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FY2025
12 months to Dec 31, 2025
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|---|---|
| OPERATING ACTIVITIES | |
| Net loss | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| Depreciation and amortization | |
| Amortization of debt origination fees | |
| Change in fair value of SAFE notes | |
| Change in fair value of derivative liabilities | |
| Transaction costs paid in shares | |
| Share-based compensation expense | |
| Noncash operating lease expense | |
| Loss on debt extinguishment | |
| Loss on share issuance | |
| Reverse recapitalization transaction | |
| Fair value of shares issued as commitment fee | |
| Change in operating assets and liabilities: | |
| Accounts receivable | |
| Prepaid expenses and other assets | |
| Inventory | |
| Accounts payable | |
| Accrued expense | |
| Accrued compensation | |
| Accrued franchise taxes | |
| Operating lease liabilities | |
| Deferred revenue | |
| Net cash used in operating activities | |
| INVESTING ACTIVITIES | |
| Purchase of property and equipment | |
| Capitalized software development costs | |
| Net cash used in investing activities | |
| FINANCING ACTIVITIES | |
| Proceeds from issuance of bridge loans | |
| Proceeds from issuance of SAFE notes | |
| Proceeds from issuance of short term loan, net | |
| Proceeds from issuance of new shares | |
| Payment of debt origination fees | |
| Repayment of bridge loans | |
| Repayment of short term loan | |
| Proceeds from PIPE investments | |
| Purchase of common stock | |
| Proceeds from Trust account | |
| Net cash provided by financing activities | |
| Net increase in cash during the year | |
| Cash, beginning of year | |
| Cash, end of year | |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | |
| Right-of-use asset obtained in exchange for lease liability | |
| Conversion of SAFE notes to equity | |
| Conversion of short-term debt to equity | |
| SUPPLEMENTAL DISCLOSURE OF CASH ACTIVITIES | |
| Cash paid for interest |
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