount of the net present value of the future minimum lease payments, and a ROU asset. The discount rate used for this lease was <span id="xdx_900_eus-gaap--LesseeOperatingLeaseDiscountRate_iI_pid_dp_uPure_c20240131__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesFixedMember_zYKm4ujSCQP6" title="Lessee operating lease discount rate">12</span>%, which was determined to be the incremental borrowing rate based on comparative secured financing in the marketplace at the inception of the fixed lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal Contingencies </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, the Company receives claims of and becomes subject to consumer protection, employment, intellectual property and other commercial litigation related to the conduct and operation of the Company’s business. In connection with such litigation, the Company may be subject to significant damages. We may also be subject to equitable remedies and penalties. Such litigation could be costly and time consuming and could divert or distract Company management and key personnel from its business operations. The Company is currently the defendant in suits brought by vendors, customers and suits related to the transfer of the flight operations and leases to flyExclusive and does not currently believe that any of its outstanding litigation will have a material adverse effect on its financial statements or business. However, due to the uncertainty of litigation and depending on the amount and the timing, an unfavorable resolution of some or all of these matters could materially affect the Company’s business, results of operations, financial position, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the Tampa Division of the U.S. District Court, in and for the Middle District of Florida on September 12, 2024, Joshua G. Newsteder, LouAnn Gray, and those similarly situated (the “Plaintiffs”) filed suit against the Volato Group, Inc. and Volato, Inc. (together, the “Defendants”) citing various allegations including that the termination of employment of <span id="xdx_906_ecustom--NumberOfEmployeesTerminated_iI_uInteger_c20240830_zaGPcoVRKY82" title="Number of employees terminated">230</span> employees that occurred on August 30, 2024 violated requirements of the Worker Adjustment and Retraining Notification Act of 1988, 29 U.S.C. § 2101 et. seq. Plaintiffs are seeking unpaid wages or salary, benefits and other relief deemed by the court as just and proper. The Defendants deny all allegations. Current range of loss cannot be estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> P1M P11M 0 3000 P5Y 0.12 230 <p id="xdx_802_eus-gaap--SegmentReportingDisclosureTextBlock_zU7RxucrSNke" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 14 – <span id="xdx_820_z0VnUTKg1SO4">SEGMENT INFORMATION</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has one<span id="xdx_904_eus-gaap--NumberOfReportableSegments_uInteger_c20260101__20260630_zx1ApSYkE5W8" style="display: none" title="Number of reportable segment">1</span> reportable segment, private aviation services, managed on a consolidated basis by the CEO who is the CODM. The private aviation services segment provides airplane sales and software-as-a-service subscriptions. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net income (loss) from continuing operations before income taxes that is also reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as consolidated total assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM allocates resources and evaluates performance based on net income (loss) from continuing operations before income taxes, which is the Company’s measure of segment profit or loss. The CODM considers year-over-year variances for net income (loss) from continuing operations before taxes when making decisions about how to utilize the Company’s resources.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zhIeZ8kOF5Zh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of segment profit or loss were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zZ9hVPUSCUec" style="display: none">SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT</span> </span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zBzLNCANbFei" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250401__20250630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_znN0KnPzobxh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zgu4avZcNyq4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_z2xpD1T1sAwg" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zDd6mNIANuTf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">965</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24,855</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">50,338</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CostOfRevenue_pn3n3_zHn2U8TH7oH2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,075</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SellingGeneralAndAdministrativeExpense_pn3n3_zWhPsKwoEdF4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative<sup id="xdx_F49_zacwsTsRAh61">(1) </sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,865</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zK9e0NaDHQpi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">(Gain) loss on fair value adjustment of financial instruments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">218</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(99</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">750</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--GainLossOnInvestments_iN_di_zbfdx5XUAtS9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Gain on reversal of investment in M2i</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(959</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1504">—</span></p></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(959</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1506">—</span></p></td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestIncomeExpenseNonoperatingNet_pn3n3_zqGlsfmV6qDk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest income (expense), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,629</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Add:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SegmentReportingOtherItemAmount_pn3n3_zUJGHdopQXD1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other gain (loss)<sup id="xdx_F4C_zhtkmqx2UTQc">(2)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(350</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">714</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,311</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_zlTbihg8zU07" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) from continuing operations before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,155</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,872</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,784</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,330</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F02_zBVjM8GvtTni" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zZC3V7tBQ06a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes amounts for depreciation and amortization expense.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F07_z6oHNphTTMQk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zUVlLmrcBbDa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other includes a loss of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--GainLossRelatedToLitigationSettlement_pn5n6_c20260401__20260630_zgqDnUPMpH0d">0.3</span> and a gain of $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--GainLossRelatedToLitigationSettlement_pn5n6_c20260101__20260630_zDwxBlvGpykj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.8</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million for the sale of mission control as part of the flyExclusive fifth amendment in the three and six months ended June 30, 2026. Other includes gains of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--PaymentsForOtherDeposits_pn5n6_c20250401__20250630_zW4P4XmKB6nl" title="Deposits and other liabilities">3.1</span> million and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--PaymentsForOtherDeposits_pn5n6_c20250101__20250630_zLebkytsteOd" title="Deposits and other liabilities">4.3 </span>million for settlements of deposits and other liabilities at a discount for the three and six months ended June 30, 2025.