v3.26.1
FAIR VALUE MEASUREMENTS (Tables) - Gravitics Inc [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
SCHEDULE OF COMPANY’S ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS

As of June 30, 2026, there were no assets and liabilities measured at fair value on a recurring basis. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 (amounts in thousands):

 

   Level 1   Level 2   Level 3   Total
Fair Value		 
   December 31, 2025 
   Level 1   Level 2   Level 3  

Total

 Fair Value

 
Liabilities:                
Convertible promissory notes  $-   $-   $5,739   $5,739 
Warrant liabilities   -    -    2,934    2,934 
SAFE liabilities   -    -    10,109    10,109 
Total liabilities  $-   $-   $18,782   $18,782 

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (amounts in thousands):

 

   Level 1   Level 2   Level 3   Total
Fair Value		 
   December 31, 2025 
   Level 1   Level 2   Level 3   Total
Fair Value		 
Liabilities:                    
Convertible promissory notes  $-   $-   $5,739   $5,739 
Warrant liabilities   -    -    2,934    2,934 
SAFE liabilities   -    -    10,109    10,109 
Total liabilities  $-   $-   $18,782   $18,782 

 

   Level 1   Level 2   Level 3   Total
Fair Value		 
   December 31, 2024 
   Level 1   Level 2   Level 3   Total
Fair Value		 
Liabilities:                
Convertible promissory notes   -    -    4,248    4,248 
Warrant liabilities   -    -    949    949 
SAFE liabilities   -    -    7,673    7,673 
Total liabilities  $-   $-   $12,870   $12,870 
SCHEDULE OF CHANGE IN LIABILITY CLASSIFIED WARRANT FAIR VALUE

 

       Related Party     
   SAFE   SAFE     
   Liabilities   Liabilities   Total 
Balance at January 1, 2026  $5,594   $4,515   $10,109 
Change in fair value   504    139    643 
Conversion to equity   (6,098)   (4,654)   (10,752)
Balance at March 31, 2026  $-   $-   $- 

 

       Related Party     
   SAFE   SAFE     
   Liabilities   Liabilities   Total 
Balance at January 1, 2025  $5,925   $1,748   $7,673 
Change in fair value   (454)   (129)   (583)
Balance at March 31, 2025   5,471    1,619    7,090 
Issuance of SAFES   655    2,940    3,595 
Change in fair value   368    86    454 
Balance at June 30, 2025  $6,494   $4,645   $11,139 

The following table summarizes the change in SAFE fair value for the years ended December 31, 2025 and 2024 (amounts in thousands):

 

       Related Party     
   SAFE   SAFE     
   Liabilities   Liabilities   Total 
Balance at January 1, 2024  $3,375   $133   $3,508 
Issuance of SAFES   1,557    1,500    3,057 
Change in fair value   993    115    1,108 
Balance at December 31, 2024   5,925    1,748    7,673 
Issuance of SAFES   655    2,940    3,595 
Change in fair value   (986)   (173)   (1,159)
Balance at December 31, 2025  $5,594   $4,515   $10,109 
SCHEDULE OF FAIR VALUE OF WARRANTS

 

     
Stock price - common  $4.28 
Risk-free interest rate   4.0%
Expected term (years)   5.0 
Expected volatility   62.4%
Expected dividend yield   0.0%
  
Warrant [Member]    
SCHEDULE OF CHANGE IN LIABILITY CLASSIFIED WARRANT FAIR VALUE

The following table summarizes the change in liability-classified warrant fair value for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

 

       Related Party     
   Warrant   Warrant     
   Liabilities   Liabilities   Total 
Balance at January 1, 2026  $2,689   $245   $2,934 
Additions   52    -    52 
Change in fair value   7,615    847    8,462 
Change in classification to equity   (10,304)   (1,092)   (11,396)
Balance at March 31, 2026  $52   $-   $52 
Change in classification to equity   (52)   -    (52)
Balance at June 30, 2026  $-   $-   $- 

 

       Related Party     
   Warrant   Warrant     
   Liabilities   Liabilities   Total 
Balance at January 1, 2025  $830   $119   $949 
Change in fair value   372    53    425 
Balance at March 31, 2025   1,202    172    1,374 
Change in fair value   462           66    528 
Balance at June 30, 2025  $1,664   $238   $1,902 

The following table summarizes the change in liability-classified warrant fair value for the years ended December 31, 2025 and 2024 (amounts in thousands):

 

       Related Party     
   Warrant   Warrant     
   Liabilities   Liabilities   Total 
Balance at January 1, 2024  $817   $107   $924 
Change in fair value   75    12    87 
Change in classification to equity   (62)   -    (62)
Balance at December 31, 2024   830    119    949 
Change in fair value   1,859    126    1,985 
Balance at December 31, 2025  $2,689   $245   $2,934 
SCHEDULE OF SIGNIFICANT INPUTS USED IN FAIR VALUE MEASUREMENT OF WARRANT LIABILITIES

The significant inputs used in the Level 3 fair value measurement of the warrant liabilities at December 31, 2025 are as follows:

 

   As of 
   December 31, 2025 
Equity value (in thousands)  $111,800 
Fully diluted capitalization (shares)   20,013,152 
Equity ownership percentage (per warrant)     0.5% - 6.0% 

 

The significant inputs used in the Level 3 fair value measurement of the warrant liabilities are as follows:

 

   2025   2024 
   December 31, 
   2025   2024 
Equity value  $111,800   $30,601 
Fully diluted capitalization (shares)   20,013,152    18,820,109 
Equity ownership percentage (per warrant)   0.5% - 6.0%   0.5% - 6.0%
Convertible Debt [Member]    
SCHEDULE OF CHANGE IN LIABILITY CLASSIFIED WARRANT FAIR VALUE

The following table summarizes the change in convertible promissory note fair value for the three and six months ended June 30, 2026 and 2025 (amounts in thousands). There was no convertible promissory note activity during the three months ended June 30, 2026, as all outstanding convertible promissory notes and accrued interest converted into redeemable convertible preferred stock on March 30, 2026.

