v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 1,941 $ 18,270
Accounts receivable, net of allowance for credit losses 4,214 4,215
Inventory 19,736 24,234
Prepaid expenses 652 1,088
Prepaid inventory 2,323 937
Prepaid income tax 359 353
Other current assets 2,429 1,083
Total Current Assets 31,654 50,180
Property and Equipment    
Machinery and equipment 18,889 17,794
Office furniture and equipment 441 432
Leasehold improvements 7,666 7,563
Vehicle 124 33
Total 27,120 25,822
Less accumulated depreciation and amortization (6,701) (5,081)
Property and equipment, net 20,419 20,741
Intangible Assets, net 1,822
Goodwill 403
Operating lease right of use asset, net 14,350 15,240
Other assets 378 388
Total Assets 69,026 86,549
Current Liabilities    
Accounts payable 9,418 10,322
Accrued payroll and other liabilities 2,389 4,053
Accrued tariffs 341 943
Customer deposits 242 121
Deferred revenue, current portion 1,000 1,000
Dividends Payable 518 317
Notes payable, current portion, net 12,483 433
Operating lease liability, current portion 2,273 2,533
Financing lease liability, current portion 17 35
Total Current Liabilities 28,681 19,757
Long-Term Liabilities    
Deferred revenue, net of current portion 1,833 2,583
Warrant liabilities 3 713
Notes payable, non current portion, net 9,212
Operating lease liability, net of current portion 18,854 20,470
Financing lease liability, net of current portion 77 28
Total Long-Term Liabilities 20,767 33,006
Total Liabilities 49,448 52,763
Commitments and Contingencies (See Note 5)
Stockholders’ Equity (Deficit)    
Preferred stock, 4,995,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively
Common stock, 50,000,000 shares at $0.0001 par value, authorized, 1,878,418 and 1,509,839 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively
Additional paid in capital 164,099 163,623
Accumulated deficit (168,643) (152,093)
Total Stockholders’ Equity (Deficit) (4,544) 11,530
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficit) 69,026 86,549
Redeemable Preferred Stock Series B [Member]    
Redeemable Preferred Stock    
Redeemable Preferred Stock $ 24,122 $ 22,256