Restatement of Prior Period Financial Statements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Restatement of Prior Period Financial Statements [Abstract] |
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| Schedule of Audited Condensed Consolidated Balance Sheet |
The correction did not impact cash and cash equivalents, total liabilities, or total net cash used in operating activities for the periods presented. | in thousands | | December 31,
2025
Previously
Reported | | Adjustments | | December 31,
2025
As Restated | | ASSETS | | | | | | | | | | | | | | Prepaid expenses and other current assets | | $ | 59 | | | $ | (11 | ) | | $ | 48 | | | Note receivable – related party | | | 4,167 | | | | (4,167 | ) | | | — | | | Total current assets | | | 17,404 | | | | (4,179 | ) | | | 13,226 | | | Total assets | | $ | 26,670 | | | $ | (4,179 | ) | | $ | 22,491 | | | | | | | | | | | | | | | | | LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | | Additional paid-in capital(1) | | $ | (45 | ) | | $ | (2,329 | ) | | $ | (2,374 | ) | | Accumulated deficit | | | (676,957 | ) | | | (1,850 | ) | | | (678,807 | ) | | Total members’ deficit | | | (650,689 | ) | | | (4,179 | ) | | | (654,868 | ) | | Total liabilities and members’ deficit | | $ | 26,670 | | | $ | (4,179 | ) | | $ | 22,491 | | ____________ (1) Previously reported amounts include the effects of the retroactive application of the recapitalization.
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| Schedule of Unaudited Condensed Consolidated Statements of Operations |
Unaudited Condensed Consolidated Statements of Operations | in thousands | | Three Months
Ended
June 30,
2025
Previously
Reported | | Adjustments | | Three Months
Ended
June 30,
2025
As Restated | | Selling, general and administrative(1) | | $ | 1,673 | | | $ | 1,083 | | | $ | 2,756 | | | Loss from operations | | | (1,817 | ) | | | (1,083 | ) | | | (2,900 | ) | | Provision for credit losses | | | (5,467 | ) | | | 408 | | | | (5,059 | ) | | Total other expense, net | | | (38,398 | ) | | | 408 | | | | (37,991 | ) | | Loss before income taxes | | | (40,215 | ) | | | (675 | ) | | | (40,891 | ) | | Net loss | | $ | (40,215 | ) | | $ | (675 | ) | | $ | (40,891 | ) | ____________ (1) The Company has combined certain captions that were previously disaggregated within operating expenses. | in thousands | | Six Months
Ended
June 30,
2025
Previously
Reported | | Adjustments | | Six Months
Ended
June 30,
2025
As Restated | | Selling, general and administrative(1) | | $ | 3,524 | | | $ | 1,910 | | | $ | 5,434 | | | Loss from operations | | | (3,792 | ) | | | (1,910 | ) | | | (5,702 | ) | | Provision for credit losses | | | (6,777 | ) | | | 1,248 | | | | (5,529 | ) | | Total other expense, net | | | (54,433 | ) | | | 1,248 | | | | (53,185 | ) | | Loss before income taxes | | | (58,225 | ) | | | (662 | ) | | | (58,887 | ) | | Net loss | | $ | (58,225 | ) | | $ | (662 | ) | | $ | (58,887 | ) | ____________ (1) The Company has combined certain captions that were previously disaggregated within operating expenses.
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| Schedule of Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity |
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity | | | Additional
Paid-in
Capital | | Accumulated
Deficit | | Total
Stockholders’
Equity | | As Previously Reported | | | | | | | | | | | | | | Balance, December 31, 2024(1) | | $ | (45 | ) | | $ | (58,961 | ) | | $ | (49,374 | ) | | Net loss | | $ | — | | | $ | (18,010 | ) | | $ | (18,010 | ) | | Balance March 31, 2025(1) | | $ | (45 | ) | | $ | (76,971 | ) | | $ | (66,134 | ) | | Net loss | | $ | — | | | $ | (40,216 | ) | | $ | (40,216 | ) | | Balance June 30, 2025(1) | | $ | (45 | ) | | $ | (117,187 | ) | | $ | (104,850 | ) | | | | | | | | | | | | | | | | Adjustments | | | | | | | | | | | | | | Balance, December 31, 2024 | | $ | 306 | | | $ | (1,931 | ) | | $ | (1,625 | ) | | Investor loan advances and deemed contributions | | $ | (853 | ) | | $ | — | | | $ | (853 | ) | | Net loss | | $ | — | | | $ | 14 | | | $ | 14 | | | Balance March 31, 2025 | | $ | (547 | ) | | $ | (1,917 | ) | | $ | (2,464 | ) | | Investor loan advances and deemed contributions | | $ | 268 | | | $ | — | | | $ | 268 | | | Net loss | | $ | — | | | $ | (675 | ) | | $ | (675 | ) | | Balance June 30, 2025 | | $ | (279 | ) | | $ | (2,592 | ) | | $ | (2,871 | ) | | | | | | | | | | | | | | | | As Restated | | | | | | | | | | | | | | Balance, December 31, 2024 | | $ | 261 | | | $ | (60,892 | ) | | $ | (50,999 | ) | | Investor loan advances and deemed contributions | | $ | (853 | ) | | $ | — | | | $ | (853 | ) | | Net loss | | $ | — | | | $ | (17,996 | ) | | $ | (17,996 | ) | | Balance March 31, 2025 | | $ | (592 | ) | | $ | (78,888 | ) | | $ | (68,598 | ) | | Investor loan advances and deemed contributions | | $ | 268 | | | $ | — | | | $ | 268 | | | Net loss | | $ | — | | | $ | (40,891 | ) | | $ | (40,891 | ) | | Balance June 30, 2025 | | $ | (324 | ) | | $ | (119,779 | ) | | $ | (107,721 | ) | ____________ (1) Previously reported amounts include the effects of the retroactive application of the recapitalization.
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| Schedule of Unaudited Condensed Consolidated Statement of Cash Flows |
Unaudited Condensed Consolidated Statement of Cash Flows | in thousands | | June 30,
2025
Previously
Reported | | Adjustments | | June 30,
2025
As Restated | | Cash flows from operating activities: | | | | | | | | | | | | | | Net loss | | $ | (58,225 | ) | | $ | (662 | ) | | $ | (58,887 | ) | | Allowance for credit losses | | | 6,777 | | | | (1,248 | ) | | | 5,529 | | | Investor expenses incurred on behalf of Company | | | — | | | | 1,910 | | | | 1,910 | | | Net cash used in operating activities | | | (4,462 | ) | | | — | | | | (4,462 | ) | | | | | | | | | | | | | | | | Cash flows from investing activities: | | | | | | | | | | | | | | Advance – note receivable related parties | | | (2,495 | ) | | | 2,495 | | | | — | | | Net cash used in investing activities | | | (3,056 | ) | | | 2,495 | | | | (561 | ) | | | | | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | | | | | | Constructive disbursements to related party | | | — | | | | (2,495 | ) | | | (2,495 | ) | | Net cash provided by financing activities | | | 6,517 | | | | (2,495 | ) | | | 4,022 | |
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