Fair Value Measures and Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

A summary of the activities of Level 3 fair value measurements is as follows:


	Three Months Ended June 30, 2026
	Circle8 Benelux Warrant		Preferred Stock Purchase Warrant		Bifurcated Derivatives		Share Settled Earnout		Circle8 Contingent Consideration		Total
Beginning balance	$	1,766,515	$	4,450,000	$	2,420,000	$	5,600,000	$	2,098,574	$	16,335,089
Issuance	—		—		2,197,800		—		—		2,197,800
Settlements	—		(1,902,784)		(5,277,644)		—		—		(7,180,428)
Gain on warrant exercise	—		(639,808)		—		—		—		(639,808)
Change in fair value	4,313,485		(380,736)		817,298		—		251,426		5,001,473
Ending balance	$	6,080,000	$	1,526,672	$	157,454	$	5,600,000	$	2,350,000	$	15,714,126


	Six Months Ended June 30, 2026
	Circle8 Benelux Warrant		Preferred Stock Purchase Warrant		Bifurcated Derivatives		Share Settled Earnout		Circle8 Contingent Consideration		Total
Beginning balance	$	—	$	—	$	—	$	—	$	—	$	—
Assumed during Circle8 Acquisition	1,795,491		—		—		—		—		1,795,491
Issuance	—		5,970,000		4,457,800		5,600,000		2,098,574		18,126,374
Settlements	—		(1,902,784)		(5,277,644)		—		—		(7,180,428)
Gain on warrant exercise	—		(639,808)		—		—		—		(639,808)
Change in fair value	4,284,509		(1,900,736)		977,298		—		251,426		3,612,497
Ending balance	$	6,080,000	$	1,526,672	$	157,454	$	5,600,000	$	2,350,000	$	15,714,126

Significant inputs used in the model to derive the provisional fair value used as of December 31, 2025 are as follows:


Estimated term	1 year
Estimated annual volatility of underlying stock	46	%
Risk-free interest rate	3.5	%

Significant inputs used in the model at June 30, 2026 are as follows:


Estimated term	0.75 years
Estimated annual volatility of underlying stock	50	%
Risk-free interest rate	4.01	%

Significant inputs used in the model at January 23, 2026 are as follows:


Expected revenue volatility	4.8	%
Revenue discount rate	4.5	%
Risk-free interest rate	3.4	%

Significant inputs used in the model at June 30, 2026 are as follows:


Expected revenue volatility	3.2	%
Revenue discount rate	7.1	%
Risk-free interest rate	3.9	%

Significant inputs used in the model at June 30, 2026 are as follows:


Estimated term	1 years
Estimated annual volatility	60		%
Annual variance	36		%
Risk-free interest rate	4.0		%
Strike price for each underlying share	$	1,000

Significant inputs used in the model at June 30, 2026 are as follows:

Significant inputs used in the model at March 20, 2026 are as follows: