v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Current assets      
Cash and cash equivalents $ 19,325,095 $ 81,134  
Accounts receivable, net of allowance of $2,456,839 and $3,222,723 180,003,393 65,750,593  
Unbilled accounts receivable 5,481,333 4,242,245  
Contract assets 105,595,021 0  
Prepaid expenses and other current assets 11,723,299 3,123,447  
Deposits, current 8,000,000 8,000,000  
Total current assets 330,756,950 81,197,419  
Non-current assets      
Property and equipment, net 1,372,529 239,207  
Operating leases right-of-use assets 4,770,213 2,933,582  
Finance leases right-of-use assets, net 1,992,393 0  
Goodwill 438,896,402 0  
Intangible assets, net 186,027,460 26,602,223  
Deferred tax assets, net 0    
Other assets 1,359,666 2,257,405  
Total non-current assets 634,857,575 32,032,417  
Total assets 965,614,525 113,229,836  
Current liabilities      
Accounts payable 165,960,132 5,110,155  
Accrued expenses and other current liabilities 158,527,209 19,647,785  
PEO liability and accrued interest 44,200,332 32,894,331  
Current operating lease liabilities 2,140,707 1,459,704  
Current finance lease liabilities 669,078 0  
Warrant liabilities, current 6,080,000 0  
Line of credit, current portion 41,198,353 49,308,253  
Factoring debt, current portion 202,127,079 3,205,506  
Short-Term Debt 2,463,482   $ 0
Contingent consideration liability – related parties 7,950,000 0  
Total current liabilities 842,596,169 114,950,734  
Non-current liabilities      
Warrant liabilities, non-current 1,526,672 0  
Non-current operating lease liabilities 2,412,063 1,543,091  
Non-current finance lease liabilities 1,377,870 0  
Deferred tax liability 29,738,302 0  
Other liabilities 953,163 0  
Total non-current liabilities 144,978,397 30,369,372  
Total liabilities 987,574,566 145,320,106  
Commitments and contingencies  
Series B convertible preferred stock, 5% cumulative dividends, 15,000 and 0 shares designated at June 30, 2026 and December 31, 2025, respectively; 8,950 and 240 shares issued and outstanding at June 30, 2026 and December 31, 2025 , respectively and 0 shares issued and outstanding at December 31, 2025, redemption amount of $554,764 and $0 as of June 30, 2026 and December 31, 2025, respectively 224,014 0  
Redeemable noncontrolling interest 3,357,497 0  
Stockholders’ equity/(deficit)      
Common stock, $0.00001 par value; 300,000,000 shares authorized; 89,963,174 and 55,713,259 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 900 557  
Additional paid-in capital 293,569,042 162,819,982  
Accumulated deficit (312,025,652) (194,910,809)  
Accumulated Other Comprehensive Income (Loss), Net of Tax (7,085,842) 0  
Total stockholders’ equity/(deficit) (25,541,552) (32,090,270) (18,464,415)
Total liabilities, mezzanine equity and stockholders’ equity 965,614,525 113,229,836  
Related Party      
Current assets      
Due from related parties, current 628,809   $ 0
Non-current assets      
Due from related parties 438,912 0  
Current liabilities      
Due to related parties 116,890 0  
Notes payable, current portion 0 1,950,000  
Convertible note payable – related parties 161,961,751 0  
Non-current liabilities      
Notes payable, net of current portion - related parties 89,638,035 28,826,281  
Nonrelated Party      
Current liabilities      
Notes payable, current portion 49,201,156 1,375,000  
Non-current liabilities      
Notes payable, net of current portion - related parties $ 19,332,292 $ 0