Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Components [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Financial Instruments 

Funds in the Company’s investment brokerage account were held in cash equivalents, consisting of a money market account, along with short-term investments consisting of U.S. government treasury bills, which are accounted for as held-to-maturity (“HTM”) securities, and classified as Level 1 in the hierarchy of fair value measurements. HTM securities are carried at amortized cost and, as a result, are not remeasured to fair value on a recurring basis. All of the Company’s short-term investments will mature within one year of March 31, 2026. The Company does not expect a credit loss for its short-term investments.

	As of March 31, 2026			As of December 31, 2025
Financial assets	Level	Amount		Level	Amount
Cash equivalents:
Money market account	1	$	682,537	1	$	929,165
U.S. government treasury bills maturing < 90 days	1		4,135,353	1		‒
Short-term investments:
U.S. government treasury bills maturing > 90 days	1		39,245,418	1		33,736,091
		$	44,063,308		$	34,665,256

Accounts and Other Receivables

As of March 31, 2026 and December 31, 2025, accounts receivable was $561,923 and $780,132, respectively, The Company’s two largest customers accounted for approximately 80.6% and 18.5% respectively, of accounts receivable. 

As of March 31, 2026 and December 31, 2025, other receivables totaled  $2,169,969 and $764,081, respectively. Other receivables primarily consist of proceeds from the Company’s at-the-market equity financing conducted in February 2026 and Employee Retention Credit (“ERC”) claims of approximately $0.2 million and $0.6 million related to 2020 and 2021, respectively.

Inventory

Inventory is stated at the lower of cost or net realizable value. Cost is determined using the specific identification method, as each autonomous vehicle is individually serialized and tracked, allowing the Company to identify the specific cost associated with each unit. The specific cost of each vehicle is transferred to deferred costs upon deployment.

As of March 31, 2026 and December 31, 2025, inventory totaled $1.8 million and $2.0 million, respectively.

Prepaid expenses and other current assets

Prepaid expenses and other current assets are comprised of the following:

	March 31,		December 31,
	2026		2025
Prepaid Expenses	$	702,875	$	668,090
Short-term Deposits		57,542		75,006
Short-term Deferred Costs		269,889		159,182
Other current assets		4,338		8,327
Total prepaid and expenses and other current assets	$	1,034,644	$	910,605

Property and Equipment, Net

Property and equipment is comprised of the following: 

	March 31,			December 31,
	2026			2025
Automobiles (DMV-registered)	$	28,862		$	28,862
Machine, tools and equipment		716,312			692,458
Computers and equipment		551,639			488,552
Internal-Use Capitalized software		1,761,055			1,592,092
Furniture and fixtures		88,293			73,494
Leasehold improvements		175,417			175,417
Testing equipment (Work in Progress)		914,934			896,147
Property and equipment, gross		4,236,512			3,947,023
Less: accumulated depreciation and amortization		(768,687	)		(678,827	)
Total property and equipment, net	$	3,467,825		$	3,268,196

Depreciation expense for the three months ended March 31, 2026 and 2025 was $89,860 and $55,823, respectively.

Accounts Payable

Accounts payable includes independent director fees payable of $187,500 and $42,500 as of March 31, 2026 and December 31, 2025, respectively.

Deferred Revenue

Deferred revenue consists primarily of amounts billed to customers for tugger sales and related services for which revenue has not yet been recognized. Revenue is recognized as the Company satisfies its performance obligations in accordance with its revenue recognition policy.

As of March 31, 2026 and December 31, 2025, deferred revenue related to tugger sales totaled $2,249,955 and $1,658,015, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following:

	March 31,		December 31,
	2026		2025
Credit card payable	$	25,590	$	16,169
Accrued expenses		340,332		563,770
Accrued payroll		496,098		2,035,795
Total accrued expenses and other current liabilities	$	862,020	$	2,615,734