PARENT COMPANY INFORMATION (Tables)

CONDENSED BALANCE SHEETS



	December 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	23,513	$	38,858
Intercompany receivable	16,968		3,542
Prepaid expenses and other current assets	1,302		1,234
Total current assets	41,783		43,634
Other assets:
Investment in subsidiaries	1,881,619		1,584,999

Other assets, net	—		133
Total assets	$	1,923,402	$	1,628,766
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	545	$	662
Intercompany payable	125,711		85,711
Founders advisory fees payable - related party	95,726		6,677
Accrued expenses and other current liabilities	5,208		4,997
Total current liabilities	227,190		98,047
Founders advisory fees payable - related party	440,697		240,083
Preferred stock	115,904		109,966
Preferred stock - related party	1,293		2,831
Intercompany note payable	4,999		20,569
Total liabilities	790,083		471,496
Stockholders’ equity:
Total stockholders’ equity	1,133,319		1,157,270
Total liabilities and stockholders’ equity	$	1,923,402	$	1,628,766

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME


	Year Ended December 31,
	2025		2024		2023
Operating expenses:
Selling, general and administrative expense	$	9,331	$	10,754	$	13,886
Founders advisory fees - related party	435,163		198,308		(108,481)
Total operating expense (income)	444,494		209,062		(94,595)
Operating (loss) income	(444,494)		(209,062)		94,595
Other expenses	10,141		7,252		6,201
(Loss) income before undistributed earnings of subsidiaries	(454,635)		(216,314)		88,394
Undistributed earnings of subsidiaries	248,269		210,409		(20,908)
Net (loss) income	(206,366)		(5,905)		67,486
Total comprehensive (loss) income	$	(206,366)	$	(5,905)	$	67,486

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME


	Year Ended December 31,
	2025		2024		2023
Operating expenses:
Selling, general and administrative expense	$	9,331	$	10,754	$	13,886
Founders advisory fees - related party	435,163		198,308		(108,481)
Total operating expense (income)	444,494		209,062		(94,595)
Operating (loss) income	(444,494)		(209,062)		94,595
Other expenses	10,141		7,252		6,201
(Loss) income before undistributed earnings of subsidiaries	(454,635)		(216,314)		88,394
Undistributed earnings of subsidiaries	248,269		210,409		(20,908)
Net (loss) income	(206,366)		(5,905)		67,486
Total comprehensive (loss) income	$	(206,366)	$	(5,905)	$	67,486

CONDENSED STATEMENT OF CASH FLOWS


	Year Ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net (loss) income	$	(206,366)	$	(5,905)	$	67,486
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Founders advisory fees - related party (change in fair value)	435,163		198,308		(108,481)
Equity in earnings of subsidiaries	(248,269)		(210,409)		20,908
Depreciation and amortization expense	133		133		—
Interest and payment-in-kind on preferred stock	7,332		7,057		4,754
Stock-based compensation	1,158		829		361
Foreign currency loss	595		—		—
Changes in operating assets and liabilities, net of acquisitions:
Intercompany receivable	26,574		19,125		16,038
Prepaid expenses and current other assets	(68)		1,567		898
Accounts payable	(117)		(91)		(2,792)
Accrued expenses and other current liabilities	(2,721)		(2,443)		265
Founders advisory fees - related party (cash settled)	(6,677)		(2,702)		(4,655)
Net cash provided by (used in) operating activities	6,737		5,469		(5,218)
Cash flows from investing activities:

Purchase of property and equipment	—		—		(142)
Investment in subsidiaries	—		—		14,000
Proceeds from intercompany note payable	—		20,569		—

Payment of intercompany note payable	(15,570)		—		—
Net cash (used in) provided by investing activities	(15,570)		20,569		13,858
Cash flows from financing activities:
Common stock repurchased	(40,370)		—		—
Ordinary shares repurchased	—		(14,420)		(64,066)
Proceeds from exercises of warrants	—		23,509		—
Proceeds from exercises of options	34,453		—		—
Net cash (used in) provided by financing activities	(5,917)		9,089		(64,066)
Effect of foreign currency on cash and cash equivalents	(595)		—		—
Net change in cash and cash equivalents	(15,345)		35,127		(55,426)
Cash and cash equivalents, beginning of period	38,858		3,731		59,157
Cash and cash equivalents, end of period	$	23,513	$	38,858	$	3,731
Non-cash investing and financing activities:
Liability portion of founders advisory fees - related party reclassified to additional paid in capital	$	138,823	$	8,464	$	2,618