Commitments and Contingencies |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Commitments and Contingencies | |
| Commitments and Contingencies | Note 17- Commitments and Contingencies Legal Matters Ellenoff Grossman & Schole LLP The Company was previously engaged in discussions with Ellenoff Grossman & Schole LLP (“EGS”) regarding certain outstanding legal fees and litigation initiated by EGS against the Company relating to unpaid legal fees. On May 12, 2026, the Company entered into a Settlement Agreement and General Releases with EGS to resolve the matter. Pursuant to the settlement agreement, the Company agreed to pay EGS an aggregate settlement amount of $360,000, consisting of (i) an initial payment of $100,000, which has been paid, and (ii) three installment payments of approximately $86,667 payable over a one-year period. Upon receipt of the initial payment, EGS agreed to dismiss the pending litigation with prejudice. As of June 30, 2026, approximately $260,000 remained payable under the settlement and was included within accounts payable. The litigation was discontinued with prejudice on May 14, 2026. The settlement resulted in a gain on settlement of approximately $389,301, which was recognized within other income (expense), net during the three and six months ended June 30, 2026. WestPark On May 26, 2026, WestPark Capital, Inc. (“WestPark”) commenced an arbitration proceeding against the Company before JAMS in New York. The claim, subsequently amended, alleges that the Company breached the terms of an investment banking agreement by not offering WestPark the right of first refusal to participate various transaction from August 2025 through July 2026. WestPark is seeking damages of approximately $2,057,600. The Company denies the allegations set forth in the amended claim. At this time, the outcome of the arbitration cannot be reasonably predicted. The Company has recorded an accrual of $202,000 related to this matter in its financial statements as of June 30, 2026. Asymchem Inc. On April 22, 2026, the Supreme Court of the State of New York, County of New York, entered a judgment in favor of Asymchem, Inc. and against the Company related to unpaid invoices from prior years in the principal amount of $171,219, plus applicable interest at a rate of 9% per annum. The judgment amount of approximately $209,000 was accrued in the Company’s financial statements as of June 30, 2026. On August 17, 2026, the Company and Asymchem entered into a stipulation pursuant to which the parties agreed that the full judgment would be remitted from the restrained funds to Asymchem in full satisfaction of the judgment. The payment process was in progress as of the date of this Quarterly Report. Government Grant During 2025, AMPX, a subsidiary of the Company, applied for government grants related to research and development expenditure tax credits in the United Kingdom. During the six months ended June 30, 2026, the Company recognized approximately $0.4 million of government grant income related to these programs, which was included in in the condensed consolidated statements of operations. The grant income was recognized during the three months ended March 31, 2026. No government grant income was recognized during the three months ended June 30, 2026. All related government grant receivables had been collected by May 2026, and no government grant receivable remained outstanding as of June 30, 2026. |