Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 6,524,744 $ 14,847,949
Prepaid expenses and other current assets 1,906,462 1,696,513
Total current assets 8,431,206 16,544,462
Property and equipment, net 12,754 16,811
Right-of-use assets 163,140 205,837
Prepaid expenses, long-term 19,037 18,133
Goodwill 12,401,118 11,812,476
Intangible assets 68,985,026 65,710,527
Deferred issuance costs 158,956  
Total assets 90,171,237 94,308,246
Current liabilities:    
Accounts payable 760,945 1,231,805
Accrued expenses 2,241,417 1,894,835
Lease liability, current portion 56,841 49,696
Total current liabilities $ 3,059,203 3,176,336
Debt with related party, net of issuance costs   $ 15,381,077
Other Liability, Noncurrent, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Lease liability, long-term portion $ 105,763 $ 154,885
Deferred tax liability 12,109,404 11,314,925
Total liabilities 15,274,370 30,027,223
Commitments and contingencies (Note 12)
Series A Non-Voting Convertible Preferred Stock, $0.0001 par value; 2,104 shares authorized and 2,103.1494 shares issued and no shares outstanding at December 31, 2025 and 2,270 shares authorized and 2,213.8044 shares issued and outstanding at December 31, 2024   74,405,362
Stockholders' equity (deficit):    
Common stock, $0.0001 par value; 43,000,000 shares authorized; 29,751,234 and 29,743,516 shares issued and outstanding at December 31, 2025, respectively; and 1,339,896 and 1,332,178 shares issued and outstanding at December 31, 2024, respectively 2,974 133
Additional paid-in capital 183,856,376 67,856,589
Accumulated deficit (108,076,316) (73,818,946)
Accumulated other comprehensive loss (587,039) (3,862,987)
Stockholders' equity before treasury stock 75,195,995 (9,825,211)
Less: Treasury stock, 7,718 shares of common stock at cost (299,128) (299,128)
Total stockholders' equity (deficit) 74,896,867 (10,124,339)
Total liabilities, Series A Non-Voting Convertible Preferred Stock and stockholders' equity (deficit) 90,171,237 94,308,246
Series A Non-Voting Convertible Preferred Stock    
Stockholders' equity (deficit):    
Preferred stock
Series A-1 Non-Voting Convertible Preferred Stock    
Stockholders' equity (deficit):    
Preferred stock
Series A-2 Non-Voting Convertible Preferred Stock    
Stockholders' equity (deficit):    
Preferred stock
Preferred Stock Excluding Series A, Series A-1 and Series A-2 Non-Voting Convertible Preferred Stock    
Stockholders' equity (deficit):    
Preferred stock