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Correction of Errors in Previously Reported Consolidated Financial Statements | 6 Months Ended
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Jun. 30, 2026
Correction of Errors in Previously Reported Consolidated Financial Statements [Abstract] |
CORRECTION OF ERRORS IN PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS | NOTE 2 — CORRECTION OF ERRORS IN PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS As described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company restated its previously issued financial statements to correct errors related to (i) the fair value remeasurement of Series A and Series B derivative warrant liabilities under ASC 815, (ii) the recognition of shares issued and a discounted stock subscription receivable in connection with the Forward Purchase Agreement (“FPA”), and (iii) the calculation of basic and diluted income (loss) per share for 2025 interim periods. See Note 2 of the 2025 Annual Report on Form 10-K for a full description of the restatement. Impact of the Restatement on Previously Issued Unaudited 2025 Interim Financial Statements The restatement resulted in adjustments to the Company’s opening stockholders’ equity as of January 1, 2025. The adjustments had no impact on the Company’s statements of operations or cash flows for any previously issued 2025 interim period. The following table presents the impact on stockholders’ equity:
|  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Stock Subscription Receivable |  |  | Total Stockholders’ Equity (Deficit) |
Balance at January 1, 2025 (as previously reported) |  | $ | 93,045,581 |  |  | $ | (115,880,509 | ) |  | $ | (80,241 | ) |  | $ | (22,902,000 | )
Correction of prior-period error – warrant remeasurement |  |  | 5,735,883 |  |  |  | (5,735,883 | ) |  |  | — |  |  |  | — |
Correction of prior-period error – Issuance of FPA shares |  |  | 3,124,379 |  |  |  | (752,147 | ) |  |  | (2,372,232 | ) |  |  | — |
Correction of prior-period error – FPA subscription receivable discount |  |  | 93,113 |  |  |  | — |  |  |  | (93,113 | ) |  |  | — |
Balance at January 1, 2025 (as restated) |  |  | 101,998,956 |  |  |  | (122,368,539 | ) |  |  | (2,545,586 | ) |  |  | (22,902,000 | )
Net income |  |  | — |  |  |  | 9,194,630 |  |  |  | — |  |  |  | 9,194,630 |
Balance at March 31, 2025 |  |  | 103,535,931 |  |  |  | (113,173,909 | ) |  |  | (2,545,586 | ) |  |  | (12,183,292 | )
Net loss |  |  | — |  |  |  | (2,113,859 | ) |  |  | — |  |  |  | (2,113,859 | )
Balance at June 30, 2025 |  |  | 103,738,980 |  |  |  | (115,287,768 | ) |  |  | (2,545,586 | ) |  |  | (14,094,102 | )
Correction of Diluted Earnings Per Share Additionally, the diluted net income per share included in quarter one of the 2025 interim financial information was corrected to apply the treasury stock method to outstanding warrants. For the six months ended June 30, 2025, the previously reported diluted net income (loss) per share of $1.33 should have been $(0.53).

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