</span></td></tr> </table> <p id="xdx_8AD_zbkY1yAQAVQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 <p id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zhIeZ8kOF5Zh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of segment profit or loss were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zZ9hVPUSCUec" style="display: none">SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT</span> </span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zBzLNCANbFei" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250401__20250630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_znN0KnPzobxh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zgu4avZcNyq4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_z2xpD1T1sAwg" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zDd6mNIANuTf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">965</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24,855</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">50,338</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CostOfRevenue_pn3n3_zHn2U8TH7oH2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,075</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SellingGeneralAndAdministrativeExpense_pn3n3_zWhPsKwoEdF4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative<sup id="xdx_F49_zacwsTsRAh61">(1) </sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,865</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zK9e0NaDHQpi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">(Gain) loss on fair value adjustment of financial instruments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">218</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(99</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">750</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--GainLossOnInvestments_iN_di_zbfdx5XUAtS9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Gain on reversal of investment in M2i</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(959</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1504">—</span></p></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(959</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1506">—</span></p></td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestIncomeExpenseNonoperatingNet_pn3n3_zqGlsfmV6qDk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest income (expense), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,629</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Add:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SegmentReportingOtherItemAmount_pn3n3_zUJGHdopQXD1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other gain (loss)<sup id="xdx_F4C_zhtkmqx2UTQc">(2)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(350</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,130</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">714</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,311</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_zlTbihg8zU07" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) from continuing operations before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,155</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,872</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,784</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,330</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F02_zBVjM8GvtTni" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zZC3V7tBQ06a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes amounts for depreciation and amortization expense.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F07_z6oHNphTTMQk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zUVlLmrcBbDa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other includes a loss of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--GainLossRelatedToLitigationSettlement_pn5n6_c20260401__20260630_zgqDnUPMpH0d">0.3</span> and a gain of $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--GainLossRelatedToLitigationSettlement_pn5n6_c20260101__20260630_zDwxBlvGpykj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.8</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million for the sale of mission control as part of the flyExclusive fifth amendment in the three and six months ended June 30, 2026. Other includes gains of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--PaymentsForOtherDeposits_pn5n6_c20250401__20250630_zW4P4XmKB6nl" title="Deposits and other liabilities">3.1</span> million and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--PaymentsForOtherDeposits_pn5n6_c20250101__20250630_zLebkytsteOd" title="Deposits and other liabilities">4.3 </span>million for settlements of deposits and other liabilities at a discount for the three and six months ended June 30, 2025.</span></td></tr> </table> 965000 24855000 1967000 50338000 292000 21088000 586000 42075000 3193000 2895000 6243000 4865000 218000 -99000 1596000 750000 959000 959000 26000 1229000 -1000 3629000 -350000 3130000 714000 4311000 -2155000 2872000 -4784000 3330000 300000 800000 3100000 4300000 <p id="xdx_809_eus-gaap--EarningsPerShareTextBlock_zZUIWck6BZri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 15 – <span id="xdx_825_z9iEZiRR2Vbg">BASIC AND DILUTED NET INCOME (LOSS) PER SHARE</span></span></b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zGgQDsZWHJI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BB_zqp0UA5xIDPh" style="display: none">SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260401__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zU4OiYx6nUg4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQm5Pzyd8za2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zezedc55ADC4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zCqORXvnUfAl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Numerator:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperations_pn3n3_zMhMPWBhAvg3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Net income (loss) from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(2,154</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,683</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(4,788</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ShareBasedCompensation_pn3n3_zmLQhSvYZJld" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Add: stock based compensation expense, net of note, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1540">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1541">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1542">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zmgqOtKFIqK8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Add: (gain) loss on convertible note, net of tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(99</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">750</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic_pn3n3_zjCiCE1Tjrxd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net income (loss) attributable to common stockholders from continuing operations, dilutive</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,151</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,584</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,725</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,836</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_pn3n3_za2jUNGAVIs6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Net income (loss) from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">919</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,014</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_z3kEMSXhRsGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted-average common shares outstanding, basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,809,790</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,592,878</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,125,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,229,573</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--StockIssuedDuringPeriodSharesRestrictedStockUnits_zM0RuCtm76zf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Add: options and restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1565">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1566">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1567">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1568">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ConvertibleNoteOnAsconvertedBasis_zNw9dxBP2zEd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Add: 2024 Convertible note on as-converted basis</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1570">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,068,223</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1572">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,276,803</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_zV59WWXBsJ2c" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Weighted-average