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LIQUIDITY AND FINANCIAL CONDITION | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
LIQUIDITY AND FINANCIAL CONDITION | 2. LIQUIDITY AND FINANCIAL CONDITION As of September 30, 2025, the Company had cash and cash equivalents of $24.8 million (excluding restricted cash of $22.8 million) and negative working capital of $89.4 million. The Company has historically financed its operations through the issuance of convertible debt, promissory notes and equity securities. The Company’s working capital position improved from negative $157.1 million at December 31, 2024 to negative $89.4 million at September 30, 2025, and was further strengthened subsequent to September 30, 2025, through the sale of 172.7 million shares of Class A common stock pursuant to the 2025 “At-the-Market” (“ATM”) offering for gross proceeds of $86.2 million and the sale of 8,500 shares of its Series B Convertible Preferred Stock for gross proceeds of approximately $8.5 million. These capital raises, together with the conversion of $2.3 million in aggregate principal and accrued interest of existing convertible debt into Class A common stock, have enhanced liquidity, reduced debt obligations and provided additional capital to support ongoing operations and planned growth initiatives. In connection with the preparation of these financial statements, management performed an analysis of the Company’s financial position and working capital projections for at least the next twelve months following the issuance of these financial statements. Based on this analysis, and considering the proceeds received from recent financing activities, management believes that the Company’s available liquidity, including cash raised subsequent to September 30, 2025, will be sufficient to meet its obligations and fund its operations for at least one year from the date these condensed consolidated financial statements are issued. Accordingly, management has concluded that these financings alleviate the substantial doubt about the Company’s ability to continue as a going concern. Management will continue to monitor the Company’s liquidity position and market conditions and may seek additional financing as necessary to support operations and future growth initiatives.

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- Definition The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-40/tableOfContent + Details
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