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Business Combination | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | Business Combination On September 4, 2024, the Company entered into an Asset Purchase Agreement (“APA”) with FlightWave Aerospace Systems Corporation (the “Seller”) to broaden the Company’s range of drone products. The Seller sold certain assets used in designing, developing, manufacturing, and selling long range, AI-powered UAVs for commercial use. Pursuant to the APA, the Company has acquired substantially all of the assets owned, controlled or used by the Seller for an aggregate purchase price of $14,000,000 worth of shares of the Company’s common stock, and as such, the asset purchase will be treated as a business combination. The purchase price was payable as follows: •$7 million worth of the Company’s common stock issued on September 30, 2024, totaling 2,544,991 shares, equal to the VWAP on such date. •$7 million worth of the Company’s common stock issued on December 31, 2024, totaling 698,317 shares, equal to the VWAP on such date. Goodwill for FlightWave is ascribed to existing relationships with several U.S. government agencies including classification as approved vendors. The Company has reported net losses since its inception and is presently unable to determine when and if the tax benefit of this deduction will be realized. The summary of the purchase price and its related allocation at fair market value is as follows:
Shares issued | $ | 14,000,000 |
Total Purchase Price | $ | 14,000,000 |
Assets acquired |
Inventory | $ | 297,630 |
Operating lease right-of-use assets | 128,433 |
Other assets | 69,480 |
Brand name | 567,000 |
Backlog | 276,000 |
Customer relationships | 900,000 |
Proprietary technology | 3,705,000 |
Goodwill | 8,675,565 |
Total assets acquired | 14,619,108 |
Liabilities assumed |
Accounts payable and accrued expenses | 264,493 |
Customer deposits | 196,476 |
Operating lease liabilities | 158,139 |
Total liabilities assumed | 619,108 |
Total fair value of net assets acquired | $ | 14,000,000 |
Brand name, backlog, customer relationships and proprietary technology are included in intangible assets on the consolidated balance sheets. The carrying value of brand name is not being amortized but is reviewed quarterly and formally evaluated at year end for impairment. Customer relationships and proprietary technology are being amortized over seven years. Backlog is being amortized over two years. The excess of the purchase price above the net assets acquired was recorded as goodwill which is reviewed quarterly and formally evaluated at year end. Supplemental Unaudited Pro Forma Financial Information The following unaudited pro forma financial information summarizes the results of operations for the Company as though the business combination with Seller had occurred on January 1, 2024. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisition taken place on the date indicated, or the future consolidated results of operations of the Company.
| Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
| Consolidated |  | Consolidated
Revenues | $ | 1,798,984 |  |  | $ | 15,273,294 |
Net Loss | (12,707,287) |  |  | (28,920,491) |
Loss per share – basic and diluted | (0.17) |  |  | (0.39) |

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