Quarterly report [Sections 13 or 15(d)]

Business Combination (Tables)

v3.25.3
Business Combination (Tables)
9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the consideration transferred to acquire SeaTrepid and preliminary allocation of the purchase price to the identifiable assets acquired and liabilities assumed, based on their estimated fair values as of the acquisition date:

Cash consideration $ 8,000,000 
Earnout shares (fair value) 6,864,729 
Purchase price adjustment (512,037)
Total purchase price $ 14,352,692 

Purchase Price Allocation March 20, 2025
Cash $ 78,008 
Accounts receivable, net 138,354 
Inventory 75,300 
Other current assets 62,515 
Property and equipment 6,169,303 
Goodwill 10,652,389 
Accounts payable (287,766)
Accrued liabilities (97,668)
Notes payable - current (2,437,743)
Total purchase price $ 14,352,692 
Schedule Pro Forma Information
The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2024.

Nine months ended September 30,
2025 2024
Revenue
$ 4,714,842  $ 9,178,003 
Net loss
(22,309,918) (48,049,681)