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

CONSOLIDATED BALANCE SHEETS

v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 2,127 $ 1,389
Accounts receivable, net 2,804 2,623
Inventories, net 1,555 1,635
Prepaid expenses and other current assets 1,260 1,120
Total current assets 7,746 6,767
Property and equipment, net 113 46
Right of use assets 766 1,530
Investment in convertible bond 12,604 15,037
Other assets 207 222
Total assets 21,436 23,602
CURRENT LIABILITIES    
Accounts payable and accrued expenses 22,615 16,926
Operating lease liabilities, current portion 348 2,423
Conversion feature derivative, notes payable 0 162
Other current liabilities 17,565 16,557
Warrant derivative liabilities 13 8
Convertible notes payable, net of discount 17,380 17,014
Total current liabilities 69,072 63,555
Operating lease liabilities, less current portion 1,409 815
Other long-term liabilities 12,292 13,465
Total liabilities 85,044 80,081
Commitments and contingent liabilities (Note 11)
STOCKHOLDERS’ DEFICIT    
Preferred stock, par value $0.001 per share, 15,000,000 shares authorized, none issued or outstanding
Common stock, par value $0.001 per share, 250,000,000 shares authorized, 70,188,263 and 63,865,571 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 70 64
Additional paid-in capital 225,987 225,896
Net loan receivable from EJ Holdings (16,869) (16,869)
Accumulated other comprehensive loss (2,729) (2,995)
Accumulated deficit (270,067) (262,575)
Total stockholders' deficit (63,608) (56,479)
Total liabilities and stockholders' deficit 21,436 23,602
Nonrelated Party [Member]    
CURRENT LIABILITIES    
Notes payable, current portion, net of discount 8,019 7,093
Related Party [Member]    
CURRENT LIABILITIES    
Notes payable, current portion, net of discount 3,132 3,372
Notes payable, less current portion, net of discount $ 2,271 $ 2,246