 

       Related Party     
   Convertible   Convertible     
   Promissory   Promissory     
   Notes   Notes   Total 
Balance at January 1, 2026  $4,965   $774   $5,739 
Change in fair value   2,986    463    3,449 
Repayment of interest, including $20 PIK interest   (80)   -    (80)
Conversion to equity   (7,871)   (1,237)   (9,108)
Balance at March 31, 2026  $-   $-   $- 

 

       Related Party     
   Convertible   Convertible     
   Promissory   Promissory     
   Notes   Notes   Total 
Balance at January 1, 2025  $3,728   $520   $4,248 
Change in fair value   239    31    270 
Repayment of interest, including $16 PIK interest   (61)   -    (61)
Balance at March 31, 2025   3,906    551    4,457 
Change in fair value   528    92    620 
Repayment of interest, including $61 PIK interest   (245)                      -    (245)
Balance at June 30, 2025  $4,189   $643   $4,832 

The following table summarizes the change in convertible promissory note fair value for the years ended December 31, 2025 and 2024 (amounts in thousands):

 

       Related Party     
   Convertible   Convertible     
   Promissory   Promissory     
   Notes   Notes   Total 
Balance at January 1, 2024  $4,433   $386   $4,819 
Change in fair value   1,112    134    1,246 
Repayment of interest, including $199 PIK interest   (749)   -    (749)
Settlements   (1,068)   -    (1,068)
Balance at December 31, 2024   3,728    520    4,248 
Change in fair value   1,604    254    1,858 
Repayment of interest, including $92 PIK interest   (367)   -    (367)
Balance at December 31, 2025  $4,965   $774   $5,739 
Convertible Promissory Note [Member]    
SCHEDULE OF SIGNIFICANT INPUTS USED IN FAIR VALUE MEASUREMENT

The significant inputs used in the Level 3 fair value measurement of convertible promissory notes are as follows:

 SCHEDULE OF SIGNIFICANT INPUTS USED IN FAIR VALUE MEASUREMENT

  

As of

 
   December 31, 2025 
Equity value (in thousands)  $111,800 
Volatility   57.0%
Discount rate   20.3% - 35.5%
Expected term to event (in years)   0.13 - 0.83 
Probability of equity financing   85.0%
Probability of corporate transaction   10.0%
Probability of maturity   2.5%
Probability of dissolution   2.5%
      

The significant inputs used in the Level 3 fair value measurement of convertible promissory notes are as follows:

   2025   2024 
   December 31, 
   2025   2024 
Equity value  $111,800   $30,601 
Volatility   57.0%   47.0% - 54.0%
Discount rate   20.3% - 35.5%   19.6% - 34.8%
Expected term to event (in years)   0.13 - 0.83    1.0 - 1.83 
Probability of equity financing   85.0%   75.0%
Probability of corporate transaction   10.0%   10.0%
Probability of maturity   2.5%   5.0%
Probability of dissolution   2.5%   10.0%
Series A Two Redeemable Convertible Preferred Stock [Member]    
SCHEDULE OF SIGNIFICANT INPUTS USED IN FAIR VALUE MEASUREMENT

 

   As of 
   January 12, 2026 
Equity value (in thousands)  $99,868 
Expected term to liquidity (in years)   3.0 
Equity volatility   75%
Risk-free rate   3.8%
  
SAFE Liabilities [Member]    
SCHEDULE OF SIGNIFICANT INPUTS USED IN FAIR VALUE MEASUREMENT

The significant inputs used in the Level 3 fair value measurement of the SAFEs are as follows:

 

   As of 
   December 31, 2025 
Equity value (in thousands)  $111,800 
Volatility   32.0% - 32.5% 
Discount rate   3.8% - 9.2% 
Expected term to event (in years)   0.13 - 0.75 
Probability of equity financing   85.0%
Probability of liquidity event   12.5%
Probability of dissolution event   2.5%

The significant inputs used in the Level 3 fair value measurement of the SAFEs are as follows:

 

   2025   2024 
   December 31, 
   2025   2024 
Equity value  $111,800   $30,601 
Volatility   32.0% - 32.5%   33.5% - 36.5%
Discount rate   3.8% - 9.2%   5.2% - 8.5%
Expected term to event (in years)   0.13 - 0.75    1.0 - 1.75 
Probability of equity financing   85.0%   75.0%
Probability of liquidity event   12.5%   15.0%
Probability of dissolution event   2.5%   10.0%
Series A One Redeemable Convertible Preferred Stock [Member]    
SCHEDULE OF SIGNIFICANT INPUTS USED IN FAIR VALUE MEASUREMENT

The probability-weighted fair values were derived using the significant inputs set forth below:

 

  

As of

 
   March 30, 2026 
Equity value (in thousands)  $173,534 
Weighting of exit scenario   40%
Weighting of going concern scenario   60%
Expected term to liquidity (in years)   3.0 
Equity volatility   75%
Risk-free rate   3.8%