SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 19 — SUBSEQUENT EVENTS
The Company evaluated subsequent events in accordance with ASC 855, Subsequent Events, through the date these condensed consolidated financial statements were issued, and identified the following events requiring disclosure:
- On July 2, 2026 and July 8, 2026, the Company repaid in full the outstanding principal and accrued interest on its loans from Taehoon Kim, PixelArc LLC and Jaeman Lee, totaling approximately $81,700 of principal (Notes 8 and 13).
- On July 29, 2026, the Company terminated its Equity Purchase Agreement and related Registration Rights Agreement with Hudson Global Ventures, LLC. The agreement, originally executed on March 26, 2026, provided the Company with access to an equity line of credit of up to $18.0 million. The agreement was terminated pursuant to its contractual termination provisions and no further funding commitments remain available under the arrangement.
- On July 29, 2026, the Company filed a registration statement on Form S-1 registering the resale of the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants and Common Stock Warrants (Note 17).
- On August 13, 2026, holders exercised 528,896 Pre-Funded Warrants for shares of Common Stock, and the Company received the related nominal exercise proceeds. Following the exercise, Pre-Funded Warrants and Common Stock Warrants remained outstanding for an aggregate total of warrants. No Common Stock Warrants had been exercised as of the date of issuance of these financial statements.
- On August 20, 2026, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC stating that, because the Company had not timely filed this Quarterly Report on Form 10-Q, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1). The notice has no immediate effect on the listing of the Company’s Common Stock. Under Nasdaq rules, the Company has 60 calendar days from the date of the notice to submit a plan to regain compliance, and the Company expects the filing of this report to cure the deficiency.
- On September 1, 2026, the Company entered into a Share Purchase Agreement to acquire 100% of the issued and outstanding shares of AST Co., Ltd. for a purchase price of KRW 10,000,000. The agreement also contemplates potential shareholder loan financing of up to KRW 1,140,000,000 to support repayment of certain existing liabilities of AST Co., Ltd., as well as the issuance of warrants to certain parties, subject to board approvals, regulatory requirements, completion of due diligence, and other closing conditions. Because the transaction had not closed as of the issuance date of these financial statements, no assets or liabilities related to the acquisition have been recognized. |