Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 20 $ 90
Accounts receivable, net 1,543 1,536
Inventory, net 70 70
Prepaid expenses and other current assets 1,169 1,454
Total current assets 2,802 3,150
Property, plant and equipment, net 1,392 2,032
Investment in unconsolidated affiliates 43,219 43,491
Prepaid expenses, net of current portion 150 61
Intangible assets, net 5,876 7,167
Goodwill 3,968 3,968
Other assets 2 2
TOTAL ASSETS 57,409 59,871
Current liabilities    
Accrued advertising and other allowances 50 50
Finance lease liabilities 3,449 2,824
Short-term convertible notes payable, net of discount of $451 and $157, respectively 438 244
Derivative liability 680 50
Deferred revenue 1,438 1,501
Income tax payable 791 281
Other current liabilities 2,720 2,659
Total current liabilities 58,087 53,081
Non-current liabilities:    
Due to sellers (see Note 3) 2,000 2,000
Deferred revenue, net of current portion 348 643
Finance lease liabilities, net of current portion 85 639
Total non-current liabilities 2,433 3,282
Total liabilities 60,520 56,363
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity (deficit)    
Preferred stock authorized 1,000,000, $0.0005 par value, no shares issued and outstanding
Common stock authorized 1,000,000,000, $0.0005 par value, 14,016,024 and 8,966,406 shares outstanding, respectively 7 4
Additional paid-in capital 128,085 126,481
Accumulated deficit (81,362) (73,136)
Treasury stock, at cost, 869,208 and 869,208 shares, respectively [1] (49,643) (49,643)
Accumulated other comprehensive loss (198) (198)
Total stockholders’ equity (deficit) (3,111) 3,508
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFECIT) 57,409 59,871
Nonrelated Party [Member]    
Current liabilities    
Accounts payable 15,810 12,961
Short-term loan payable, net of discount 4,523 4,418
Affiliated Entity [Member]    
Current liabilities    
Accounts payable 27,563 27,600
Related Party [Member]    
Current liabilities    
Short-term loan payable, net of discount $ 625 $ 493
[1] Net of 600,000 collateral shares. See Note 5.