v3.26.3
OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES

NOTE 12 — OTHER LIABILITIES

 

Other liabilities consisted of the following at December 31, 2025 and 2024:

 

          
   December 31,
   2025  2024
      (As Restated)
       
Liabilities for shares to be issued  $—   $1,224,970 
Other   —    457 
Total other liabilities  $—   $1,225,427 

 

At December 31, 2024, other liabilities included $1,224,970 of contractual obligations to issue ordinary shares, of which $779,400 represented obligations to related parties.

 

During 2025, a related party forgave $30,084 of the Company’s obligation to issue ordinary shares, which was recognized as a contribution to additional paid-in capital.

 

During 2025, the Group satisfied the remaining obligations through the issuance of ordinary shares, as follows:

 

             
              
Description  Issue Date  Shares Issued  Fair Value
          
IP-related obligation - related party  February 2025   15,798   $275,000 
Employee and consultant obligations  May 2025   3,060    297,909 
CEO IPO bonus - related party  July 2025   10,088    504,400 
Marketing services obligation  October 2025   5,200    211,106 
Totals      34,146   $1,288,415 

 

The fair value of the ordinary shares issued was determined based on the fair value of the shares on the respective issuance dates and, accordingly, differed from the carrying amounts of the related obligations at December 31, 2024. See Note 14 for additional information regarding the issuance of ordinary shares in settlement of these obligations.