shares outstanding, dilutive</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">34,809,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,661,101</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">27,125,094</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,506,376</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zK3OqNl3FKN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zlaUj1ncIpp3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following securities were excluded due to their anti-dilution effect on net income (loss) per share attributable to common stockholders recorded in each of the periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_z0EjBltSArJ4" style="display: none">SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zjrtLdSqjbtb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250630_zWU7r5bOtrwl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zHJbVAM6OwM2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Warrants to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zEGfa2eNTurg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock options outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,857</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zOan2Fs3XqYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted stock units with performance and market conditions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,964</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,964</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zNLRyrSNJqU3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,188,668</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,190,016</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zlB94ekP6y36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zGgQDsZWHJI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BB_zqp0UA5xIDPh" style="display: none">SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260401__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zU4OiYx6nUg4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250401__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQm5Pzyd8za2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zezedc55ADC4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zCqORXvnUfAl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Numerator:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperations_pn3n3_zMhMPWBhAvg3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Net income (loss) from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(2,154</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,683</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(4,788</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ShareBasedCompensation_pn3n3_zmLQhSvYZJld" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Add: stock based compensation expense, net of note, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1540">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1541">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1542">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zmgqOtKFIqK8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Add: (gain) loss on convertible note, net of tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(99</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">750</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic_pn3n3_zjCiCE1Tjrxd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net income (loss) attributable to common stockholders from continuing operations, dilutive</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,151</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,584</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,725</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,836</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_pn3n3_za2jUNGAVIs6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Net income (loss) from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">919</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">103</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,014</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_z3kEMSXhRsGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted-average common shares outstanding, basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,809,790</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,592,878</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,125,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,229,573</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--StockIssuedDuringPeriodSharesRestrictedStockUnits_zM0RuCtm76zf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Add: options and restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1565">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1566">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1567">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1568">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ConvertibleNoteOnAsconvertedBasis_zNw9dxBP2zEd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Add: 2024 Convertible note on as-converted basis</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1570">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,068,223</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1572">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,276,803</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_zV59WWXBsJ2c" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Weighted-average shares outstanding, dilutive</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">34,809,790</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,661,101</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">27,125,094</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,506,376</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> -2154000 2683000 -4788000 3043000 43000 3000 -99000 63000 750000 -2151000 2584000 -4725000 3836000 103000 919000 103000 1014000 34809790000 2592878000 27125094000 2229573000 2068223000 2276803000 34809790000 4661101000 27125094000 4506376000 <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zlaUj1ncIpp3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following securities were excluded due to their anti-dilution effect on net income (loss) per share attributable to common stockholders recorded in each of the periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_z0EjBltSArJ4" style="display: none">SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zjrtLdSqjbtb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250630_zWU7r5bOtrwl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zHJbVAM6OwM2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Warrants to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zEGfa2eNTurg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock options outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,857</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zOan2Fs3XqYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted stock units with performance and market conditions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,964</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,964</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zNLRyrSNJqU3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,188,668</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,190,016</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1161195000 1161195000 16509000 17857000 10964000 10964000 1188668000 1190016000 <p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_z4fAE3H2ZQM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 16– <span id="xdx_824_zRQObtF3Mnz7">SUBSEQUENT EVENTS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">The Company has evaluated subsequent events that occurred after July 1, 2026 through August 14, 2026, the date of these consolidated financial statements were available to be issued, and noted no additional events requiring recognition for disclosure, except as identified below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">On August 6, 2026, the Company dissolved Volato Merger Subsidiary, Inc., which was an inactive subsidiary that had been formed solely in connection with the Merger Agreement with M2i.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify">On August 6, 2026, the Company formed Modern Aero Charter, LLC, a wholly owned subsidiary of Parslee, LLC.</p> false false false false false false Represents the Third Tranche Note (as described in this Note 8) Represents the Fourth Tranche Note (as described in this Note 8) Includes amounts for depreciation and amortization expense. Other includes a loss of $0.3 and a gain of $