v3.26.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
SCHEDULE OF CASH AND RESTRICTED CASH  

The following table summarizes the cash and restricted cash (in thousands):

 

   2025   2024 
   As of December 31, 
   2025   2024 
Cash   3,010    2,287 
Restricted cash   316    300 
Cash and restricted cash  $3,326   $2,587 
SCHEDULE OF CARRYING AMOUNT AND ESTIMATED FAIR VALUE OF CONVERTIBLE DEBENTURES AND COMMON STOCK PURCHASE WARRANTS

The following table summarizes the carrying amount and estimated fair value of the convertible debentures and the common stock purchase warrants (in thousands):

  

   June 30, 2026 
   Carrying   Fair   Fair Value Measurements 
   Value   Value   Level 1   Level 2   Level 3 
11% debenture dated July 17, 2019  $29,669   $29,669   $-   $-   $29,669 
11% debenture dated April 22, 2020  $3,199   $3,199   $-   $-   $3,199 
11% debenture dated September 4, 2020  $2,891   $2,891   $-   $-   $2,891 
11% debenture dated January 13, 2022  $4,369   $4,369   $-   $-   $4,369 
15% debenture dated January 19, 2023  $3,134   $3,134   $-   $-   $3,134 
15% debenture dated July 25, 2024  $1,397   $1,397   $-   $-   $1,397 
15% debenture dated June 18, 2025  $1,221   $1,221   $-   $-   $1,221 
15% debenture dated December 30, 2025  $1,119   $1,119   $-   $-   $1,119 
15% debenture dated February 20, 2026  $2,210   $2,210   $-   $-   $2,210 
15% debenture dated June 2, 2026  $3,179   $3,179   $-   $-   $3,179 
   $52,388   $52,388   $-   $-   $52,388 
                          
Warrant dated July 17, 2019  $8,921   $8,921   $-   $-   $8,921 
Warrant dated April 22, 2020  $1,258   $1,258   $-   $-   $1,258 
Warrant dated September 4, 2020  $964   $964   $-   $-   $964 
Warrant dated January 13, 2022  $3,062   $3,062   $-   $-   $3,062 
Warrant dated January 19, 2023  $2,077   $2,077   $-   $-   $2,077 
Warrant dated July 25, 2024  $3,526   $3,526   $-   $-   $3,526 
Warrant dated June 18, 2025  $1,047   $1,047   $-   $-   $1,047 
Warrant dated December 30, 2025  $1,047   $1,047   $-   $-   $1,047 
Warrant dated February 20, 2026  $1,047   $1,047   $-   $-   $1,047 
Warrant dated June 2, 2026  $1,572   $1,572   $-   $-   $1,572 
   $24,521   $24,521   $-   $-   $24,521 

 

   December 31, 2025 
   Carrying   Fair   Fair Value Measurements 
   Value   Value   Level 1   Level 2   Level 3 
11% debenture dated July 17, 2019  $28,033   $28,033   $-   $-   $28,033 
11% debenture dated April 22, 2020  $2,989   $2,989   $-   $-   $2,989 
11% debenture dated September 4, 2020  $2,694   $2,694   $-   $-   $2,694 
11% debenture dated January 13, 2022  $3,824   $3,824   $-   $-   $3,824 
15% debenture dated January 19, 2023  $2,852   $2,852   $-   $-   $2,852 
15% debenture dated July 25, 2024  $1,256   $1,256   $-   $-   $1,256 
15% debenture dated June 18, 2025  $1,098   $1,098   $-   $-   $1,098 
15% debenture dated December 30, 2025  $1,000   $1,000   $-   $-   $1,000 
   $43,746   $43,746   $-   $-   $43,746 
                          
Warrant dated July 17, 2019  $8,945   $8,945   $-   $-   $8,945 
Warrant dated April 22, 2020  $1,263   $1,263   $-   $-   $1,263 
Warrant dated September 4, 2020  $969   $969   $-   $-   $969 
Warrant dated January 13, 2022  $3,062   $3,062   $-   $-   $3,062 
Warrant dated January 19, 2023  $2,077   $2,077   $-   $-   $2,077 
Warrant dated July 25, 2024  $3,526   $3,526   $-   $-   $3,526 
Warrant dated June 18, 2025  $1,047   $1,047   $-   $-   $1,047 
Warrant dated December 30, 2025  $1,047   $1,047   $-   $-   $1,047 
   $21,936   $21,936   $-   $-   $21,936 

The following table summarizes the carrying amount and estimated fair value of the convertible debentures and the common stock purchase warrants (in thousands):

 

   2025 
   Carrying   Fair   Fair Value Measurements 
   Value   Value   Level 1   Level 2   Level 3 
11% debenture dated July 17, 2019  $28,033   $28,033   $-   $-   $28,033 
11% debenture dated April 22, 2020  $2,989   $2,989   $-   $-   $2,989 
11% debenture dated September 4, 2020  $2,694   $2,694   $-   $-   $2,694 
11% debenture dated January 13, 2022  $3,824   $3,824   $-   $-   $3,824 
15% debenture dated January 19, 2023  $2,852   $2,852   $-   $-   $2,852 
15% debenture dated July 25, 2024  $1,256   $1,256   $-   $-   $1,256 
15% debenture dated June 18, 2025  $1,098   $1,098   $-   $-   $1,098 
15% debenture dated December 30, 2025  $1,000   $1,000   $-   $-   $1,000 
   $43,746   $43,746   $-   $-   $43,746 
                          
Warrant dated July 17, 2019  $8,945   $8,945   $-   $-   $8,945 
Warrant dated April 22, 2020  $1,263   $1,263   $-   $-   $1,263 
Warrant dated September 4, 2020  $969   $969   $-   $-   $969 
Warrant dated January 13, 2022  $3,062   $3,062   $-   $-   $3,062 
Warrant dated January 19, 2023  $2,077   $2,077   $-   $-   $2,077 
Warrant dated July 25, 2024  $3,526   $3,526   $-   $-   $3,526 
Warrant dated June 18, 2025  $1,047   $1,047   $-   $-   $1,047 
Warrant dated December 30, 2025  $1,047   $1,047   $-   $-   $1,047 
  $21,936   $21,936   $-   $-   $21,936 

 

 

 

   As of December 31, 2024 
   Carrying   Fair   Fair Value Measurements 
   Value   Value   Level 1   Level 2   Level 3 
11% debenture dated July 17, 2019  $25,439   $25,439   $-   $-   $25,439 
11% debenture dated April 22, 2020  $2,740   $2,740   $-   $-   $2,740 
11% debenture dated September 4, 2020  $2,477   $2,477   $-   $-   $2,477 
11% debenture dated January 13, 2022  $3,671   $3,671   $-   $-   $3,671 
15% debenture dated January 19, 2023  $2,674   $2,674   $-   $-   $2,674 
15% debenture dated July 25, 2024  $1,175   $1,175   $-   $-   $1,175 
   $38,176   $38,176   $-   $-   $38,176 
                          
Warrant dated July 17, 2019  $9,049   $9,049   $-   $-   $9,049 
Warrant dated April 22, 2020  $1,298   $1,298   $-   $-   $1,298 
Warrant dated September 4, 2020  $998   $998   $-   $-   $998 
Warrant dated January 13, 2022  $3,063   $3,063   $-   $-   $3,063 
Warrant dated January 19, 2023  $2,079   $2,079   $-   $-   $2,079 
Warrant dated July 25, 2024  $3,526   $3,526   $-   $-   $3,526 
   $20,013   $20,013   $-   $-   $20,013 
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES  

 

Category   

Estimated

Useful Life

 
Software and computer equipment   3 to 5 years 
Furniture and fixtures   5 to 7 years 
Equipment   7 to 10 years 
Leasehold improvements   6 to 11 years 
SCHEDULE OF INTANGIBLE ASSETS  

 

   2025   2024 
   As of December 31, 
   2025   2024 
Weighted average remaining amortization period (in years)   10    14 
           
Cost   1,295    1,250 
Less accumulated amortization   (626)   (554)
Net intangible assets  $669   $696 
SCHEDULE OF FUTURE AMORTIZATION EXPENSE  

Future amortization expense is as follows for the years ending December 31(in thousands):

 

      
2026  $73 
2027   71 
2028   23 
2029   23 
2030   23 
Thereafter   456 
Total  $669 
SCHEDULE OF BASIC AND DILUTED LOSS PER COMMON SHARE

The following table sets forth the calculations of basic and diluted loss per common share (in thousands, except per share and share amounts):

  

         
   Six months ended June 30, 
   2026   2025 
Net loss  $(9,102)  $(6,083)
           
Basic weighted-average number of common shares outstanding   13,211,436    13,131,701 
Add: Weighted-average common shares attributable to Warrants with a $0.01 exercise price   1,990,074    1,518,321 
Total basic weighted-average number of common shares outstanding   15,201,510    14,650,022 
Add: Dilutive effect of other equity instruments   -    - 
Diluted weighted-average shares outstanding   15,201,510    14,650,022 
Loss per common share - basic  $(0.60)  $(0.42)
Loss per common share - diluted  $(0.60)  $(0.42)
Excluded from diluted weighted-average shares outstanding:          
Antidilutive shares   17,074,344    15,158,523 

The following table sets forth the calculations of basic and diluted loss per common share (in thousands, except per share amounts):

 

   2025   2024 
   Years Ended December 31, 
   2025   2024 
Net loss  $(15,122)  $(13,537)
           
Basic weighted-average number of common shares outstanding   13,140,939    12,541,585 
Add: Weighted-average common shares attributable to Warrants with a $0.01 exercise price   1,601,429    1,157,715 
Total basic weighted-average common shares outstanding   14,742,368    13,699,300 
Add: Dilutive effect of other equity instruments   -    - 
Diluted weighted-average shares outstanding   14,742,368    13,699,300 
Loss per common share - basic  $(1.03)  $(0.99)
Loss per common share - diluted  $(1.03)  $(0.99)
Excluded from diluted weighted-average shares outstanding:          
Antidilutive shares   15,113,986    13,701,262